First, I should tell you I don’t like putting individuals under one category like “Hispanic” because there are truly no Hispanics. There are Mexicans, Dominicans, Puerto Ricans, Columbians, Cubans, Argentineans, etc. and each one of these cultures is distinct in their country’s flavor and history. They are loosely cemented together by the common language of Spanish. Spanish is the common thread but there are differences regarding the use of words when speaking and writing. Just like someone from the United Kingdom may say they are going on “Holiday” Americans will say they are going on a “Vacation”. Sometimes the nuances can become somewhat infuriating but more about that later.
When developing the HispanicLending.com website, I visited with many Hispanics across the United States and asked them what would be the response in their local communities to a company titled “HispanicLending”. What I discovered is that the words Latino and Hispanic can be interchanged however; there are some geographical uses of the words to consider. And depending on where your business is located will be your guide to ascertain whether the word Latino or Hispanic is used more frequently.
Although marketing to first time Hispanic home buyers is easy to understand on the surface it’s the underpinnings of developing an effective marketing campaign is what will drive you to success or failure. Remember before you even begin considering marketing to Hispanics you must be committed to the idea. Secondly, patience is a virtue when developing your first Hispanic marketing campaign. Combining both commitment and patience to the Hispanic home buying market will most likely lead you to success. However, if you can only do one or the other don’t even begin the process because your success may only be minimal.
One of the biggest mistakes companies make when developing marketing strategies for the Hispanic market is thinking like a professional lender. Take all of the things you’ve learned about the mortgage business and throw them out a window. You’re going to start from scratch and with a fresh piece of paper. If you begin to allow your regular mortgage business acumen influence your Hispanic marketing techniques you are doomed for failure. My favorite idea that is often floated among individuals that are seeking Hispanic customers is just to change any current literature or advertising into Spanish. Sounds easy and it should be effective, right? Unfortunately, the former is true the latter will not be.
I’ve seen companies drop thousands of dollars into Hispanic marketing campaigns only to realize virtually nothing from the expenditures of their hard earned profits. The normal consensus after failure is that the Hispanic market is not worth the time or the effort. Nothing could be further from the truth. Many companies also think that relying on Hispanic sales professionals from different media outlets like radio, television, print, etc. is the answer to their situation. Hispanic sales professionals may help guide you through the decision making process however, remember their job is to sell advertising. The more they sell the more they make so there may be a conflict of interest between what’s best for your budget and what’s best for their bank accounts. That’s why I recommend using outside advertising agencies or consultants to help develop effective Hispanic marketing strategies. If they are good at what they do they will suggest that your marketing budget to be spent in most economical fashion as possible no matter what your budget is. Sure, we would all like to advertise during the prime time of television viewing but not every company can afford spending $4,000.00 or more on one local 30 second commercial.
Marketing consultants that understand that marketing to first time Hispanic home buyers begins at the grassroots level are more concerned about developing a long term relationship with you than lining their pockets. And grassroots advertising provides you the outlet to reach out to future customers without spending enormous amounts of money. It also provides you the opportunity of showing you the pathway to understanding the Hispanics in your community and what will be required to fulfill their home buying needs.
Almost all large cities and communities across America have events that are cost effective for marketing to large cross sections of the Hispanic community. Check out local resources on the internet such as your local Hispanic Chamber of Commerce or local swap meets or events sponsored by Hispanic organizations for the best avenues for promoting homeownership to first time Hispanic home buyers. One caution, Cinco de Mayo is probably the first holiday most people think of when they are considering marketing to Hispanics. Media outlets especially those that are from Spanish radio and television stations will inform you that it’s a great place to have a booth and distribute marketing material from your company. A common misconception is that Cinco de Mayo is the celebration of Mexico’s independence from Spain. Mexico’s true Independence Day is on September 16th (dieciséis de septiembre) and it’s very important holiday to those whose roots began in Mexico.
In my opinion, Cinco de Mayo and September 16th are great holidays to market your services if you’re not in the mortgage business. These events are attended by families, couples and individuals that are seeking ways to have a good time and enjoy the food, the music and the camaraderie of their family and friends. The last thing on many of those attendees’ minds will be spending time at your booth trying to figure out what their FICO score is and how much they can afford for down payment. If you are wanting to brand the name of your company in the Hispanic community then these two events would be a great way to do that but don’t expect more than that.
Before my next Blog installment I suggest you check out resources for grassroots Hispanic events in your community. My next Blog will be about how to convert Hispanic prospects to Hispanic customers once they have made contact with your company.