America’s melting pot is becoming more diverse. Every time a Census is conducted, it reveals significant shifts in population and ethnicities. On June 12, 2014, Raul Lopez and his team from Geoscape provided insight into their particular corner of the market – the intersection where Hispanic culture meets geography.
Many years ago I learned the benefit of incorporating economic geography into the market mix. This has been made significantly easier with the development of cloud-based applications tied to robust data sets. Geoscape has developed a product offering that combines primary research with geo-demographics and online analytics to provide access to Hispanic insight at the market-level.
One of the key aspects to understanding the Hispanic market is the concept of acculturation. Essentially, the Hispanic market can be segmented according to their ties to the Spanish language, the degree to which they embrace their cultural heritage, and to their tenure in the United States. According to Geoscape, there are five Hispanic market segments:
The Americanizado (17%) and Nueva Latina (28%) segments are the most acculturated and combined account for 45% of the US Hispanic market. On the other end of the spectrum are the Hispano (16%) and Latinoamericana (13%) segments which combined account for 29% of the market: these segments maintain strong ties to their cultural heritage and prefer Spanish to English. In the middle is the Bi-Cultural segment, which maintains a connection to both their Hispanic heritage and the new opportunities in an English-speaking country.
Combining this segmentation with geo-demographics affords marketers the ability to reach Hispanic segments where they live, work, and shop. Insight gained from survey research and analysis of transactional data can be tied to the ground via tools such as what Geoscape or its competitors (primarily ESRI and MapInfo) offer. This strategy is particularly effective in development of trade areas, retail site selection and media buying. Robust consumer target profiles can be developed using these multiple streams of data.
Shouting out the voice of the customer through market research, analytics, and strategy with a bit of distinctive flair, Greg Timpany directs the research efforts for Global Knowledge in Cary, North Carolina, and runs Anova Market Research.