At HawkPartners, we are deeply passionate about helping our clients build and deliver on brand strategies that will resonate with the vast array of customers their products and services touch, ensuring that their strategy accounts for diverse perspectives.
In recent years, we have witnessed the evolution of multicultural marketing strategies, which hone in on specific racial and/ or ethnic groups, into inclusive marketing strategies which actively seek to create a sense of belonging for customers from all backgrounds, including those who are part of communities which may have been historically underrepresented and/or excluded, either purposefully or accidentally.
We understand the importance of developing inclusive marketing strategies and their critical role in the relationship a brand has with its customers. Creating an authentic and genuine connection with prospects from a mix of backgrounds is crucial to growing your customer base. Delivering on this connection consistently, with purpose, while providing value transforms your customers into long-term brand loyalists.
Hispanics are a critical audience for competitive companies and brands
Hispanics are the second largest racial or ethnic group in the U.S. behind non-Hispanic whites. Approximately 1 in 5 Americans identify ethnically as Hispanic today and growth is expected to continue – Hispanics will be an estimated 25%+ of the U.S. population by 2050.
It is important for brand leaders to recognize the growing size and substantial buying power of U.S. Hispanics and evolve marketing strategies to address their unique experiences and needs – failure to do so may result in falling behind the curve of changing population dynamics.
STATISTIC HIGHLIGHT
The annual buying power of Hispanics is estimated to have reached $2.1 trillion in 2023 –comparable to the GDP of some of the largest countries in the world.
The evolution of marketing strategies to be more inclusive is an increasingly relevant topic. Brands that embrace this in an authentic way are being rewarded by customers. Exploring the richness and uniqueness of the Hispanic community has broad applicability across industries. The benefits of understanding the perspectives and needs of U.S. Hispanics may be more evident for consumer-facing brands (e.g., food/beverage, beauty, household goods, technology, etc.). However, brands in industries such as financial services and pharmaceuticals/healthcare are also increasingly seeking opportunities to connect with this audience as a business imperative. They are recognizing the equities/disparities historically faced, and the implicit challenges experienced by, U.S. Hispanics – given the cultural and linguistic factors of this non-monolithic group – and trying to address them through connection.
Understanding the rich diversity that exists within the Hispanic community
HawkPartners has created a Hispanic Insights & Consulting offering led by a team of Partners with decades of experience helping leaders across industries develop marketing strategies and who importantly are a part of the Hispanic community. Our goal is to help clients better understand the Hispanic community and develop inclusive marketing strategies which reflect the culture, experiences, diversity within, and needs of, this invaluable customer base.
- Comprehensive Insights Solutions: Full suite of insights capabilities – qualitative market research, quantitative market research and secondary research – focused on deepening your understanding of the U.S. Hispanic community.
- Cultural Perspective: Engagements thoughtfully designed and executed by a HawkPartners team who are part of this community and who lead with sensitivity and understanding around relevant nuanced cultural considerations.
- In-language Insights: Insight generation and storytelling mined by bilingual and native-Spanish-speaking moderators/researchers.
- Thoughtful Partnership: Ongoing partnership with multicultural marketing teams, multicultural agencies, and specialized vendors in support of your DEI and inclusive marketing initiatives.
- Strategic Consulting: We draw on cultural insights, relevant trends, and marketing best practices to support your team in the development and execution of targeted, strategic solutions.