By: Francisco Cardenas, Director of Digital Strategy @chitocardenas
A recent Pew Research study speaks about the wealth inequality gap between ethnic and racial lines since the Great Recession. As a part of a leading multicultural advertising agency, this struck me as interesting, knowing from our research that Hispanics spending power today represents almost $1.5 trillion in the United States.
As we dig deeper we soon realize that as in any other market segment, we must then analyze the sub-segments within, for example, US-born vs. foreign-born Hispanics and their spending patterns. This would surely help to identify the group that has more affinity to your brand and could help your brand achieve your budget goals in sales.
Now more than ever, marketers can slice and dice their target segments and mine the relevant insights, spending patterns and passion points. Do not be shy to use a small portion of your budget to test, learn and then blow up successful campaigns.
Let curiosity be your guide.