Most of us have witnessed the changing demographic in the United States over the past few years: Hispanics are now the largest minority in our country. This phenomenon is not new to places like San Antonio, Los Angeles, and Miami, but for those who live in the Midwest, Central United States, or New England, this changing demographic can still seem surprising.
One mistake many businesses make is neglecting this lucrative marketing segment. Did you know that Spanish-speakers now constitute 15% of the US population? With a buying power of nearly $800 million projected for this year, businesses should be competing for Latino customers rather than neglecting them. Most businesses underestimate or completely ignore Latino purchasing power.
The statistics speak for themselves: The Latino population is growing nearly twice as fast as the general population (8.2% versus 4.9%). Also, because of larger family size, Latinos spend more on everything from groceries to clothing. Even better, they are extremely loyal customers: satisfy one Hispanic customer and expect all of their friends and family to buy your product or service as well.
Here are a few tips for those businesses interested in gaining Latino loyalty:
1. Speak their language! Numerous polls have shown Latinos to make important buying decisions in Spanish. Translate your website and marketing materials. This is extremely affordable and easy. For affordable translation services, go to spanishmatters.com
2. Most newspapers now have a Spanish-speaking section or separate Spanish publication, and very few businesses advertise there. Imagine if you are a realtor and post an ad in the Spanish section of your local paper. You could be the only realtor listed, instantly gaining a huge minority market. Even better, many times it's cheaper to put an ad in the Spanish section or publication.
3. Learn about Latino culture. Even knowing a few Spanish or Spanglish words is not only fun, but helps you relate to your (future) Latino customers.
Kimberly Berls is VP of Business Development for Spanish Matters, a translation firm specializing in translation specifically for the US Spanish-speaking market. Visit http://www.spanishmatters.com for more information.
Source: www.articlealley.com
