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ONE BIG THING BACK TO THE FUTURE GOT WRONG

29 Oct “One Big thing Back To The Future got Wrong”

 

ROADS?  WE DON’T NEED ROADS…

This past Wednesday, October 21st 2015, the internet drove itself into a near tizzy celebrating Back to the Future Day.  Sites across the web paid homage to the indelible moment in 80’s film history when Michael J. Fox’s Marty McFly and Christopher Lloyd’s Doc Brown stepped out of their retrofitted Delorean and into… this past week.

How did Universal Picture’s vision of 2015 measure up to reality?  There are a few things the film got surprisingly right… and also downright wrong (Ehem, still waiting on that flying car, Universal).  But all tech foibles aside, there is one notable area where the film really dropped the ball:  Where are all the latinos?

This seems like a small oversight, but bear with me for one moment: in 2010, after the latest census data became available, the latino population in the state of California (where the film’s fictional town, Hill Valley, resides) was a whopping 37.6%!  And five years later, in good ol’ 2015, the Los Angeles Times is reporting the Latinos officially outnumber whites in California.  That’s right, if you are a white California resident, you are officially considered a state minority.

The demographic shift in the United States has been so meteoritic over the last few decades that few have noticed the Latino’s explosive population rise.  We at Kakao Media, however, have been sedulously monitoring this change.  As a digital media and design company, we believe it’s important for our customers to understand how this demographic shift affects their online presence.
Young and Digital Latinos

Why should American companies care about latino population growth within the United States?  Because it is a hugely untapped market, especially online!  Consider how the following myths measure up to reality:

1. MYTH:Most latinos in the U.S. speak English anyway, so I don’t need to advertise in spanish.”

REALITY:  While it is true many U.S. based latinos speak English, 82% of Latino adults say they speak spanish, and 95% say it’s important for future generations to do so.[1]   Furthermore, showing an English-language commercial in Spanish bumps up ad recall by up to 30% among Latinos. [2]
2. MYTH:  “Since the U.S. economy entered recession in 2007, population growth from Latinos countries has steadily decreased.”

REALITY:  While the 2007 recession did decrease gross immigration, total population growth is expected to increase overall.  Currently, 1 out of every 6 American adults, and 1 out of every 4 children in the U.S. is Latino, and by 2050 Hispanics are expected to make up 30% of the American population.[3]  Finally, between 2000 and 2011, hispanics represented 50% of total population growth: between 2010 and 2050, the U.S. Hispanics population will grow by 167% compared with 42% growth in the general population.[4]

3. MYTH:“Though U.S. Hispanics represent a larger population segment, their purchasing power still isn’t high enough for me to justify a marketing strategy”

REALITY:  If counted separately, U.S. Hispanics would be the 13th largest economy in the world![5]  Furthermore, if the U.S. Spanish-speaking market were a separate country, its share of global purchases would be $1.1 billion, the 7th largest language segment globally.[6]

4.MYTH:“Even if U.S. Latinos have a higher purchasing power than I previously thought, their online presence is too low for digital marketing to be effective.”

REALITY:  U.S. hispanics are actually on the cutting edge of the web, especially on mobile platforms. Over 75% of hispanics use mobile internet compared with 73% of blacks and 60% of whites.[7]  U.S. Hispanics are also 28% more likely to own a smartphone than non-hispanic whites, and their average mobile bill is 8% when compared to non-hispanic whites.[7]  Finally U.S. Hispanics trust the internet: 72% of the population prefer online product rating sites compared with 28% who prefer their friend’s opinions.[8]
Taking Action
We understand it can be difficult to navigate the undergoing U.S. demographic shift and how it can affect your business, and that’s why we’re here to help!  A great first step is to reach out to one of our advertising and design experts to see how we can help your business tap into the undiscovered potential of the U.S. Latino online market.  We know that with a great business idea, often times what’s most important is getting your product to market first (just ask Mark Zuckerberg).  Let’s work together to show Spanish-speaking Americans just how great your products and services really are.

 

Contributor: PHILL GONZALEZ

SOURCES:  
[1]  Pew Hispanic Center April, 2012
[2] Nielsen TV Brand Effect
[3] Engaging the U.S Latino Market
[4] Nielsen Pop-Facts 2011 to 2016, Population by Ethnicity and Single Race
[5] Humphreys, J., The Multicultural Economy: 2012, Selig Center for Economic Growth (2012)
[6] Common Sense Advisory, “How to Craft a Multicultural Web Strategy”
[7]  “Six Things Advertisers Need to Know About the Growing Hispanic Market,” Ad Age<
[8]  AOL 2010 Hispanic Cyber-Study[/vc_column_text][/vc_column][/vc_row]

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