Hispanic Market Research

 

Hispanic Market Research

Hispanics represent the nation’s largest and fastest growing minority group. As their buying power nears $1 trillion, Hispanics living in the United States wield a powerful influence on the American consumer economy. They are young, they are many, they have money to spend and they enjoy spending it.

If you’re not effectively marketing your product or service to this group, you might not be reaching a target market of over 40 million consumers:

– A U.S. Department of Labor survey on U S consumer expenditures says that in 2005 (the latest year surveyed) Hispanic households spent more on cellular phone services than all other US ethnic groups

– General Mills substantial increase in allocation of marketing dollars to the Hispanic consumer is already being reflected in a sales increase to Hispanic customers (+6% in 2008 and +10% so far in 2009). For specific product categories like granola bars Hispanic market growth has been 14% vs. 9% in the general market

–  A multiplatform campaign from Toyota aimed at selling the brand’s Tundra pickup to Hispanics who, consumer research showed, bought mostly domestic pickups. The campaign got results – the Toyota Tundra rose in market share among Hispanics from 9% to 16% from December 2006 to December 2008, a time period in which full-size pickups were losing market share overall.

The best consumer is a motivated consumer, and the Hispanic market has shown to be an eager audience to engage long term with brands they have come to trust. Hispanic consumers have repeatedly shown:

– They prefer brands and products endorsed by someone they trust

– They like to receive information in a variety of different ways (Print, video, on-line and at events)

– They are interested in knowing how a product or service application will improve their lives here and/or the lives of relatives

– They have a tendency to be more responsive to brands that wrap product messages in an educational context

– If they find out something of value, they want to share it with family and friends

Zoomerang makes it easy to discover the trends, behaviors and composition of the Hispanic market. By conducting Hispanic customer surveys you will gain insights into Hispanic product and market trends, opportunities, projections, demographics, sales and marketing strategies, segmentation, size, and growth in the US and global markets.

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