MERCADEO Versión en español
Paco Olavarrieta of d exposito & Partners: Failure to assign adequate budgets or hire experts can cost brands big money
Liz Unamo| 15 de septiembre de 2021
Paco Olavarrieta
Results of the 2020 Census show that “the Hispanic consumer should be brought to the forefront” as a target for big-brand advertising, according to d exposito & Partners CCO Paco Olavarrieta. And that’s because diversity, urban areas and economic prosperity have been revealed by the 2020 U.S. Census to be growing faster than the general population. “The results confirm that the trends that led clients to invest in the Hispanic market at the end of the 1990s and the start of the 2000s have only increased their momentum since then,” Olavarrieta said. “We continue growing at a pace five times faster than non-Hispanics. Today Hispanics represent almost one of every five adult Americans, and one out of every four Americans under the age of 18. We’re also seeing growth of the population over the age of 50, which means brands must now prioritize their marketing efforts toward the nation’s largest ethnic community in all its age levels.” Since Hispanics represented approximately half the U.S. population growth, Olavarrieta gave brands this word of advice: In order to reach the country’s fastest growing segment they must continue to use content relevant to Hispanics. “We must continue to create advertising and content that really connects with Latinos because it’s based on insights into our culture and our daily life in this country. I say that because we Hispanics have come to represent at least 50 percent of population growth in the USA since the year 2000,” he said. He warned that shortcuts are to be avoided, like the fashion for putting a Latino in the cast of a production aimed at the general market in the belief that nothing more is needed. “It makes me want to ask an annoying question like ‘What’s Hispanic about this?’ I mean, I like seeing Latinos in creative works for the general market since it recognizes that we have a role in this society and it’s correct to show diversity and inclusion, but it certainly doesn’t work as a strategy for connecting with us as a target.” Much of the discussion about marketing is about being authentic, genuine, transparent and inclusive, so that brands must not only reflect that in their communications, but must develop a more direct relationship with the 18.7 percent of the population that is creating brand growth in many categories, he argued. The current reality challenges brands to invest in segments that will do them the most good. “My hope is that more clients come up with bigger budgets for the Hispanic market and that they seek the support of agencies and experts specializing in insights about the Latino consumer,” Olavarrieta said. “Not assigning adequate budgets or contracting the right experts can cost brands big money. As the saying goes, ‘What’s cheap can cost more.’ “
