3 Tips for Attracting the Hispanic Market

3 Tips for Attracting the Hispanic Market

 

When it comes to insurance, data shows that Hispanics are the most under-served by the industry in the country. And that’s a shocking fact given that they are the fastest growing minority in the United States. The Selig Center for Economic Growth of the University of Georgia reported that the buying power of the Hispanic population will reach $926.1 billion dollars.

 

The question is, what do they buy? Well, cars and homes. Home ownership by Hispanics increased from 41% to 49% in 2004. In 2003, six percent of new vehicle registrations were accounted to them.

 

Surely, with all these figures, it’s quite easy to set aside the stereotypes most people have with Hispanics – that they’re poor and can’t afford things. These data show that the Hispanic market is changing and some companies are taking notice like Toyota which has been targeting the market with specific ads.

 

Although Hispanic purchasing has increased, they are still under-served in the insurance industry. For example, only 55% of Hispanics had car insurance compared to 80% of the general population in 1997. When talking of home insurance, only 33% of Hispanics had them while 63% of non-Hispanic whites, 50% of Asian Americans and 44% of African Americans had them.

 

It’s not a question that they need insurance. Instead, what needs to be solved is how to reach them and get their attention. With that said, here are three things that can be done to attract the Hispanic market:

 

Creating a Spanish-language website

 

Most brands these days offer different languages to better serve their customers, especially when they have branches all across the world. As tempting as it is to just translate the English site into a Spanish one, this shouldn’t be the approach.

 

It does help to have the site look a bit similar, but there should be elements that differ. In other words, the site should really cater to what the Hispanics like and want to see. Of course, this can only be achieved once companies really get to know their target audience.

 

Another important thing to note is the translation: it doesn’t make sense to use free tools to do so. It helps to have an actual person who is fluent in the language to help out with the exact words to put on the site.

 

Establishing diversity within the company

 

Companies are becoming more diverse with their hiring process these days. Now, you can see several Hispanics working as agents. Having a fellow Hispanic when they walk into the office makes them feel a little more at home knowing that they can communicate with each other.

 

Having Hispanics as part of the staff also makes customers feel that the company truly cares about them. Plus, a diverse workforce does make a business more credible.

 

Other than establishing diversity, it also helps to train agents about diversity. Agents should be taught how it’s best to communicate with Hispanic customers, as well as getting trained on other matters of diversity.

 

Running a hyper local campaign

 

It’s not enough to just update your company’s Twitter with a witty post. It’s not enough to run an ad featuring Hispanics. What you need to do is interact and connect with your target audience where they live. Use the personal approach to guide customers right to your doorstep.

 

One good example of this is to sponsor activities or community events that are important to the lifestyle of your audience.

 

The Hispanic market is a very large market and it’s continuously growing, and it would be a shame not to reach out to them and offer them your services.

 

 

Please follow and like us:
0

Comments and Responses

Your email address will not be published. Required fields are marked *