Demographic and buying power projections present a consistent trend of upward and exponential growth for the Latino population in the United States.
According to a recently released report by Nielsen, 50% of U.S. population growth from 2010 to 2015 was from the Latino community. Within two generations, the U.S. Latino population is expected to more than double in size. By 2020, it is projected that the Latino buying power will reach $1.7 trillion.
What does this mean for my organization?
Across all industries and sectors, the growth of the U.S. Latino population and its spending power will influence how organizations develop and execute strategy and operations.
Organizations that can connect with the Latino community in meaningful and effective ways will be best positioned to grow, meet their consumers’ needs and preferences, and develop a loyal clientele and customer base.
Being able to articulate an inclusive, encompassing organizational vision and ensure alignment with the necessary strategy and tactics are business and market differentiators.
What can I do to connect with Latino clients and consumers?
1.) Research your target audience.
A generic strategy for reaching a heterogeneous population will fall short. A good starting point is to research your targeted Latino community. For example, you may want to answer some key questions:
• What part of the world do the Latinos from your area come from? Are they U.S. born or foreign-born? What countries or regions outside of the U.S. are represented?
• In what language do they prefer and/or need to communicate with you? Written translation of documents into Spanish is a start, but knowing your population will help tailor communications to reach audiences in an authentic manner.
• Are there particular cultural values, beliefs, and practices that you should to be aware of?
2.) Understand your current organizational capacity to serve this market.
• Does your workforce reflect the population(s) you serve?
• Does your workforce have the necessary skill sets, training, and/or experience to respond to the needs and preferences of the current and future market?
• How does your current workforce capacity line up with your current strategy for growth and ambitions?
3.) Examine your current marketing plan and communications strategy.
• How do you communicate with your Latino consumers?
• Are there other ways you can more effectively engage and connect with your audience(s)?
• Are you leveraging social media and other public forums to learn about and engage with the Latino community?
How can Voler Strategic Advisors partner with your organization in this area?
Our team of professionals has extensive experience working with organizations to better reach the Latino community. We leverage our philosophy of being client-centered, forward-thinking, and result-oriented to address your organizations priorities.
Voler Strategic Advisors is known for being out-of-the box thinkers and doers and subject matter experts in various areas.
• With respect to the Latino community, we have won numerous awards for Latino marketing, worked in Spanish language media, and were nominated for an Emmy for producing a Spanish language program. We also have extensive relationships with English language media (print and TV) to reach a broader audience.
• Our team is also experienced in leveraging technology, such as various social media platforms, to meet our clients’ communications and relationship-building objectives.
• We also have extensive experience in developing tools that assist organizations understand diverse populations, which allow organizations the opportunity to make a cultural shift to connect with diverse communities.