Marketing to Hispanic Consumers and Census 2010 Results
As I continue my coverage of the 8th Annual Multicultural Marketing Conference and Diversity Awards I need to mention Mr Carlos Garcia.
Mr. Garcia is a highly respected leader in Hispanic research, providing insights that have guided major marketing and advertising efforts in a variety of industries. As founder and guiding force of Garcia Research Associates -now a part of Knowledge Networks a GFK company. His clients have included industry leaders in packaged goods, health care, entertainment and financial services. Mr. Garcia’s research experience ranges from new product and ad development to segmentation to deep-dive economic, political and brand equity studies. Mr. Garcia was a cum laude graduate in Foreign Languages from Pomona College in Claremont, CA. He holds Masters Degrees from the University of California at Berkeley and National University in San Diego.
Mr. Garcia presented a strategic look at the 2010 Census and the growth of the Hispanic community in the U.S.. Mr. Garcia also looked at the state of Hispanic marketing and the various media TV, Radio, Print and the Internet campaigns being used by Corporate America. Spanish versus English usage in advertising to Hispanics was also the topic of discussion. Mr. Garcia Started his Presentation with some facts from the U.S. Census Bureau and the numbers are staggering. By the year 2050 approximately 24% of the total U.S. population will be Hispanic.
Mr. Garcia spoke of how second and third Generation Hispanics have been on the rise after the immigration wave of the 80’s, 90’s, and early 2000s. According to Mr. Garcia “In 2000 50% of Hispanic consumer’s lived in either California or Texas but the population is moving and growing much faster in other states” (Carlos Garcia).
Mr. Garcia gives us ten things to keep in mind when we want to market our products to the Hispanic Market.
1. There are many types of “Hispanic Consumers” and they can be segmented on things like country of origin, acculturation level, socio-economic status, and geographic distribution.
2. Isolation vs. Integration; until Hispanics are embraced as a part of the mainstream, you will not be able to avoid condescension, language miscues and message confusion.
3. “Communicate Don’t Translate”, don’t just translate words translate meaning and tone.
4. “Young Latinos want to be known for who they are not what they are” (and I say don’t we all?).
5. “Mom Knows Best” Mr. Garcia says “Hispanic women who are head of household, go the extra mile to keep their families content.”
6. Consensus and compromise; which simply means decisions are made by everyone in the house hold down to the youngest member.
7. Hispanics don’t live in a one-on-one world, and they follow patterns of collectivism, and have very close knit families.
8. The buying process for Hispanics is changing “There’s nothing like a nice big fat recession to wake up innocent shoppers to the ways of the world” Carlos pointed out.
9. Hispanic Marketing is getting complicated (but exciting). Those are the words of a true marketer always up to the challenge that comes with change. Technology has changed the playing field so that marketing focused on Hispanics isn’t only in Spanish anymore.
10. Hispanic Research is Fun but it isn’t easy and Mr. Garcia wants marketers to know the Hispanic community is an evolving population made up of rich, complex, dynamic and fascinating people.
Mr. Garcia drove home the purpose of the conference by highlighting the fact that Emerging Multicultural markets have significant Business implications as well. Carlos points out that the Hispanic market already exceeds $1 trillion in buying power and will grow to 1.5 trillion by 2015. (Carlos Garcia).
One final thing that I thought was great quote by Mr. Garcia “Have your workforce represent the market you hope to reach.”
To Read the rest of the series Click the links.
To learn more about Carlos Garcia got to KnowledgeNetworks.com
If you are interested in learning how your organization can be prepared for these changes that are shaping the future workforce got to our website http://www.stantonadams.com
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