Page 27 - HISPANIC MARKET OVERVIEW - 2018-complete

2018 HISPANIC MARKET OVERVIEW, presented by López Negrete Communications
general - regardless of any segments - as in order to truly create relevant messaging it is imperative to first understand the human insights.
“In our minds, the question is: What is the most effective way to engage and connect a message with the Hispanic audience? For this, language plays a key role in communication approaches depending on the individual’s language dominancy. Culture and language comprehension go hand-in-hand; you cannot have one without the other. If you have a culturally relevant message but the individual does not comprehend the communication due to language barriers, the opportunity to connect is wasted. Similarly, if the message is in Spanish but misses cultural cues, it also fails.”
As an example of the importance of both culture and language, Fernández points to a U.S. Department of Defense study which acknowledged that language and culture are equally important to 21st Century globalism. The report acknowledged the role of culture and
language in securing opportunities.
“It noted that it was insufficient for a potential employee to be just immersed in Spanish-language use, but rather, had to know other critical variables such as a person’s culture, cultural nuances, cultural contexts and symbols,” he says. “Thus, the business challenge is to know more than just the language, and this was just as true for executives who wished to close the deal with their counterparts. In this sense, being familiar with both the language and culture would be critical elements that could lead to business success.”
As it pertains specifically to the use of Spanish-language, just like the internet, it is here to stay. According to Census data, Spanish- language speakers will grow to nearly 42 million nationwide in 2020. Other projections indicate that by 2029 this number will grow approximately to 51 million people in the U.S.
FUTURE THOUGHTS
With the U.S. Hispanic market changing so fast that some may no longer wish to call it a “Hispanic market” but a “cultural marketplace,” where will the industry be in a decade?
“Predicting where the Hispanic market as an industry will stand 10 years from now is a very challenging task in today’s daily changing advertising ecosystem,” Fernández admits. “However, based on the pure numbers the Hispanic audience represents and the lifetime value they offer advertisers — now and in the future — we are certain that the Hispanic advertising industry will continue to strive and will be just as strong as the overall industry.”
HMO