MULTICULTURAL MARKETING

“Entrepreneurs and corporate executives across America are awakening to the importance of Hispanic consumers and their growing purchasing power, having spent over $1.5 trillion dollars in 2016 and $1.7 trillion in 2017. Though brands still remain cautious in their approach, they are beginning to realize that if they don’t act now, they may never get a second chance. The companies that are making a serious commitment to the Hispanic market have already realized that more success will come to those who support specific Hispanic business models targeting the Hispanic consumer.

“Yes, culture is quickly becoming the new universal language in America. Cultural intelligence must replace the misguided notion that simply translating English copy into someone’s native language is all you need to do to reach them. Embracing cultural sensitivity has become critically important to the design of new business models, leadership development and the relationships that brands earn with their consumers. It is the “must-do” to be domestically and globally competitive. Given today’s demographic shift in America, brands can no longer afford to make guesses and assumptions about their target audiences.

“On a recent episode of MSNBC’s “Your Business”, producer Frank Silverstein noted that “First, you must understand how culture defines the identity of the Hispanic person. If you don’t understand their cultural characteristics, then you will not understand how Hispanics are wired to think and why they purchase and remain loyal to certain brands.

“Latinos are a highly diverse community (Houston is the second largest and the most diverse Hispanic city in the nation – cursive is ours) and their growing population resides in markets that brands may not be paying attention to, according to new research by Nielsen. This requires marketers to become ever more knowledgeable about their lifestyles, religious and political beliefs, cultural values and nuances – and the everyday things that shape and define their mindsets. This doesn’t mean that brands must communicate in Spanish, it means much more than that: they must communicate in their culture.

“Despite the vast potential inherent in the Hispanic opportunity, it’s easier for companies to steer away from the community and simply bundle the Hispanic consumer with their general market approach. While “Total Market” is a safe strategy, it is not the one that will earn loyalty and trust with Hispanic consumers.

“Sound complicated? It is when you don’t value (and understand) the cultural components that can create the right formula for success. Nevertheless, the opportunity remains wide open and a few leaders are reaping the rewards of early investment.”