Latinos may save your ______.
Fill in the blank: Retirement. Stock portfolio. Medicare/social security benefit. Help companies grow and hire new employees. Build new schools and roads in your community.
U.S. investors are color blind, unless it's the color of greenbacks. Whether it's a car dealership or Google, companies understand that U.S. economic recovery, growth, and global competitiveness lies with Latinos. The logic is not just simple, it's apolitical:
- The Hispanic population is booming as is their buying power which rings in at approximately $1.3 trillion dollars annually, according to some estimates.
- Therefore, to stay in the game or peel away from competitors, companies that aggressively target Latinos to buy products will see a boost to bottom lines and valuation.
Google gets it, as is evidenced by naming veteran technology exec Mark López as Head of U.S. Hispanic Audience, a position the Silicon Valley giant created.
I caught up with López who was about to address the most important marketing and social media conference: Search Engine Strategies (SES) New York. For the first time, a full day of seminars was offered to teach American businesses--from bodegas to Wall Street Banks--why and how to reach this mega audience.
Armed with data, statistics, and algorithms, López confirmed my presentimiento, hunch that as the demographic growth accelerates, the Hispanic audience will soon be the mainstream.
Watch the interview here:
Other crucial nuggets from the interview:
- In some major U.S. cities, Latinos make up approximately 40% of the population, with Univisión and Telemundo evening news and prime time programming consistently beating "mainstream" networks.
- Hispanics are connected: 70% use their smartphones to search, 40% to compare prices and locate retailers.
- A successful marketing strategy to Latinos contains a strong digital component, as well as traditional advertising such as television, radio, and print.
- Forget graduating from high school (a formidable feat given that Latinos have the most high school drop outs of any group), Hispanic students, supported by their parents, teachers, and leaders must graduate from college, particularly in the fields of the future such as science and technology. Google and other companies want to hire you. But you have to be ready to out-compete not just other applicants in your community, state, and country, but the world.