Thursday, September 29, 2022

Unleashing the Financial Purchasing Power of the Growing U.S. Hispanic Population Part Two

Posted by Elena del Valle on June 2, 2010

Opening the Door with Relevant Products and Services Part Two (click here to read Part One)

By Ricardo Quayat
Executive Creative Director, Rauxa Roja

Ricardo Quayat, executive creative director, Rauxa Roja

Photo: Rauxa Roja

In Part One of Unleashing the Financial Purchasing Power of the Growing U.S. Hispanic Population (click here to read Part One), Ricardo Quayat discussed recognizing the huge potential of the vast Hispanic market and how to use data, creative and brand strategies to market to this promising audience in a meaningful and actionable way. Part Two explores cultural differences that affect the Hispanic consumer and how banks and financial institutions can effectively tap into this rapidly growing and financially sound market with relevant messages, products and services.

Culture-Based Banking

In Mexico, and South and Central America, banks employ practices that are unique to their specific regions, capitalizing on how locals save money, buy products and pay bills. Evaluated against standard banking models in the U.S. however, Latinos are turned away in many instances because conventional credit platforms may not reflect the credit worthiness the bank requires, creating a missed opportunity.

For example, payment plans with routine installments are a common purchasing method in Latin American countries, where it is preferred to have a predictable monthly responsibility. These may be personal agreements and traditional credit programs – commonplace in Latin America, but ineffectual in establishing the stability and sound payment records typically verified using traditional credit scoring methods.

Click here to read the complete article

Reshaping Hispanic Marketing through Social Media

Posted by Elena del Valle on March 31, 2010

Marketing Doesn’t Get More Direct than This

By Ricardo Quayat
Executive Creative Director, Rauxa Roja

Ricardo Quayat, executive creative director, Rauxa Roja

Photos: Rauxa Roja

Hispanic culture has always centered on “conversation and community” – that sense of belonging to something bigger than oneself. Combine this with the fact that more than 23 million Hispanics are online (more than half the Hispanic population)1, and it’s easy to see why social networking, as an extension of this community-centric way of thinking, is experiencing its largest audience boon within this segment. Ethnic minorities in fact visit social networking sites more frequently than non-Hispanic Whites 2, with Hispanics leading the way. Younger than the general population, and on the move in socioeconomic terms, this emerging market has the potential to redefine mainstream products and services through a viable and rapidly growing connection to social media.

Click here to read the complete article Reshaping Hispanic Marketing through Social Media