How Latino Brand Loyalty Can Help Your Bottom Line
If you're a CEO or CMO, here's one thing you should know: Latinos are incredibly loyal to their favorite brands. That loyalty has been proven time and time again. So why should you care? Well, that brand loyalty can help your bottom line – if you play your cards right. Read on to find out how!
The Power of the Latino Consumer
It is no secret that the buying power of Latino consumers continues to grow at an incredible rate. Statistics show that the buying power of Latinos in the United States is at about $1.9 trillion dollars! And what's even more impressive is that this growth has been consistent for years now—between 2010 and 2018 alone, Hispanic buying power grew by 75%.
So why are Latino consumers so powerful? Well, first and foremost, it comes down to loyalty—Latino consumers are incredibly loyal to the brands they love! According to research from Mintel, 84% of Latino respondents said they try to buy products from brands they know and trust. That same study also found that 66% of Hispanic respondents said they would be more likely to purchase a product if it was recommended by someone they trust—whether it's a friend or family member, or even an influencer.
What Does This Mean For Your Business?
It means that if you can get those coveted "first adopters"—people who have already tried and trusted your product—you can create a ripple effect amongst the larger Latino community. Word-of-mouth marketing is an incredibly powerful tool when it comes to reaching out to new customers and building brand loyalty amongst existing customers—and it's something that should definitely be taken advantage of by any savvy business owner who wants to maximize their profits.
At the end of the day, there is no denying that Latinos are some of the most loyal customers around—which makes them ideal customer targets for businesses looking to increase their profits. With word-of-mouth marketing being such an important factor in influencing purchasing decisions among Latino consumers, businesses need to focus on getting those “first adopters” onboard so they can start building up their brand loyalty among an ever-growing market segment. Investing in outreach programs targeting these demographics could prove highly lucrative for any business looking for long-term success.