The objective of The Hispanic Magazine Summit, which will take place in Puerto Rico October 14-15, is to develop strategies to increase ad spend, currently at 3%, in the sector.
The University of Georgia Selig Center recently reported that the “immense buying power of the nation's Hispanic consumers is reshaping the retail and commercial landscape of the United States.” And we know from the last census that one person in eight who live in the US is of Hispanic origin (this number will be one in six by 2009).
As Yankelovich and other research organizations have suggested, the demographic data is very clear, and it is time to provide a more sophisticated view of the variety of consumers in this marketplace. As Chiqui Cartegena notes in her Latino Boom it is important to consider the full complexity, richness, and diversity of the Hispanic market. Much work needs to be done. On a practical level there is simply not enough research—including syndicated research, describing the Hispanic magazine market.
The Hispanic Summit begins “in the middle of things.” “That is, we fully accept and embrace the tremendous gains made by Hispanic marketers. Our aim is to translate these market gains into magazine advertising dollars.”, says Charles McCullagh Vice President/International of Magazine Publishers of America (MPA).
The Summit will have a research bias. Gary Bonila, Vice President and Director of Strategic Services at Winglatino will offer new audience research. Laurel Wentz, International and Multicultural editor, Advertising Age, will present new Internet research directed at agencies and client. Wayne Eadie, Senior Vice President, Research, MPA, will provide an update on MPA's Hispanic advertising accountability study.
Additionally, the Summit will devote considerable time to the opinions of advertisers and media buyers. The Media Buyer panel, moderated by Chiqui Cartagena, Managing Director of Multicultural Communications at Meredith, will explore how Hispanic magazines can become more attractive targets for media buyers.
Manny Gonzalez, Brand Director, Scotch, Diageo and Fina Disalvo, Procter & Gamble, will discuss their experiences with Hispanic magazines. Sonia Green, Regional Diversity Director, South Florida, General Motors, will talk about GM's major Hispanic initiative. Bob Corscadden, Chief Marketing Officer of Tyson Food and Alex Lopez Negrete, CEO of Lopez Negrete communications, will share their considerable experiences in the sector.
The Hispanic Magazine Summit is squarely focused on improving ad spend for Hispanic magazines. The program will conclude with a presentation by Jack Kliger, president and CEO of Hachette Filipacchi Media U.S., Inc. about the Magazine Marketing Coalition and how Hispanic magazines might adopt some of the Coalitions initiatives to improve their ad posture.
The Summit is intended to be an annual event. MPA is committed to the Hispanic market and, as appropriate and dictated by the Summit, to ongoing research, especially accountability research. We stand with Hispanic magazines publishers in the belief that advertising share in the sector can be increased from 3% to 6-8% of total by 2010.