It can be tempting to play it safe with a marketing strategy, sticking with a well-established audience that is already familiar with your product or service. However, new data suggests that marketers who don't reach out to one very specific demographic in the next few years could be missing out. Big time.
According to MarketingLand, there are 59 million Hispanic-Americans living in the United States, and more than 40 percent of that total population falls into the millennial demographic. And not only are Hispanic millennials extremely well-connected — a report from Viant found that the group spends 25 percent more time on their smartphones than their peers — they also make up a significant percentage of the $1.5 trillion purchasing power of U.S. Hispanics.
That would be enough incentive for any marketer to focus on this demographic, but the reasons for doing so go far beyond just dollars and cents. Here are three key takeaways marketers should keep in mind when attempting to reach Hispanic millennials:
1. Reaching a Receptive Market Can Pay Off
According to Forbes, one of the primary reasons this demographic presents such an important marketing opportunity is that they tend to be much more receptive. Research shows that this demographic pays more attention to commercials and purchases items such as clothing, apparel and grooming essentials more frequently than other groups. This market holds a lot of potential, and even a small investment of capital could produce a surprisingly high return.
2. The Importance of Video Is Still Growing
While the shift to digital video marketing has affected all demographics, it seems that this platform is especially important for Hispanic millennials. Entrepreneur reported that young Hispanic-Americans are increasingly streaming online content on their mobile devices. In fact, 94 percent of people in this demographic watch online video content on their devices at least once a week, which is far more often than other demographics. Hispanic millennials may be a receptive market, but marketers hoping to reach this group should take time to consider the platforms and channels they use.
3. Marketing Materials Don't Have to Be in Spanish
Marketers often hesitate to reach out to the Hispanic population because they're concerned about a language barrier. That may often thwart attempts to reach an older Hispanic demographic, but for millennials, the language barrier may be less of an issue than many people believe.
According to NPR, 76 percent of Hispanic millennials primarily speak English at home, and more than two-thirds read most content in English. Data from Forbes indicated that young Hispanic people appreciate seeing advertising content in Spanish, but marketers can feel confident that English campaigns will still reach this demographic.
This market is one of the fastest-growing in the United States. If you aren't reaching out to this community, then you're missing out on some serious growth opportunities — no matter the size of your business.