IRI publishes guide to help CPG marketers win with Hispanic consumers
By 2015, the U.S. Hispanic market’s purchasing power will total $1.3 trillion. To help CPG marketers connect with this diverse, rapidly expanding customer group, IRI has released a new publication, “Point of View: Winning with the Hispanic Consumer Today.”Leveraging IRI’s deep insights and data, the Point of View will deepen marketers’ understanding of the key disciplines required to succeed with Hispanic consumers, including creating a cultural connection, effectively engaging and activating shoppers throughout the path to purchase and gauging success through accurate metrics.
Today, Hispanics account for one in six Americans, or 53 million people. Hispanic families consume more media and are more responsive to media than the general population. Additionally, 70 percent of Hispanics are under age 40, making investment in this group a wise long-term proposition. Marketers have historically underserved Hispanic shoppers, but continuing to do so would be a mistake: IRI analysis shows that a $1 billion CPG company can earn an extra $71 million in revenue annually by investing more effectively in the Hispanic consumer.
“Hispanics are a powerful, growing group, and marketers who make special efforts to satisfy these consumers will certainly reap many rewards,” says Joy Joseph, principal and practice leader, Global Analytics and Consulting, IRI. “Highly targeted, well-executed Hispanic campaigns grounded in a thorough understanding of the Hispanic shopper can directly stimulate revenue increases and market share growth. In fact, our analysis of 10 CPG product portfolios shows that more aggressive spending on Hispanic campaigns can yield outsized results.”
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