Last week, an object lesson in health care marketing and branding nearly escaped notice outside of HIV/AIDS circles.
While a lot has been written about Hispanics and healthcare, particularly in relation to the roll-out of the Affordable Care Act, not enough attention has been paid to the opportunity they represent. Hispanics are a vital consumer segment for the large and growing healthcare industry, not just a population to be managed.
As we begin 2016, we anticipate what the New Year has in store for our industry. I have never been afraid of making predictions, but I think 2016 will be unpredictable. So I’ll instead highlight important stories and trends to track. Latin American Immigration This topic has the most direct impact on Hispanic marketing – both in the short- and long-term.
All industries go through cycles and evolve. Most follow a common trajectory that begins with rapid growth, then slows down, matures and ultimately faces creative destruction (which J.
Hispanic marketing started out in the 1960s as an industry built around language – Spanish language media and advertising to reach recent immigrants to the U.S. During the late 1980s the concept of culture began to replace language as a key strategic foundation of most Hispanic and multicultural marketing. What is culture?
Millennials are generally believed to be the most ethnically and racially diverse generation in American history. Hispanics (20%), African-Americans (14%) and Asians (6%) make up 40% of the total millennial population.
Millennials are the most heavily researched and analyzed group in America. Yet most of this research has failed to understand the roles ethnicity and culture play on this highly diverse generational cohort (43% of millennials are either Hispanic, African-American, Asian or of mixed race). This has been impetus behind the Hispanic Millennial Project initiative.
The Hispanic market is big business, attracting over $8.3 billion in ad spend to reach a growing population of 55.4 million with over $168 billion in discretionary spending.
Corporate America is increasingly undertaking enterprise-level initiatives to move multicultural market considerations from a segment-driven consideration into their core business operations. Market realities are driving this trend: the growth of multicultural populations, their spending power and the projections they will drive a majority of market growth in many industries.
For the last year and half, I’ve been involved in a nationwide research initiative focused on Hispanic Millennials. OurHispanic Millennial Project research has focused on understanding how Hispanic Millennials differ from “mainstream,” Asian and African-American Millennials, as well as older Hispanics (35+).