Bridge Marketing to Hispanic Segments in Omaha, NE | University of Sioux Falls Honors Thesis
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This study focuses on marketing to Hispanic segments in the Omaha, Nebraska region in promotion of life insurance. Easier said than done, this particular investigation takes into account that media is a vast and ever expanding landscape which demands flexibility from consumers and professionals alike. As well as, the innate desire of continual learning from those wishing to be successful in this industry. As the world of advertising strives to keep up with the ever changing technology outlook and the limitless desires of consumer markets, it’s important to remember that when in the business of advertising, one is more deeply rooted in the business of people.
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Bridge Marketing to Hispanic Segments in Omaha, NE | University of Sioux Falls Honors Thesis
- 1. Bridge Marketing to Hispanic Segments in Omaha, NE Miranda Cain Fall 2016 Honor Thesis
- 2. Project Goals ● Identify an Industry ● Identify a Target Market ● Execute an Effective Marketing Campaign ● Life Insurance ● Latino/Hispanic ● Omaha, NE
- 3. Components of an Effective Marketing Campaign
- 4. Components of an Effective Marketing Campaign ● Market Research ● Target Market ● Product/Service ● Mission/Values Statement ● Market Strategies ● Pricing/Positioning/Branding ● Budget ● Goals ● Monitor/Track Results
- 5. The Facts
- 6. The Facts
- 7. In the United States United States Hispanic Population ● 16.9% of Total Population ● 4x Growth Rate as the General Population ● 8.4% of Ad Budgets Directed to Hispanics ● 64.7% High School Diploma when 25+ years old
- 8. $1.5 trillion HISPANIC BUYING POWER IN THE UNITED STATES
- 9. ● 13% Hispanic ○ 190,000 ● 74% Mexican Hispanic ○ 141,000 Nebraska Population In Relation to Latinos
- 10. What about in Omaha?
- 11. Omaha, NE ● 13% Hispanic ○ 59,727 ● Median Age ○ 23 years ● High School Diploma ○ 25+ years - 47%
- 12. Omaha, NE ● 81% Mexican Hispanic ○ 48,000 ● 10% Central American ● 3% Caribbean ● 2% South American ● 3% Other ○ No country of origin specified
- 13. Language ● Spanish Content Areas ○ Friends ○ Family ○ Religion ○ Casual Conversation ● English Content Areas ○ Work ○ School ○ Government ○ Professional/Public Conversation ● 73% Spanish at Home ● 63% High English Proficiency ● 11% Monolinguistic Spanish ● 23% Monolinguistic English
- 15. South Omaha South, South Eastern, North Eastern ● 56% of Latino Population ● Lower Socioeconomic Class ● Gateway to Immigrant Waves ● 50% Foreign Born
- 16. Western Omaha ● Higher Socioeconomic Classes ● Higher English Proficiencies ● Higher Education ● Lower Hispanic Population
- 18. Latino General Tendencies ● Less Assimilation ● Main Engine for Population Groups ○ Appeal to Hispanics, Appeal to Others ● Emphasis on Family ● Buying Decisions ○ Careful Consideration ○ Large Influence by Women ○ Cash ○ Face-to-Face ● Invest in Children ● Mobile Internet ● Social Media
- 19. Latino Investment Tendencies ↑ Income = ↑ Likelihood of Life Insurance ↑ English = ↑ Likelihood of Life Insurance ● 50% Worried of Unexpected Death ● 43% Concerned of Finances after Unexpected Event ● 37% Inadequate Insurance ● 87% Claim Basic Awareness ● 64% Perceive Too Expensive ● 30% Distrust of Coverage
- 20. Evaluation
- 21. Not all Latinos are the Same Know Your Market Segment
- 22. ● General Spanish Associations ○ Widely Mocked Language ○ Freedom, Adventure, and Masculinity Notions Language Ads received in the language content area are more positively rated
- 23. Variations in Language [Dialects] A Few Examples ● Sentence Structure ○ Verb Tense ■ Tú como te sentiste… ■ Vos cantás ○ Pronouns ■ No sé si (los) perdí
- 24. Variations in Language [Dialects] A Few Examples ● Vocabulary ○ “Bueno” = Good ■ “Padre” - Mexico ○ “Guaga” - Chile ■ “Un Bebé” ○ “Macana” - Argentina, Paraguay, Uruguay ■ “Mentira”
- 25. Variations in Language [Dialects] A Few Examples ● Pronunciation /s/ ○ At the end of a word/syllable ■ Elimination ■ Aspiracion ■ Normal ● Hay muchas respuestas ○ Seseo ○ Ceceo ○ Distinction ■ cervezas
- 26. Recommendations
- 27. ● Omaha, NE ● Hispanics of Mexican Descent ● Minimal Life Insurance Education ● High Price Perception ● Distrust of Financial Institutions ● Women Specific Target Segment Who are they? Why are/aren’t they making the purchase? Who influences buying decisions?
- 28. ● Large Investments in Family + Children ● Distrust of Financial Institutions ● Face-to-Face ● Cost ● DEVELOP RELATIONSHIPS Empathy + Sympathy What are their attitudes about this industry? How can we use these to better serve these clients?
- 29. ● Life Insurance ○ Close ties to Family ■ Spanish ● Mexican Dialect ● NATIVE Translations LANGUAGE Identify the language used with your audience and in specific content areas.
- 30. ● Appeal of Familial Values ● No Extreme Promises ● Code Switching ○ Live Más ○ Liberty Seguros Ad Content What do you say in your ads? How do you say it?
- 31. ● Direct Marketing ● Mobile + Social Media ● Billboards ○ Additional research can influence decisions regarding usage/consumption on specific outlets of televisions, print, and radio. Media Outlets Where does your demographic spend their time?
- 32. Respect Los Latinos son gente también. Habla y trabaja con respeto con los. ● Ad Officials ○ Get Educated ○ Build Relationships ○ Earn Trust ○ Establish Strong and Positive Associations ● GOOD U.S. Relations as Bridge to International Markets
- 33. Works Cited Allaway, A., Bao, Y., Berkowitz. (2005, September 13). Hispanic Consumers, Store Loyalty and Brand Preference. Journal of Targeting, Measurement and Analysis for Marketing, 14(1), 9-24. Banning, K. (2015). How Race and Ethnicity Affect Demand for Life Insurance. The Southern Business and Economic Journal, 38(1), 75-87. Briggs, E., Torres, I. (2005). Does Hispanic-Targeted Advertising Work for Services? Journal of Services Marketing, 19(3), 150-156. Carroll, R., Luna, D. (2011). The Other Meaning of Fluency: Content Accessibility and Language in Advertising to Bilinguals. Journal of Advertising, 40(3), 73-84. http://search.proquest.com/openview/1af4028326196b4f0563841d87c3a51a/1?pq-origsite=gscholar Chávez, C. (2014). Linguistic Capital and the Currency of Spanish in Hispanic Advertising Production. Journal of Communication Inquiry, 38(1), 25-43. http://jci.sagepub.com/content/38/1/25.abstract Christian, E., Gouveia, L. Yuriko, D. (2012, April). Demographic Characteristics of the Latino Population in the Omaha-Council Bluffs Metropolitan Area. Office of Latino/Latin American Studies at the University of Nebraska at Omaha. Cogua-Lopez, J., Lissette A., Lourdes, G. (2015, December). Latinos throughout the City: A Snapshot of Sociodemographic Differences in Omaha, Nebraska. Office of Latino/Latin American Studies at the University of Nebraska at Omaha. Decker, D., Diechert, J., Gouveia, L. (2012). The Economic Impact of Latin American & other Immigrants in Iowa, Nebraska, & the Omaha-Council Bluffs Metropolitan Area. Office of Latino/Latin American Studies at the University of Nebraska at Omaha.
- 34. Works Cited Del Valle, E. (2004). What You Need to Know about Reaching Latinos. National Underwriter / Life & Health Financial Services, 108(10), 37-40. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=12621438&site=ehost-live&scope=site Dolores de Juan, M., Luna, D., Peracchio, L. (2003). The Impact of Language and Congruity on Persuasion in Multicultural E-Marketing. Journal of Consumer Psychology, 13(1-2), 41-50. http://proxy.usiouxfalls.edu:2063/pqrl/docview/619993190/62E34D8DA2E44F81PQ/51?accountid=28603 Eubanks, B. (2008). What Hispanics Want. Advisor Today, 103(3), 28-32. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=31331608&site=ehost-live&scope=site Glassman, M., Gopinath, M., Nyer, P. (2013, June). How Culture of Targeting Impacts the Evaluation of Products with Multilingual Packaging. Psychology and Marketing, 30(6), 490-500. Harmeling, J. (2013, February). The Hispanic Market: A Huge (and Growing) Opportunity. LifeHeathPro. Retrieved from http://www.lifehealthpro.com/2013/02/05/the-hispanic-market-a-huge-and-growing-opportunity?slreturn=1481175014 Limra-Windsor Marketing (2013, September). Top 10 Facts About the Hispanic Market and Life Insurance. LIMRA. Retrieved from http://www.limra.com/Posts/PR/Industry_Trends_Blog/Top_10_Facts_About_the_Hispanic_Market_and_Life_Insurance.aspx?LangType=1033 Linares, L., Cogua-Lopez, J. (2016, July). Latinos and The Economic Downturn in Nebraska: Demographic and Socioeconomic Trends. Office of Latino/Latin American Studies at the University of Nebraska at Omaha. Luna, D., Peracchio, L. (2005). Advertising to Bilingual Consumers: The Impact of Code-Switching on Persuasion. Journal of Consumer Research, 31(4), 760-765. http://proxy.usiouxfalls.edu:2083/stable/10.1086/426609
- 35. Works Cited Piller, I. (2003). Advertising as a Site of Language Contact. Annual Review of Applied Linguistics, 23, 170-183. Retrieved from http://search.proquest.com/openview/6a8043fb38577c649df2b74c7d2e6863/1?pq-origsite=gscholar Plath, D., Stevenson, T. (2006). Marketing Financial Services to Hispanic American Consumers: A Portfolio-Centric Analysis. Journal of Services Marketing, 20(1), 37-50. Refining Hispanic ROI. (2015, January). Evaluating the State of Predictive Analysis and the Opportunities for Improvement. Association of Hispanic Advertising Agencies. Retrieved from http://www.ahaa.org/Portals/0/Research/Return%20on%20Investment%20(ROI)/AHAA%20ROI%20revised%20white%20paper.pdf Stevenson, T., Plath, D. (2006). Marketing Financial Services to Hispanic American Consumers: A Portfolio-Centric Analysis. Journal of Services Marketing. 20(1), 37-50. Tobias, M. (2013, August). Nebraska’s Hispanic/Latino Population Could Triple By 2050. NET News. Retrieved from http://netnebraska.org/article/news/nebraskas-hispaniclatino-population-could-triple-2050 Torres, I., Briggs, E. (2005). Does Hispanic-Targeted Advertising Work for Services? Journal of Services Marketing, 19(3), 150-156. Tuohy, D. (2014). Life Insurance Carriers Release Competing Hispanic Market Surveys. Insurance News Net. Retrieved from http://insurancenewsnet.com/innarticle/Life-Insurance-Carriers-Release-Competing-Hispanic-Market-Surveys-a-450514 US Hispanic Market. (2013). Nexos. Retrieved from http://www.nexoscapital.com/en/united-states-hispanic-market/ Pew Hispanic. (2014). Characteristics of the Population in Nebraska, by Race, Ethnicity and Nativity: 2014. [Data File] Retrieved from http://www.pewhispanic.org/files/2016/09/NE_14.pdf