This article was originally published online by the Orlando Business Journal.
The Hispanic market is growing at a fast pace, and marketing effectively to this group is quickly becoming a necessity rather than an option.
To make the biggest impact on your business right now, you need to re-evaluate your current marketing plans and strategies in order to respond to this dramatic consumer demographic shift.
According to a new report from the Association of Hispanics Advertising agencies, the top 500 U.S. marketers are currently allocating 8.4 percent of their overall ad spending to Hispanics, compared to 5.5 percent allocated in 2010. Also, their spending on Hispanic targeted media is up from $4.3 billion in 2010 to $7.1 billion this year.
But even with rising ad spending to this market, the average marketing allocations are not increasing as fast as the Hispanic population is growing.
The good news is that besides this consumer demographic shift, the upcoming presidential elections will benefit Hispanic media. Both political parties are already addressing the importance of the Hispanic vote. So I foresee a substantial increase on Hispanic ad spending in the coming years.
Here are three tips to consider: