Page 3 - HISPANIC MARKET OVERVIEW - 2018-complete

2018 HISPANIC MARKET OVERVIEW, presented by López Negrete Communications
GOODBYE YELLOW BRICK ROAD?
By Adam R Jacobson
A decade ago, there was an attempt by an editor at a now-defunct trade publication focused on Hispanic marketing and advertising to start a tough conversation about the industry’s next 10-20 years.
Always the futurist, trends and observations were gathered. Pen was put to paper, and then fingers to keyboard. From 2010 through today, nine Hispanic Market Overview reports have been produced – each with a unique and informative encapsulation of where the U.S. Hispanic market is heading. At the same time, the Hispanic Market Overview reports have served as a “primer” for what was once termed the “Hispanic Chief Marketing Officer.”
Yet, no one wanted to address the changes we long saw
coming. In 2010, there was concern that the U.S. Hispanic marketing and advertising universe was ripe for contraction. We even suggested that, come
2030, the U.S. Hispanic market would be very similar to the African American marketplace of 2010 — fully integrated and “total market” in scope, with a handful of media brands specifically targeting this consumer group.
We were assailed for such a suggestion. Hispanics are different, we were told again and again. They continue to embrace their culture.
BINGO. That statement, more than any other statement we’ve heard from Hispanic marketing pioneers to today’s most active agency leaders, speaks volumes of the rapid change taking place in Hispanic marketing and advertising.
Of course, there are major changes taking place for all advertising shops – not just those that have identified themselves as “Hispanic agencies” or specialists until now. Programmatic is, for better or for worse, a reality brand managers and Hispanic shops must work with, not against. Data-driven analytics are driving more campaigns than ever before. Efficiencies are a budget must, but as demonstrated by Wells Fargo Bank in a newly launched campaign we discuss in this year’s edition, don’t have to be simple transcreations.
Why? Because, it is all about cultural relevancy.
But ... to what extent? The release of the 2018 Hispanic Market Overview comes concurrent to the first-ever Culture Marketing Council annual conference, taking place June 4-6 in Los Angeles.