July 28, 2016
by Jose Villa
You know Hispanic Millennials — Hispanics aged approximately 21 - 37 — are a critical, coveted segment of the U.S. Hispanic market. They are comprised of the two most historically attractive consumer segments of 18-24 and 25-34 year olds. They represent more than 27% of the entire Hispanic population and are growing, mainly due to immigration. Compare that to Gen X and Baby Boomer Hispanics, who represent a combined 33% of the U.S. Hispanic population but are shrinking as they age. If you’re focused on the Hispanic market in 2016, you are essentially focused on Hispanic Millennials.
However, most marketing to Hispanic Millennials fails because it is focused on what I call the three pillars of irrelevance:
Traditional, in-language advertising — mostly on Spanish-language media
Paid, interruptive advertising
Episodic campaigns usually around major “seasons” or events (e.g., the World Cup)
This conventional approach to Hispanic Millennial marketing often focuses on in-language creative running on in-language media (think 30-second radio spots running on Spanish radio).
This approach is irrelevant to Hispanic Millennials because of their unique behavior. According to the latest wave of research from the Hispanic Millennial Project, Hispanic Millennials are consuming content on ad-free platforms like Netflix as much or more than they are via broadcast/cable TV. They are increasingly time-shifting their content consumption, via DVRs and on-demand platforms, skipping unwanted ads. A recent eMarketer report showed that nearly two in three Millennials block ads and a solid majority of Internet users age 18-34 block ads when viewing digital content. Language is also playing less of a role in the media Hispanic Millennials consume. According to the Hispanic Millennial Project, only 46% of Hispanic Millennials indicated any Spanish language streaming activity. Furthermore, the social media behavior of Hispanic Millennials shows us they are “always on.”
Hispanic Millennial marketers should take a page from the B2B marketing playbook. Much like Hispanic Millennials, B2B decision-makers are elusive targets that can’t be cost-effectively reached with broadcast media, and they don’t respond well to intermittent interruptive advertising. B2B marketing has become a highly specialized and effective field of advertising focused on targeted content marketing.
The best definition of content marketing is:
The creation and distribution of useful and valuable content that consumers choose that leads to demand for a product or service
This content must be so useful and/or valuable that consumers seek it out. They are not forced or deceived into consuming it. They genuinely want to consume the content – whether it’s listening to an audio clip, watching a video, answering a poll, taking a quiz or reading the latest list of the “Top (pick a number or topic).” The content must also directly and measurably lead consumers to consider purchasing a product or service. It must positively impact demand.
Effective Hispanic Millennial content marketing requires a shift in mindset from advertising to publishing. Brands and their agency partners need to embrace a digital studio model of creating high-volume, cost-efficient, digital multicultural content. This means establishing the capability to create content in more compressed cycles (think days versus months) at a fraction of the cost of broadcast quality video content (e.g., 30-second TV spots). In the past, creating and distributing your own Hispanic-focused content was cost prohibitive and risky. Digital technology and tools like HD video and content distribution services have changed the game. Additionally, there is now a digital ecosystem in place to support Hispanic millennial content marketing.
In addition to embracing a digital content studio model, consider these key principles to an effective Hispanic Millennial content marketing program:
Multi-platform approach – Moving beyond a website or Facebook page
Organic drives paid – the most effective ads bubble up from the best performing digital content
Foster co-creation – Focus on content co-creation vs. ownership
Source: Media Post