The Hispanic market has been the fastest-growing market in the United States in recent years. The economic growth rate, quality of life, and increased jobs within this community have been directly proportional to its demographic growth. This is why it is positioned as one of the most attractive markets for any company in the United States.

• The first thing a company needs to know is that Hispanics are not heterogeneous. There is cultural, idiosyncratic and original diversity among Hispanics. The food and clothing preferences between a Mexican and an Argentinean are notably different, to give just one example. Despite this, they have common elements, such as the Spanish language.

It is essential for any company seeking to enter the Latino market to understand the peculiarities and the way consumers in this sector think and make sure to generate differentiated, innovative and impactful marketing strategies. All brands should take some time to conduct market research to fine-tune operational, logistical and cultural thinking.

The Cervantes Institute estimates that 62.3 million people in the United States are native Spanish speakers. Of these, 71% speak Spanish as a common language at home, and only 10% are not fluent in English as a second language. This 10% may seem insignificant, but it comprises more than 6 million people, an interesting market for any company. You are using Spanish as one of your company’s languages would put you closer to that market sector. Also, Hispanics who speak English as a second language would identify with Spanish advertising.

• If you have any Hispanics in your company, you should listen to their ideas on how to reach out to their community. If you don’t have any Hispanics working with you, it would be a good idea to hire them if you want to reach out to this population sector. People outside of a community often use stereotypes as brand names. These could be offensive or at least not identify Hispanics.
• Hispanic-owned businesses have grown over the last century. Establishing alliances with these businesses is an excellent way to approach the market using insiders as a channel. In addition, financially supporting small businesses would help them grow and ensure a lasting partnership. Hispanics have a purchasing power of about $1.5 trillion in total, which is not an insignificant value for a company, especially considering that this income is expected to increase in the next few years.
• As a young and growing community, Hispanics are highly connected to visuality and the use of social networks. Creating videos and hypermedia content could bring you closer to younger Hispanic consumers. You should also know who are the influencers and content creators most followed by Hispanics and create partnerships with them. Here it is worth noting again the heterogeneity among Hispanics, so the influencers followed by the Cuban community are not usually the same as those followed by Mexicans, to mention one example.

You must understand the cultural ins and outs of Hispanics if you want to enter this market. Defining them away from stereotypes and taking an interest in their problems and solutions will make you an ally of the community. A multicultural approach to your company will help you improve the market sectors you reach and the work environment among your employees.