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Marketing to Affluent Latinos

There are over 4 million Latinos in the United States who make over $75,000 annually. In Latin America, there are millions more. Yes, there is a classist divide in Latin America and most Americans think "laborers" when they think "Latinos" but let's not forget that there are millions of wealthy Latinos.

The other day I was speaking with the owner of a construction related company in California and he mentioned to me that he did not do any marketing to Latinos in Southern California because "that group of people wasn't his market." The inference was that they were too poor to need his service. Be careful about making this jump. 4 million out of 44 million Latinos in the country is nearly 10 percent who make over $75,000.

Purchasing power, now estimated anywhere from $800 billion to $1 trillion annually for Hispanics in the United States, is on the rise. Obviously, there are wealthy Latinos. Just don't forget them! The greatest rise in entrepreneurship in the 2000's in the United States has been among Hispanics.

How do you reach these people? First and foremost by not treating them as if they were a typical "Latino laborer." This is the big hurdle for many Americans who think "Latino" and immediately think "laborer." Again, not the case.

Master Card recently launched a "Hispanic" campaign. Of course, they want some of this money. Makes sense. So, they use a professional wrestling figure named "Luchador" which basically means "fighter." This is a term also used for people who have to struggle to get somewhere in life, "una persona luchadora." Although I am sure they are well-intentioned, I sincerely doubt that wealthy Hispanics are much in tune with the professional wrestling figure, "Luchador." At least, I haven't been around wealthy Latinos who watch professional wrestling. They try to save it by having him get professional beauty services. I think they are the ones who will go to the mat on this one.

Here's the point. Don't forget the affluent Hispanics in your marketing. They are out there. It's your job to find them. If you want help, let me know here.
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posted by Ricardo González on July 10, 2008.

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