How to Leverage the Hispanic Market for Growth

September 10, 2024

As an industry veteran in the multicultural marketing space with 18 years of experience, Jessica has a unique mix of business and product development expertise, creative and storytelling skills, and is hyper-focused on the multigenerational Hispanic and Latin market.

Here's an excerpt from our longer conversation:

Sheryl: Jessica, we're approaching 56 years since Lyndon Johnson first declared Hispanic Heritage week in 1968. What are your thoughts looking back and forward on the effectiveness of the designation?

Jessica: Historically, Hispanic Heritage Month (HHM) has given me pause. In many ways, HHM has contributed to significant societal changes that have led to some valuable developments in multicultural marketing. But failures outweigh successes. There's certainly more recognition of the impact the Hispanic and Latin community have on our culture and economy. But this hasn't led to widespread systemic change. Year-round multicultural marketing campaign strategies are still rare. Added to this, some of the campaigns launched in previous HHMs have really missed the mark.

On the positive side, there's growing recognition of the economic power of our community. Recent research by our academic partners, led by Dr. Omar Rodríguez-Vilá and BRIDGE provides immutable data driven proof that inclusion is good for business.

Sheryl: Our industry's goal is to help brands turn inclusion into practice. convince and convert brands to include thoughtful business and marketing strategies. I know you agree that brand strategies Brands need to that recognize the growth opportunities that intentional, authentic, marketing to the Hispanic community can provide. What advice do you have for them to accomplish this?

Jessica: More brands are leaning in and having conversations about best practices around authenticity and targeting. There is a growing drive for inclusion, and seasoned executives understand that inclusion needs to be operationalized as a business practice, which is of courseryour mission at BRIDGE. We are here to help brands move from conversations to activation. I strongly encourage brands to be part of the Hispanic Heritage conversation, but only if they are committed to being inclusive year round. They should use this time to listen and learn, to be a champion for their employees who represent the Hispanic culture and to create spaces that allow for inclusive innovation With greater appreciation and fluency, brands can achieve an authentic multicultural strategy that delivers significant business impact.

Sheryl: From our research, we know that businesses that don't adopt inclusion as a year-long systemic strategy will suffer as the Hispanic and Latin latino population grows. What's your thinking about how to respond? How can we help businesses understand the criticality of inclusion toward their bottom line?

Jessica: Well, as we both know, the numbers are there. The Hispanic population continues to grow. In fact, it will triple in size and will account for most of the nation's population growth from 2005 through 2050. Hispanics will make up 30% of the U.S. population in 2050, compared with 15% in 2005 (Pew Research Center). Data gets C-suite attention. Hispanic and Latino influence in shaping cultural trends and consumer preferences will only strengthen. Brands that fail to engage now will lose competitive edge, and struggle to catch up in the future. That's where we come in. I'm profoundly optimistic.

Sheryl: Thanks for sharing your experience and insights with us Jessica.