September 1, 2014
Growth of Hispanic Market Fuels New Level of Integration
Top advertising agencies have been watching the explosive growth in the Hispanic Market for some time – many have jumped in with both feet, while others are just dipping in their toes. As more compelling data comes in about Hispanic population growth and spending power, the conversation has begun to center around a “Total Market” approach, where brands develop a central strategy leveraged across both General and Hispanic consumer segments.
From beverages to banking, several brands are running Total Market campaigns such as Huggies, Kellogg’s and Wells Fargo to name a few. Corona Extra is also embracing a “Total Market” approach to connect with multicultural millennials, most of whom are bilingual. For the first time, Corona is using the same creative for its Hispanic and General Market ads and increasing its media spend by nearly 30 percent; the brand is calling the campaign its most ambitious program to date.
At IMW, we recently took a Total Market approach for Gran Plaza Outlet Malls in Calexico. The program targeted bilingual consumers, some living in markets around the mall and others across the border in Mexicali, Mexico. The outlet was positioned as a “fashion oasis,” which is a message that resonates with both English and Spanish-speaking consumers looking for big-name brands at value prices.
While Total Market programs are on the rise, there is still quite a bit of debate. Some top advertising agencies view it as a logical marketing evolution, yet others fear it could dilute a brand’s cultural relevance under the guise of “efficiency.” One industry veteran put it this way, “We know ‘Total Market’ is a buzzword because more time and space is dedicated to defining it than implementing it.”
As you determine which side of the debate you sit on, one point seems to project most clearly…find the universal insights that make your brand relevant to consumers regardless of cultural background. These universal insights help us connect with consumers on a broader level, but they’re most effective when they can be brought down to a nuanced, actionable level. This could lead to a fully integrated, cross-cultural campaign, or one with core insights and custom activations. If this was more common practice, brands could grow more quickly and make more of an impact. As AdWeek put it in a recent article, it’s about “culturalizing” for future success.