How To: Capture the U.S. Hispanic Market

"The concept of an 'average American' is gone, probably forever."

- Peter Franchese, founder of American Demographics magazine

The 2010 census was the first time that the U.S. government made a concerted effort to include all multilingual immigrant groups, and as a result it will likely show the U.S. as it is: a truly multicultural nation, a multigenerational society and a multi-segmented household economy.

Specifically, the new census will show numbers reflecting a large and fast-growing Hispanic population that for years many people were aware of, but never fully grasped the impact this group can have in the future. The Hispanic segement will represent over 50 million consumers with over a trillion dollars in buying power, writes Terry Soto in The Transformation of the U.S. Consumer Market (pdf).

But how do you capture and retain the Hispanic consumer? First and foremost, you need to gather market insights. Because the U.S. Hispanic is so incredibly diverse, you have to identify and understand the micro-segments within it that will be the most productive for your brand.