Let’s face it, the Total Market strategy does not work, especially for performance marketers and retail.
On paper, the Total Market approach looks good and sounds better in the boardroom. By definition it “proactively integrates diverse segment considerations…throughout the entire strategic process …to enhance value and growth effectiveness” (Association of Hispanic Advertising Agencies).
A “dolar” is a “dollar” no matter what we call it. Except, for some reason, when it comes to budgeting for Hispanic. Even though Hispanics over-index on the usage of many categories, and even though they demonstrate higher LTVs on many services, the market does not command marketing shares of budget commensurate to its share of the population.
Procter & Gamble, Walmart, the Ad Council and Google are among the top companies that have recently leveraged multicultural marketing to drive awareness and purchase intent with consumers, according to a study by the Association of National Advertisers (ANA).
So, yet another article about authenticity in Spanish-language advertising. You may wonder – what more is there to say that has not already been said? You may well be right. However – and overcoming all my cynical misgivings – I will attempt to address the subject and hopefully spark conversations about this abused concept.
In today’s hyper-partisan and bi-polar environment there is a culture war flaming the fans of division in our society. At the center of all this are the Hispanic Immigrant, the Hispanic Community and the Hispanic Consumer Market (HCM).
So what are we in the Hispanic advertising and marketing ecosystem to do about it? To start, how about a conversation without fear of being too “political”. Certainly we can talk honestly about such an existential topic without getting partisan.
How Important is Spanish Today Among U.S. Hispanics?
Depending upon who one listens to, Spanish is the most common unifier amongst U.S. Hispanics. Some would say that Spanish may be a factor that separates the different generations. The other side of that belief is that Spanish may also be a factor that separates us from non-Spanish speakers generationally.
Starts with Enculturation – Not Diversity
Which comes first for success in the Hispanic market – corporate diversity or marketing enculturation? I’ll get to the latter in a moment. Diversity is a worthy and necessary cause to be sure. Its benefits to any company and our society extend far beyond just sales and marketing. Marketing leaders recognize that diversity on their teams is critical to sustainability in an increasingly multicultural marketplace.
As an independent Hispanic advertising agency we have been asking ourselves an existential question for much of the last decade – why does our trade seem to be abandoning the US Hispanic “Viejennials?” Ever since the Millennial generation became the advertising industry’s target celebre, it seems that no one, except for Medicare Advantage Plans, seems to care much about the Hispanic Adults 35+ that actually grew our industry into what it is today.
Whether you don’t have the necessary resources or expertise, or you just need extra help to improve your organization’s sales and overall performance, hiring the right agency is vital for the growth of your business.