Trends in Marketing Insurance to the Hispanic Market

Trends in Marketing Insurance to the Hispanic Market

 

If you want to maximize your market potential and establish brand in the Hispanic community, it is important that you spend time analyzing the trends and patterns in that specific market. By examining practices that are being done by major insurance companies, you will get an idea of those which may be overused by now and which will most likely grant you success. In addition, it will help you gain insights on where the insurance industry is currently headed with the Hispanic market.

 

Spanish-Language Website

 

This is one of the most common marketing trends practiced by insurance agents, brokers and especially companies. Many, if not all, insurance websites today have an “Es Español” option which, when chosen, will publish information only in the Spanish language. Although it has been revealed that 58% of Spanish-speaking Latinos can speak English very well, having a Spanish-language website is still rendered important to cater to non-English-speaking Latinos.

 

Mobile Engagement: Websites Designed for Mobile Compatibility

 

Hispanic consumers today, who account for more or less 15% of the entire US population, represent an ideal audience for mobile engagement and website advertising.

  • According to estimates released by the Experian Marketing Services, 63% of Hispanic adults have smartphones and that 45% of them use smartphones to access the internet. With this fact, insurance marketers are encouraged to take the mobile-first approach in their online marketing efforts.

 

Native Advertising and Content Marketing

 

Today, content does not just mean magazine articles. It can also mean blog posts, videos and even mobile apps. With more and more Hispanics engaging online, 78% according to the Pew Hispanic Center survey, it is important for insurance companies to be able to create content that will capture consumer attention, ultimately getting them to actually purchase a product. Although there still aren’t that many companies producing Latin content for advertisers to use, the approach is expected to dominate in the coming years.

 

Community Involvement and Event Sponsorship’s

 

Almost all major insurance providers are involved in the Hispanic community in some way. Whether it’s partnership with a Hispanic organization, a sponsorship in several community events or an initiative within the community, any major insurance company heavily targeting Hispanics is bound to engage.

 

Involvement is especially important in the Hispanic market because here, word-of-mouth and grassroots marketing techniques prove to be extremely effective. Although building partnerships and participating in events will not always yield immediate results, they will ensure that the company’s name will remain in the minds of the Hispanic consumers. As a brand builds relationships in the community, it will become more visible and ultimately grow to be part of the environment.

 

Traditional Media

 

As to be expected, majority of television, print and radio advertising targeting the Hispanic market is delivered through known Hispanic media outlets. With the increasing media consumption patterns of Hispanics, it makes sense for major insurance companies to continue delving into traditional media. Although the Internet will still continue to fuel crossmedia consumption, no major change away from traditional media is to be expected in the coming years.

 

Changes in the Hispanic market are guaranteed to dictate changes in tactics. Perhaps, in the near future, we will start seeing brands and insurance companies play off the growth of mobile interaction and combine them with offline tactics to realize more effectively their marketing goals and campaigns.

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