To celebrate its ten-year anniversary, the Association of Hispanic Advertising Agencies (AHAA) launched a survey to assess the trends and influential factors in US Hispanic advertising over the past decade. The AHAA questioned member agency principals about events affecting their businesses and their projections of future investments to reach US Latinos, the fastest-growing segment of the population.
The results of that survey have revealed that more than ninety percent of the respondents anticipate corporate ad spending targeting Latinos to increase in 2007, while more than thirty percent are predicting budget growth of more than ten percent.
An overwhelming majority consider data from the 2000 Census to be the most significant milestone in contributing to the growth of the more than $5 billion US Hispanic advertising industry. However, more than eighty percent of respondents agree that persuading clients to invest more of their ad dollars in this market is the greatest challenge facing US Hispanic advertising agencies.
“It is an ongoing process to educate corporate marketers about the value of marketing to Latinos as more than just a project but an integral part of every marketing plan,” said Carl Kravetz, Chairman of AHAA and Chairman/Chief Strategic Officer of cruz/kravetz:IDEAS. “We need to move beyond the ‘why,’ however, and begin to discuss the ‘how’ — partnering with clients to engage this brand-loyal audience and connect emotionally with them using the language of cultural identity rather than getting bogged down in a debate over whether to use Spanish or English. It requires a deep understanding of the true Latino identity that Hispanic agencies are uniquely prepared to define for marketers.”
Segmentation of the Hispanic market is considered the leading influencer of agency business over the next five years. Kravetz attributes the evolution in US Hispanic marketing to early visionaries, as well as the founders of AHAA. Currently, the nearly one hundred AHAA member agencies serve companies like McDonalds, Toyota, Coca-Cola, Bank of America, and Verizon.