Thursday, March 4, 2010

No Comprende Hispanic Marketing?

Last year in one of the longest advertising stalemates in TV's up-front history, broadcast company Univision sold all its inventory before any other network. The reason, Univision's president of advertising and sales David Lawenda says, is that some marketers are finally cluing in to the importance of marketing to Hispanics.

But it turns out not many markets really are. More than half of small, medium and large businesses in the U.S. don't market to Hispanics, according to Los Angeles advertising agency Orcí, which surveyed senior marketers at 9,300 companies across the nation. Despite the recognition that the Latino population, an estimated 45 million to 50 million, will affect overall U.S. product and services, 82% of marketers say they have no plans to start or ramp up existing Hispanic marketing efforts.

If this story sounds familiar, it's because it has been told for the past 30 years or so. Not much has changed except for the fact that the Hispanic demographic is at an all-time high, accounting for more than half of the nation's overall population growth. Around 30 million hispanics regularly browse and shop on the Internet from their homes and cellhones. Nearly 60% of them tune in to Spanish-language TV every night. And they're spending money too--around $1 trillion a year. "There's no reason any company shouldn't be pitching to this market," says Hector Orcí, co-chairman of Orcí.

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