Marketing Tips For Banks And Credit Unions Targeting Hispanics

Happy-Latino-Family forcivilminds.org

An expert in helping financial financial institutions build relationships with Hispanic consumers, Fabian Yepez , a partner at Rumbo Cultural Marketing, provides tips in this Q&A interview. He  discusses and stresses the importance of reaching out to this diverse segment, and the unique challenges facing financial marketers in the U.S.
What is the business case for marketing banking services to Hispanic consumers?
Financial institutions cannot afford to ignore the growing Hispanic market. By 2020, 1 in 5 Americans are expected to be of Hispanic origin, and by 2050 that number will be approximately 1 out of 3. Bank and credit union marketers need to understand that this is not a passing fad, and that a long-term investment will ultimately pay off. The current U.S. landscape has evolved and will continue to do so in the next few years. Especially when financial institutions focus on younger audiences, it’s necessary to pay attention to this vital ethnic segment.
What’s the biggest mistake you see financial marketers make when targeting a Hispanics?
The most common mistake is assuming all Hispanics are the same, and that they can be addressed as one big homogenous group. I can’t tell you how many times we hear someone say, “We tried reaching out to the Hispanic market. We translated all our materials and it just didn’t work.” Or another example, “We were thinking of hiring a mariachi band because Latinos like mariachi bands.” The Hispanic market is complex, and there are numerous variables that need to be considered, as there will often be with any niche market.
Additional mistakes I have seen? Some financial institutions think they only need to address the language barrier. Others believe that because something worked in one market it will work in another. Many are just simply unprepared internally to deal with a Hispanic market, even if they have the language component covered.
We have been hearing these kinds of examples for years, and unfortunately they are still happening.
What’s the biggest mistake you see financial marketers  make  when targeting Hispanics?
The most common mistake is assuming all Hispanics are the same, and that they can be addressed as one big homogenous group. I can’t tell you how many times we hear someone say, “We tried reaching out to the Hispanic market. We translated all our materials and it just didn’t work.” Or another example, “We were thinking of hiring a mariachi band because Latinos like mariachi bands.” The Hispanic market is complex, and there are numerous variables that need to be considered, as there will often be with any niche market.
Additional mistakes I have seen? Some financial institutions think they only need to address the language barrier. Others believe that because something worked in one market it will work in another. Many are just simply unprepared internally to deal with a Hispanic market, even if they have the language component covered.
We have been hearing these kinds of examples for years, and unfortunately they are still happening.
Why is marketing financial services to Hispanics so tricky?
While conducting research a few years ago, I spoke with some tellers who mentioned …..
To read full story: http://thefinancialbrand.com/25261/hispanic-financial-bank-marketing/
Photo: civilminds.org

Related

Leave a Reply

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