What return can we expect on our Hispanic market investment? It’s a question being asked by the savviest CMO and the most junior brand manager, a question with millions of marketing investment dollars in the balance. While the desire to invest in Hispanic marketing efforts may be there, the need for quantifiable data and analytics that measure performance is stronger than ever. We need to demonstrate how a dollar invested to reach the Hispanic consumer is a better return on investment than an equal investment in the general market.
The answer to this question is performance monitoring of advertising activities through an apples-to-apples system that uses the exact same metrics whether efforts are implemented in English- or Spanish-language media.
Here are four steps to quantify your Hispanic marketing ROI.
1. Track media investment on a daily basis.
Examine Hispanic and general market efforts—whether by creative execution or by media vehicles. The performance score should be tracked over time and compared on a weekly basis between languages.
2. Account for differences in consumer behavior and quantify the value of the Hispanic consumer.
Many marketers have seen that Hispanic customers are loyal and continue purchasing products over longer periods of time than non-Hispanic shoppers. In many categories, Hispanic shoppers have a higher value than non-Hispanic shoppers, and represent a more attractive proposition due to growing credit card usage, higher brand loyalty, and a higher AOV (average order value). This data point alone can turn the most skeptical of clients into converts.
3. Determine the elements that can make or break the success of a Hispanic campaign.
The more Hispanic campaigns that you develop across multiple categories, the more you’ll be able to fine-tune the recipe for success through consumer insights combined with your analysis of purchase patterns in different categories.
4. Leverage strategic insights and deep consumer knowledge to craft messages that resonate culturally, while staying focused on product benefits.
Your goal should be to create clear and on-target communications that lead to action and generate results.
Photo by David Castillo Dominici/FreeDigitalPhotos.net
Carlos Cordoba is vice president, Hispanic, at Mercury Media. He is also a member of ERA’s U.S. Hispanic Council.