Hispanic Marketing in 2020

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Why your effort and time trying to reach the Hispanic market is not working

Hispanics account for the fastest and largest growing community in the United States according to Snapshot of the U.S. Immigration in 2019 by the National Conference of State Legislatures (NCSL). The Hispanic market has enormous untapped business potential and it represents one of the biggest opportunities for credit unions’ membership growth. Nevertheless, it has been overlooked by financial institutions as it is also one of the most underserved communities.

Companies that have strategies in place to connect and attract Hispanic consumers to utilize their products and/or services are seeing success. However, most credit unions are failing to reach this demographic due to lack of cultural knowledge, failing to build trust with members, and overlooking the need to hire bilingual staff in branches.

Many companies, including financial institutions, have seen potential in the Hispanic market and are looking for ways to serve this market while meeting their goals and grow. Companies that see this potential have made moves to translate marketing materials to increase their appeal to the Hispanic market. While this is a great start, your efforts could be for naught if you are simply translating material without a strategy to serve these new members. The resources you delegate to reach this market should meet the needs of the Hispanic community and be appropriate for their culture and diverse background. When not implemented correctly, Hispanics will drift away, and this could possibly generate a bad reputation for your credit union because you fail to understand their needs.

When interest increases from the Hispanic community for your credit union’s products and services, you have to ensure they receive the personalized service and exceptional member experience that credit unions are known for. In order to accomplish this, it’s imperative that you have staff that are fluent in Spanish and English in branches with a high Hispanic population as some members would feel more comfortable discussing their finances in Spanish. In implementing bilingual staff members, you will be able to knock down barriers to entry and will make huge strides in effectively serving the Hispanic market.

In addition to offering services in Spanish, it is equally imperative that your staff relate to and understand the unique challenges your Hispanic members face. The staff you put in place to service the Hispanic demographic should be able to relate to the many life stages and backgrounds of these members. For example, associates who migrated to the United States will understand and empathize with your first-generation Hispanic members better than someone that only speaks Spanish but does not fully understand the culture, struggles, and achievements of someone who migrated to the U.S. Your staff should be able to relate and provide excellent member service by helping them understand and navigate this new financial world. It’s important that you make them comfortable enough to share their struggles and begin to trust you as their primary financial institution.

Member service is one of the most powerful and valued aspects of any credit union, but it is not enough to ensure loyalty from your members. Any successful financial institution must be able to meet its clientele’s financial needs. Therefore, providing the right products and services is as crucial for the Hispanic market as it is for any other client sector. According to the 2016 U.S Census almost 23 percent of the Hispanic population in the U.S. are noncitizens and might not have a social security number. This prevents them from taking full advantage of all the benefits offered by financial institutions in the United States. Credit Unions need to understand the importance of providing products and services that will help and educate this community. For instance, offering memberships and loans to Hispanics with Individual Taxpayer Identification Numbers (ITIN) is imperative to help this community grow and reach financial stability.

Finally, financial education should be a top priority as many Hispanics are navigating finances in the United States for the first time and the way credit and other financial services work in the U.S. is very different from other countries. This creates frustration and stress as many of them arrive as adults and building credit will take some time and effort which will delay achieving their financial goals and fulfilling their “American dream”.

Like any other marketing efforts, reaching the Hispanic market can be frustrating if you are not prepared. However, with the right strategy and implementing the tips mentioned above, you can successfully reach this community and build strong relationships.

Ready to take the next steps? Complete the formand we'll be in touch. You’ll receive a free downloadable e-book full of valuable information about serving the Hispanic market.

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Reh Harvey

Vice President of Digital Strategy

Reh Harvey, our Vice President of Digital Strategy, leads with diligence and fervor. Having previously been a member of Team YMC, he is excited to return to such an amazing culture and even more amazing people (his words)! Through his experience in the marketing world, he’s found the key to success is to stay on the cutting edge and to always keep evolving.
 
Although originally drawn to marketing for its lack of math, Reh now finds himself doing more math than he would’ve bargained for. But his self discipline and positive attitude make it easy for him to laugh and take it in stride. Hoping to one day visit Japan and enjoy some premium Sushi, Reh lives life by his creed: Be a good human. Do good work. And above all, just keep going.

Hailey Madej

Graphic Designer

As YMC’s in-house Graphic Designer, Hailey possesses an eye for detail and a drive to innovate. It’s no surprise though since being creative runs in the family! Inspired from an early age by her mom’s work as a Graphic Designer, Hailey is a seasoned expert whose talents bring vitality and accessibility to every project. As a UX/UI designer, she expertly blends the intuitive and the creative for all to enjoy.
 
In addition to the occasional freelance project, Hailey also lends her abilities to supporting art initiatives within her community, such as the Belleville Mural Project. Her favorite aspect of joining the YMC team is the friendly, uplifting culture and breadth of design tasks. When it comes to marketing, she believes in pushing boundaries and maybe breaking some rules to capture her audience’s attention. Her advice to those just starting out? “Always seek quality over quantity.”

Dexter Ochoa

Development Assistant

When it comes to blending logical thinking and creative problem solving, Dexter’s abilities are undeniable! Beginning his career as a Web Developer, he’s no stranger to the wide world of Marketing and Advertising. Calling Biñan City in the Philippines home, Dexter has a burning desire to visit the Alpine peaks and valleys of Switzerland. While that journey may be far off, he is still no stranger to international travel. While visiting Japan, he was able to enjoy his favorite delicacy: Sushi and Sashimi. He also learned unexpected facts about Japanese Yen, specifically that it has special markings for the blind to know its value!

Living life by his motto to “Do good even if the world is unfair,” Dexter would also advise his younger self, “It’s hard, but you’re doing good!” Whether he’s enjoying a cup of coffee in the morning or the occasional Pale Pilsen in the evening, Dexter is eager to work with the talented professionals of YMC, and we’re just as eager to add his talent to the team as well! His marketing words of wisdom? “Be creative, and just do what you want!”

Andrew Wyche

Copywriter

Hailing from the NC state capital (that’s Raleigh if you didn’t know), Andrew is YMC’s Copywriter extraordinaire. That’s why he knows that “The verb form of ‘reconnaissance’ is ‘reconnoiter.’ The former is, strictly speaking, a noun.” Seriously, he knows his words and he’ll use those words to get bold and weird (in a good way) with his copy. Fuelled by a love for pasta, shellfish, a good single malt, or a meal consisting of all three, Andrew navigates life with a motto engraved in his heart: “Choose kindness. Always.” It is this guiding principle that has led him to explore the realm of marketing, driven by a desire to connect with people in meaningful ways. As he continues to chase his dreams, one bucket list item stands out above the rest – a pilgrimage to Scotland. With his heart set on adventure and his pen poised for creativity, Andrew’s journey is far from over.

Alex VanHaasteren

Senior Web Developer

Alex is YMC’s Senior Web Developer and, as the title suggests, she is an absolute pro! While she initially started in graphic design – working long and hard to expertly bring concepts to life – she also felt drawn to technology and applying her natural ability to problem solve. Web Development proved the perfect blend of her creative passion and technical savvy.

When Alex is out with friends – including her YMC colleagues – she’s up for Greek cuisine or some good pulled pork BBQ washed down with Diet Coke. Or an Old Fashioned, if the occasion demands. Someday, she hopes to go to Africa on a safari. Hopefully she’ll see a giraffe in the wild, because – as she’s pointed out – its neck is too short to reach the ground!

When she isn’t jamming out to T-Swift, she’s happy to impart some marketing words of wisdom, “Aim to create something unforgettable.” For day-to-day inspiration, she would remind you of two fundamental truths: You decide your happiness, and Ice cream is its own food group—not just a dessert.

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