With over 50.5 million Latinos/Hispanics in the U.S., their buying power is expected to reach $1.5 trillion during this decade.
This places food and beverage marketers, retailers (specialty and mainstream) in search of new brands and products to sell to this growing population. These new products they seek may include authentic and traditional foods and beverages for Latino consumers as well as for mainstream consumers.
During the past decade, the mainstream/general population has also acquired a taste for more authentic ethnic flavors and food trends. They’re looking to go beyond the “safe and unadventurous” flavors of yesteryear. Foodies are on the rise, and they’re adventurous.
Sometimes even successful brands which do great in the mainstream, may forget (or disregard) their due diligence and discipline when expanding their reach for Latino consumers. This is a different audience than what they’re used to addressing.
When a brand successfully presents new product offerings to the Latino market, it doesn’t mean they change who they are, they’re simply more cognizant of making their audiences aware of their new offerings.
It’s necessary to speak to your new audience on their cultural and mental territory. This is true whether it’s products or services that you’re marketing.
If you’re planning to develop or market a Latino-focused brand, here are a few things to consider:
- Is it something that Latinos will recognize and be drawn to? Do they, or should they care?
- Is it authentic? Are the name(s) and positioning on target?
- Is it aspirational? If so, is it in a clear and genuine manner? Inexpensive CPG products don’t have to look cheap/generic. Everybody wants value. Everybody wants a taste of the good life. Latino consumers are no different here.
- Does it make an emotional connection? Will Latino consumers have a desire to purchase this? What about repeat purchase? Will they spread the word for you?
- Presentation and personality. Does the packaging, POS, advertising and everything else about the brand support each of these four elements?
It’s important to be smart and invest wisely as you go into this category. Work with a partner who knows the market and will help you develop a disciplined strategy, be efficient and be innovative when developing a Latino-focused brand.
Source: Packaged Facts, 2010 and US Census Bureau
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