Marketing to Hispanic Millennials - AMA Houston Seminar (Presentation version)
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I created this presentation for the AMA Houston Seminar: Hispanic Millennials - Best Practices on May 8, 2014 You will learn: 1.- The importance of the Hispanic Millennial Influence Power 2.- Key best practices to leverage the Influence Power to influence older generations’ purchase decisions Acknowledgement: I would like to thank Jorge Zapien for the slide design. Also, Leonardo Basterra, Gustavo Foldvari, Henry Cadena and Alex Lopez Negrete for their contribution in the content
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Marketing to Hispanic Millennials - AMA Houston Seminar (Presentation version)
- 1. Salomon Dayan – Digital Group Account Director Lopez Negrete Communications Marketing to Hispanic Millennials
- 2. Median Income is $48K 72% of HH decisions are taking as a group 59%live in multi-gen HH Median Income is $48K 72%of HH decisions are made as a group Everyone is captivated with Millennials
- 3. 5/5/2014 – HispanicAd.com Is it worthwhile for advertisers and marketers to invest in Hispanic Millennials, since these consumers are more likely to have crappy jobs and far less money to spend when compared to their parents and grandparents? Limited Budget Live with Mom and Dad Smart but Lazy YES
- 4. Millennial Influence Power in·flu·ence pow·er The ability of Millennials to nag adults, especially to influence older generations to make certain purchase decisions
- 5. The Challenge Awareness Engagement Consideration Purchase Advocacy The traditional purchase path…
- 6. The Solution Flipping the purchase path to generate Advocacy before Purchase… Awareness Engagement Consideration PurchaseAdvocacy
- 7. 2 Keys to Creating Hispanic Millennial Brand Advocates
- 8. Risk-takers, like unbeaten paths Parents still their goals and expectations Social is visual, rapid storytelling (think IG, Vine, Snapchat) Tech is our edge, advantage and equalizer in progress Prefers Spanish but language is an option, not a constraint Diverse, expressive and optimistic Struggling, but they have an entrepreneurial spirit Style is fresh, unique and sometimes a little out there Deal shoppers and desire authenticity Tech is experiential, responsive and ubiquitous 1. Know what moves them Key Overall Millennial Traits (Age 18-30) Hispanic Millennial Dial-ups
- 9. Talk human Portray an activists spirit Authentic and real Empowering Emotional benefits Human advantage Culture and passions Language of the heart Limited time offers Contracts Functional attributes Competitive advantage Bundles, Product Tiers 2. Speak with them on their own terms Corporate Talk Candy Talk
- 10. Case Study This is how Lopez Negrete does it…
Notas del editor
- Multicultural segments are the fastest growing market in the US. Primarily driven by Hispanics With Hispanic Millennials already accounting for 41% of Houston ‘s Total Millennial Population1, companies in Houston are paying close attention to this groupAMA Houston organized a seminar on May 8, 2014 that put together elite panelists who addressed how to harness the purchasing power that these ethnic groups representThis presentation addressed the challenges that Hispanic Millennials’ purchasing power brings and provided key best practices on how to circumvent themYou will learn:The importance of the Hispanic Millennial Influence Power Key best practices to leverage the Influence Power to influence older generations’ purchase decisions
- 1.- Median Income: Nielsen Report: Millennials – Breaking the myth 20142.- Live in Multi-gen HH: MTV Tr3 Ipsos – HISPANIC ADULT MILLENNIALS LIVING THE NEXT NORMAL: AGE OF UNCERTAINTY – 2013. 118 index vs NHW3.- MTV Tr3 Ipsos – HISPANIC ADULT MILLENNIALS LIVING THE NEXT NORMAL: AGE OF UNCERTAINTY - 2013Hispanic Millennial’s generation size and potential is well discussed and documented in marketing circlesHowever, Millennials have been hit hard by the recession, creating a big dent in their wealth and incomeAs marketers, there are 3 important stats we need to be aware of as a result of this environment:According to Nielsen, Millennials’s median income is 48K1Ipsos identified that more than half (60%) of Hispanic Millennials live in multi-generational households2Same Ipsos study recognized that 72% of Hispanic households make purchase decisions as a family team3
- This very last Monday, May 5, Adam R. Jacobson, from the highly regarded online publication HispanicAd.com asked this question in his 2014 Hispanic Market Overview SpecialIs it worthwhile to invest in a target that is broke?A target that also, lives with mom and dad and ,moreover, that the older generation considers smart but lazyAnd the answer is, absolutely yesLet me show you why and how we do it at Lopez Negrete Communications
- The Hispanic Millennials conversation is now centered around the demographics but the actual battlefield is the “Mindset” not the demographicsAddressing the Mindset, we can use the Millennial Influence Power, the ability of Millennials to influence older generations in purchase decisionsHispanic non-Millennials know that this generation is:More educatedMore connected (in the know)Street smartTech savvyHow Millennials and Non-Millennials see the Millennial Generation(BCG April 2012)
- If Influence Power is the key, the question is how to trigger this power And the answer is: “Create Advocates”. Only Advocates will support your product or service in order to influence others However, when we look at the traditional consumer purchase path, Advocacy is at the end of itThen, Advocacy happens after product purchase and we know that Hispanic Millennials do not have that purchase powerSo we have to redefine the funnel in order to trigger this insight
- In order to make use of Millennial Influence Power, we rearrange the traditional funnel in order to effectively create brand Advocates who influence the purchase of the productsYou need to connect with them, relate to their passion points, gain their trust, know what moves them and talk in their own terms
- Hispanic and Non-Hispanic Millennials share some commonalities. However, there are certain specific dial-ups that marketers can use to relate to themThese dial-ups include: Spanish considered an advantageRisk-takers by natureStill maintain strong ties with their familiesVisual content spread fast through social media channelsTechnology a helpful tool to be in the know and connected
- Hispanic Millennials consider the quality of the products and the trust for the products/brands as the two most important drivers of brand affinity, Brand must avoid the “marketing/corporate” talk and converse with Hispanic Millennials in their own terms. However, it must be authentic; if not it will fire backBrand must seed the conversation but it is in the Millennials’ hands if the conversation takes off among them
- Hispanic Millennials consider the quality of the products and the trust for the products/brands as the two most important drivers of brand affinity, Brand must avoid the “marketing/corporate” talk and converse with Hispanic Millennials in their own terms. However, it must be authentic; if not it will fire backBrand must seed the conversation but it is in the Millennials’ hands if the conversation takes off among them
- Lopez Negrete and Dr Pepper engaged the ubiquitous Latino Pitbull and created a huge consumer-reaching music content platform directed to extremely elusive consumer segment: bi-cultural Hispanic Millennials(18-34) The campaign extended into TV spots, website, social media, promotional tie-in and even a Premios lo Nuestro appearanceAir dates for the 2011 campaign were March–December 2011, and March–December 2012. While the overall CSD category and other trademarks were in decline, Dr Pepper was the only one with a positive Hispanic volume change.Case study URL: http://bit.ly/drpeppercasestudy