Consider Different Marketing Strategies For Hispanic Subgroups
When marketing to the U.S. Hispanic population, it is important for insurance companies to use a strategy that takes into account the social and cultural characteristics of the targeted Hispanic subgroup.
The marketing strategist should recognize that since Hispanic sub-markets differ, they should be analyzed, just as the sub-markets of any other social groups are analyzed, in terms of socioeconomic, psychosocial and sociopolitical background and experiences.
For instance, releases with a distinctive ethnic slang should be avoided. To cite an example, a release with graphics that homogeneously depicted one ethnic group proved offensive to a Hispanic audience that identified with the mestizo (a person of mixed blood). Likewise, a brochure that exemplified the Hispanic consumer with a flag from Spain was not received well in Los Angeles, where the majority of the Hispanic market is of Mexican origin.
The marketing strategist should also be aware of the size, multigenerational structure and significance of the Hispanic family. According to data from the Census Bureau for the year 2000, 30.6% of Hispanic households consist of five or more people, compared with 11.8% for non-Hispanic white households.
Because of this, insurance companies that do not already do so should consider designing and promoting life insurance products that cover the entire family, including the primary insured, spouse, children, grandchildren, and even the grandparents.
