{"id":34545,"date":"2022-02-22T12:25:30","date_gmt":"2022-02-22T12:25:30","guid":{"rendered":"https:\/\/www.globalizationpartners.com\/?p=34545"},"modified":"2022-09-18T13:38:48","modified_gmt":"2022-09-18T13:38:48","slug":"marketing-myths-about-hispanic-consumers","status":"publish","type":"post","link":"https:\/\/www.globalizationpartners.com\/2022\/02\/22\/marketing-myths-about-hispanic-consumers\/","title":{"rendered":"News: 4 Marketing Myths About Hispanic Consumers"},"content":{"rendered":"

The rule of thumb in marketing is to \u2018know your demographic\u2019. However, many have fallen into the trap of misconceptions and often adapt an \u2018off-the-shelf’ approach to their target market. It worked before, why change now? Or some will say \u2018stop reinventing the wheel\u2019. In this article, Hernan Tagliani<\/strong> gives away four marketing myths that will alienate Hispanic consumers.<\/p>\n

\"marketing-myths-about-hispanic-consumers\"<\/p>\n

Myth #1: Hispanics don\u2019t react as quickly as general market consumers<\/em><\/strong><\/h2>\n

It doesn\u2019t matter how or when this assumption was formulated, it is a one-sided myth. Sounds like an excuse for not getting the most out of this market. The author said, \u201cSome executives think, since they have been in the market for years, they have brand equity and consumers know their brand. But if someone doesn\u2019t have a connection with you, they aren\u2019t going to be eager to reach for your products.\u201d We couldn\u2019t agree more.<\/p>\n

What we know about Hispanics is that they are one of the most loyal consumers once they \u2018approve\u2019 your brands or services. And because \u2018word-of-honor\u2019 is a big thing, they won\u2019t risk their integrity if something (or someone) is not worthy. So let yourself be known to your Hispanic consumers, be persistent to get their attention, and then give them something to be loyal to. Whether this means reallocating your marketing resources to support your culturally-specific initiative or revisiting your current communication strategy.<\/p>\n

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Myth #2: Hispanics don\u2019t have disposable income to buy certain products or services<\/em><\/strong><\/h2>\n

Hispanic consumers’ buying power is constantly rising in the U.S. \u201cAccording to Forbes Magazine, the Hispanic community has contributed significantly to the U.S. economic growth and will continue to do so. Hispanics in the U.S. have become one of the top ten economies in the world,\u201d Tagliani added. To debunk this myth once and for all we need numbers: $2.7 trillion<\/a> was the total economic output of the Hispanic consumers as of September 2019 \u2013 equating to the 7th largest GDP in the world if they were an independent country. So yes, they do have disposable income.<\/p>\n

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Myth #3: You can reach Hispanic consumers with a total market approach<\/em><\/strong><\/h2>\n

Just because the majority of U.S. consumers go to the same supermarket doesn\u2019t mean they visit the same isle. The Hispanic market should not be targeted just like the market at large. Yes, Hispanics speak English or are bilingual, but their culture, upbringing, and motivations differ. Some \u201ccatchy & funny phrases\u201d in American English might sound offensive in the Hispanic culture. Therefore, take invaluable time to know them deeper, or else face the risk of alienating them.<\/p>\n

 <\/p>\n

Myth #4: Your competition isn\u2019t marketing to Hispanics, so you don\u2019t need to either<\/em><\/strong><\/h2>\n

Whether you have the \u2018elixir of life\u2019 as a product or there\u2019s no substitute to what you\u2019re offering \u2013 your business still needs to explore new markets to survive. If the U.S. is your major feeder market and you don\u2019t pay attention nor allocate a marketing budget for Hispanic consumers then you are missing a great deal of revenue opportunity.<\/p>\n

\u201cThe fact that your competition is not reaching Hispanics is actually a great business opportunity. If you reallocate marketing dollars to this new, influential audience, it can help balance a loss of sales from the general market where competitors may outperform you,\u201d Tagliani concluded.<\/p>\n

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Multicultural marketing initiatives require commitment and courage to prove old concepts wrong. Moreover, to build your brand and business credibility within the fast-growing Hispanic market, it means applying the opposites of the above misconceptions. Awareness of who you are is important, but without engagement that leads to purchase intent, you might need to revisit the drawing board.<\/p>\n

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Article originally published on Adweek:<\/h3>\n

\u00a0https:\/\/www.adweek.com\/brand-marketing\/marketing-myths-hispanic-consumers\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The rule of thumb in marketing is to \u2018know your demographic\u2019. However, many have fallen into the trap of misconceptions and often adapt an \u2018off-the-shelf’ approach to their target market. It worked before, why change now? Or some will say \u2018stop reinventing the wheel\u2019. In this article, Hernan Tagliani gives away four marketing myths that […]<\/p>\n","protected":false},"author":7,"featured_media":34550,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,18],"tags":[313,1088,314],"_links":{"self":[{"href":"https:\/\/www.globalizationpartners.com\/wp-json\/wp\/v2\/posts\/34545"}],"collection":[{"href":"https:\/\/www.globalizationpartners.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.globalizationpartners.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.globalizationpartners.com\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.globalizationpartners.com\/wp-json\/wp\/v2\/comments?post=34545"}],"version-history":[{"count":8,"href":"https:\/\/www.globalizationpartners.com\/wp-json\/wp\/v2\/posts\/34545\/revisions"}],"predecessor-version":[{"id":34560,"href":"https:\/\/www.globalizationpartners.com\/wp-json\/wp\/v2\/posts\/34545\/revisions\/34560"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.globalizationpartners.com\/wp-json\/wp\/v2\/media\/34550"}],"wp:attachment":[{"href":"https:\/\/www.globalizationpartners.com\/wp-json\/wp\/v2\/media?parent=34545"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalizationpartners.com\/wp-json\/wp\/v2\/categories?post=34545"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalizationpartners.com\/wp-json\/wp\/v2\/tags?post=34545"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}