We’ve spent a lot of time over the last two years talking about diversity, equity, and inclusion. And rightly so. As a media and advertising industry, we also have been much more focused on access, representation, and inclusion; brands and agencies alike have been taking a much closer look at their minority-targeted and minority-owned media investments. And we applaud them for all of this important work – but as we all know, there is more to be done.
At Univision, this is a banner we’ve been carrying for decades, giving voice to the fastest-growing minority population in this country. And in the last decade, our advertising sales organization has gone even further with our award winning Leading the Change Hispanic marketing forum. Why? Because we know that by educating and empowering more marketers on the power of Hispanic marketing, everybody wins. Businesses grow, and consumers receive access to messages and products that can improve their daily lives in both little and big ways.
Our most recent Leading the Change program stood true to that mission, inviting brands and agencies alike to “build a bigger table” for Hispanic consumers, as coined by Chef José Andrés, who helped to open the virtual conference.
For any brand looking to grow with Hispanic consumers, it can seem daunting to figure out where to start. Our speakers helped to demystify the opportunity and shed light on best practices for winning Hispanic marketing strategies. Here are some key insights:
- Diversity pays off and the proof is in the numbers. As Stacie de Armas, Nielsen’s SVP of Inclusive Intelligence and Initiatives, illustrated, brands who invested heavily in inclusive networks and content had a return on ad spend more than 2x higher than brands that were light investors.
- Your brand should be not just where the eyeballs are, but where the hearts are too. According to Nielsen, Latinos are 55% more likely to buy products from brands that advertise within content featuring Hispanics. Coca-Cola knows this well, and as Gabrielle Bradwell-Poteat, Sports and Multicultural Asset Manager, puts it, “It’s super important for brands to have an understanding of the Hispanic market and where you can culturally connect…in a credible way. Do your due diligence.”
- Culturally-focused work is vital to a brand’s storytelling and connection with its audience. Hispanic marketing pioneer Alex Lopez Negrete, President/CEO of Lopez Negrete Communications, highlighted the science behind successful brand storytelling, noting that brands must consider the cultural communication distinctions between Hispanics and non-Hispanics. Hispanics engage in a high context culture where narratives are emotion-centric and focus on collective, shared experiences, while non-Hispanics engage in a low context culture where storytelling is more linear and individualistic.
- Go where the growth is. In spite of all of the disruptions of the last two years, Hispanic consumers represent a tremendous opportunity for growth. NPD’s Chief Retail Industry Analyst Marshal Cohen, pointed out that “the Hispanic consumer is outpacing the market when it comes to growth opportunities.” Brands cannot afford to ignore this growth consumer.