Top 3 Reasons to Market Your Business to Hispanics

Marketing to Hispanics

Marketing to Hispanics

The Hispanic population of the United States is growing at an astronomical rate, reaching almost 58 million in 2016 and accounting for nearly half of the national population growth since 2000. That’s a ton of purchasing power! In fact, Nielsen reports that Hispanic buying power topped $1.4 trillion in 2016, and it’s anticipated to hit $1.8 trillion by 2021. With the start of National Hispanic American Heritage Month on September 15th, we’re taking a look at the top 3 reasons you should be marketing your small business to this exploding community.

Give the Customer What They Want

Purchasing behaviors are affected by language, at least according to a study by Common Sense Advisory. Three interesting findings include:

1. 72.1% of people buying products online spend most or all of their time on websites offering content in their native language
2. 72.4% of consumers are more likely to buy products from a site that provides content in their native language
3. 56.2% of consumers said being able to read content in their native language was more important to them than price of the product

These are eye-opening numbers, especially if your small business isn’t considering the sheer importance of communicating with audiences growing at such a rapid pace as Hispanics. The bottom line: It’s time to consider translating your content and advertising so the Hispanic community can feel at home purchasing from you.

Marketing to HispanicsFor Cost’s Sake

Translation costs are low when compared to your potential sales increases, and the return on investment (ROI) is nearly instant in a lot of cases. There are plenty of companies out there specializing in what’s called Professional Localization, defined as “the translation and adaptation of material for foreign-language markets.” One of these companies, Lionbridge, sheds some light on why language has such a large impact on our purchasing behavior, which you can check out here. It’s interesting to note that some of the largest U.S. businesses allot 2.5% of their overall budget for these services, realizing 50% of their annual revenue from non-English-speaking consumers. An interesting piece further detailing the importance of localization can be found here.

Showing They Matter

Tailoring your business to speak to the Hispanic community goes a long way in establishing credibility. In doing so, you let these populations know that your business understands and respects this diversity (thereby making your product that much more alluring to local consumers). It’s obviously important to be able to relate to your customers, understand their language, know their local culture and appreciate their customs. These things all pay off in the long run for your small business.

Interested in Professional Localization services or possibly updating your marketing plans to be more culturally inclusive? We can help! A restaurant loan from ARF Financial is flexible and convenient, offering approvals and funding in as little as 3 – 5 days! We’ll partner you with your very own personal loan consultant who’s from your area and understands the communities you serve; they’ll be with you every step of the way—even after the paperwork is signed. APPLY NOW and let us help you determine which loan product is right for your business. It’s free and it won’t affect your credit!