Most of us know, US Hispanics are one of the fastest-growing US populations, and they will contribute an even greater share (60% +) of all population growth over the next five years (U.S. Census and Geoscape AMDS Report, 2013).
More Hispanics live in the US than Canadians live in Canada – avoiding that reality it is not even an option anymore if you want to maximize the growth of your business. As this market continues to grow, Hispanics purchasing power will continue to influence and impact the economy – their purchasing power growing by 50% from $1 trillion in 2010 to $1.5 trillion by 2015 (Nielsen, State of the Hispanic Report, 2012).
Major brands and agencies are realizing that US Hispanics are where their future is. Don’t find yourself caught on the sidelines.
With one medium in particular, digital video, marketers are already seeing the benefits of targeting general audiences. However, with the current growth of Hispanic consumer’s digital video consumption and purchasing power, it is even more vital to engage with this channel.
As we move into 2014, let me offer four recommendations around Hispanic media buys and online video.
Keys to Successful Online Video Hispanic Media Buying in 2014:
1. Hispanics are rapidly consuming content on mobile; plan for all screens
US Hispanics are leading the market as early adopters of emerging technologies. 60% of Latino households own at least one Internet-enabled cell phone and spend 68% more time watching digital videos than non-Hispanic Whites. Be sure to take advantage of this opportunity to capture Hispanic’s attention on mobile devices in addition to your traditional online buys. (Nielsen, State of the Hispanic Report, 2012).
2. Hispanic content is rare, so make the most of it
As marketers, we face a dilemma – online video for the Hispanic consumer is premium and often scarce. In order to capitalize on this medium, we suggest custom ad units with more interactivity and engagement.
3. Think outside of pre-roll video
There is much more to experience than just pre-roll video, and many consumers are taking notice. Consumers are actively engaging with custom ads via social elements or ‘learn more’ functions, like never before. Why not capitalize on the opportunity to grab a consumer in an interactive and compelling way?
4. Broaden your sights and your network
In the past, ad networks have often gotten a bad rap. That is rapidly changing, especially in the Hispanic space where publishers struggle with unique user numbers that don’t provide the reach and frequency that advertisers desire. Ad networks solve this dilemma with unparalleled reach and the added bonus of allowing interaction with the user vs. exposure only.
I’ll leave you with this:
If you choose to forgot any or all of these 4 points, keep in mind, you may be missing out on a huge opportunity: There are currently 55.5 million (plus 9 million undocumented) Hispanics in the US, 17.4% of the total US population . . . up from 50 million in 2010.(U.S. Census and Geoscape AMDS report 2013). At the same time, online video spend is growing aggressively, outpacing the rest of the market (more than doubling since 2012). (AccuStream Research)
These numbers can no longer be ignored, especially for those looking to win in an increasingly competitive marketplace.
Jorg Nowak is Head of Latin America and US Hispanics at YuMe, Inc, a provider of digital video brand advertising solutions. Nowak was previously Senior Vice President & General Manager at Univision Interactive Media.