Several years ago, perhaps at a Speed Dating event or a networking Happy Hour somewhere in Los Angeles, guests were presented with a series of ice-breaker questions to help start the conversation. The question posed to me was, “What’s the one thing you own that you’ll never, ever get rid of?”
Without hesitation, I responded, “My record collection.”
My LPs and 45 RPM singles are some of my cherished possessions. For years, friends and colleagues couldn’t understand why I had transported—at significant cost—my collection across the country each of the three times I’ve relocated in the last 25 years. Furthermore, how could I possibly be investing in additions to a collection that was perhaps outmoded and arcane, given the rise of the compact disc and, following that, digital downloads and streaming services?
My answer is simple: The iPod and my iPhone are great for hearing music, but the record player is the best device for listening to music.
There’s a difference between hearing and listening. It’s time to demonstrate that difference to marketers, brand managers and C-suite executives. Much has been said and shared about the rapidly evolving Hispanic market. But, have the decision-makers been listening to what has been said, and are they making choices based on efficiencies, rather than conclusions derived from the largest amount of data ever made available to marketers about today’s U.S. Hispanic consumer?
In September 2015, a Pew Research Center analysis of U.S. Census Bureau data showed the immigrant share among each of the U.S.’s Hispanic origin groups in decline, affirming reports that immigration from Latin America—in particular, Mexico—is slowing.
The Hispanic Market Overview annual report has stated for the last several years that the U.S. Hispanic population is now being driven by births, rather than those who are foreign-born. Additionally, it should be emphasized that immigration is slowing but has not stopped. Far from it: the U.S. Hispanic population in 2000 was comprised of 14.1 million immigrants. By 2013, that number grew to 19 million.
A market of 19 million consumers should be an opportunity for brands who wish to establish themselves as a top choice when it comes time to make purchasing decisions. Remember, everyone shops. The recent Latino immigrant needs food, packaged goods, clothing, transportation, and health care information regardless of their financial status. The upscale Latino and Latino Baby Boomer are equally important.
Yet, marketers seem fixated on a Hispanic plan of action focused squarely on bilingual Latino millennials who can be targeted through the English-language media they consume.
Why? They’ve been spending too much time hearing how to do more through “total market” capabilities instead of listening to the experts and veterans who have modernized their agencies but have remained true to what works for today’s Latino consumer.
The aural quality of a record is richer, and deeper. One simply hears more. It’s imperfect, with the pops and hisses and skips on well-worn favorites. The U.S. Hispanic advertising agency of today is no different than a record. The people inside these businesses have the deepest and richest insight on Latino consumers, and are the perfect partners to work alongside a general-market agency.
According to Nielsen, sales of vinyl records grew by 30% in 2015, to 11.9 million, from 9.2 million in 2014. Music fans are rediscovering records.
It’s now time for marketers who have turned to the dreaded adaptation and translation approach to rediscover the value of Hispanic advertising agencies.
With an uncertain economy once again rearing its ugly head, and a presidential election that has put Hispanics in an understated role as ultimate decision maker, we’ve put on our thinking cap and our reading glasses to provide a Total Focus to Hispanic marketers and advertising agency executives on everything keeping you up at night—and everything keeping the lights on and the paychecks from bouncing.
Hispanic Market Overview 2016, presented by Lopez Negrete Communications, is now available for complimentary download at http://reports.hispanicad.com/reports/HMO2016/
As the industry’s key executives gather in Miami Beach for the 20th annual ahaa conference, this year bearing the name “The Future in Focus,” we hope this report generates conversation, thought and perhaps a little controversy. Congratulations to Leif Roll, VP of Marketing at State Farm, on being named Marketer of the Year. We’ve seen a lot from State Farm in the U.S. Hispanic market. But where is GEICO? Who is Progressive’s Latina counterpart to Flo?
We also single out Eric Reynolds, CMO of The Clorox Company, as Clorox has demonstrated an exceptional understanding of the Latino consumer through product development and subsequent marketing efforts that make the company a standout. Your lavender-scented products can be found throughout the Hispanic Market Overview ohana.
Please enjoy this seventh annual Hispanic Market Overview, presented by López Negrete Communications. As you are reading this, please listen to what is being said. Otherwise, they’re just words that you may be hearing, but not digesting.
Reading, while listening to your favorite record album, is highly recommended.