Business Fit Magazine November 2018 Issue 2 | Page 6

Business
reasons why
you should target the
Hispanic Market ASAP!
The US Hispanic population is more than 56
million strong. And while the purchasing power
of the American Hispanic community in 2016
was approximately $1.5 trillion, many retailers,
including large ecommerce companies, failed
to take the most rudimentary steps to target this
burgeoning sector.
These include steps like localising their online
content and translating shopping sites. Here
are four reasons why adapting your content
for the Hispanic community makes plain
business sense:
1 It’s what the consumer wants.
According to a recent survey, the vast majority
of respondents Worldwide are more likely to
buy from a website in their native language.
The obvious conclusion is that people prefer
to shop in their own language and there’s no
reason America’s Spanish-speaking community
would be any exception.
2 It’s cost-efficient.
The cost of translation is very low in comparison
to the potential increase in sales, and in most
cases, the return on investment is nearly
immediate. Some of the largest US enterprises
allocate a percent of their overall budget on
professional localisation, while enjoying some
50% annual revenue from non-native English-
speaking consumers. Even if businesses
doubled their budgets to translate websites
and other marketing material, the cost-benefit
would still be a no-brainer.
3 Cultural adaption translates
into increased sales and brand
reputation.
By tailoring your content for the American-
Hispanic community, you’re conveying the
message that your business understands and
respects the community’s cultural diversity.
In other words, it’s not just translation that is
key here, but the cultural adaption of content
that is keenly sensitive to local nuances and
customs which will truly make your product
or service and your overall brand attractive to
consumers.
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4. It works.
Even businesses that serve the “larger American
public” can still make localisation a priority. With
web content translated and audio spoken in
Spanish to the Hispanic community, it is clear
that success can be traced, at least partially, to
this strategy. I hope you’re convinced: When
it comes to the Hispanic community, there’s
plenty of money that’s being lost in translation
-- or, in this case, the lack thereof.
How to Reach The Hispanic Market: The New
Frontier for Direct Marketers!
I am personally part of a dynamic, growing
demographic in this country with incredible
potential for direct marketers. Hispanic
incomes over $150,000 grew 194% between
2005-2015 and those of us earning between
$40-100K account for 40 percent of our buying
power in the US.
Statistics also show that the population of young
Hispanic homeowners are also are on the rise.
The 2016 State of Hispanic Homeownership
Report revealed that Hispanic households
increased by 6.7 million, which comprises
42.5 percent of the household growth in
the US. In response to this demographic
trend, even retail giant Amazon rolled out a
Spanish language version of Amazon.com,
completely shattering the myth that their US-
born, Hispanic customers have no need for a
Spanish website. Yet many direct marketers
never consider this market, or just assume
we are too difficult to reach. The good news is
that reaching us is easier than you think, and
in most cases we are much more receptive to
your message than you would ever imagine. In
other words, if you offer a product, service or
program for a virtually universal audience, you
should be sharing it with Latinos!
When people first approach me about selling
to the Hispanic market, their hesitation
stems from the differences among us—our
many countries of origin and even our minor
differences in accent and word choice. They
believe marketing to Hispanics is complicated,
and that you have to be an expert to do it right.
The truth is, it doesn’t hurt to become an expert,
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