Hispanic marketing in a recession
As marketing departments across the country go through their budgets with a fine tooth comb, many marketing professionals are asking the exact same question: given the current economic climate, what role, if any, should the Hispanic market play within my marketing mix?
It’s usually at this point when the salesperson in me would take over and begin to deliver a litany of benefits. However, I’m going to step back for a moment and instead direct you to a post on Anderson Cooper’s AC 360˚ blog. The post, “Latino Immigrants and the Current Economic Crisis,” was written by Juan Tornoe, a Hispanic marketing blogger and trend watcher. It is one of the most accurate and well-written analysis of the state of Hispanic marketing today. Of particular interest was Tornoe’s statement regarding Latino immigrants and the current economic crisis:
For the most part, they bet all their chips on the United States believing it is The Land of Opportunity. So, the U.S. is going through a rough patch right now… Seriously, this is NOT a big deal if you have lived in Latin America for a good part of your life. Most Latinos will have a “been there, done that” attitude towards it, tighten up their belts, and face the crisis diving head first into it in comparison to the average American who’s been living in abundance (relatively, at least) for their entire life and now are facing vast uncertainty.
What does this mean to marketing professionals faced with shrinking budgets? Maybe this is the perfect time to make inroads within the Hispanic community—while your competitors are retreating from the challenge.
I think it’s important to view the current economic situation not from our own perspective, but from the perspective of your target audience, whether it’s Latinos, African-Americans, college students, parents or any other demographic. Each has their own unique set of challenges and needs. The key for us is to understand their needs and how best to provide the products, services or information needed to get them through this time.