Frank Diekmann’s editorial on marketing to the Hispanic market (“Are You Targeting the Hispanic Market? Here’s Why That Strategy Isn’t Working,” Credit Union Journal, April 21) was on target in raising both considerations and opportunities for credit unions targeting this influential demographic. Marketers must understand not only Hispanics’ history and lack of trust for traditional financial institutions, but their consumer habits and preferences, as well. Then, they can adjust their marketing efforts accordingly.
At DigitalMailer, one tactic we see becoming more effective for the Hispanic demographic is the use of electronic marketing. Hispanics are growing users of mobile technology, according to just-out data from the Pew Internet & American Life Project (March 2008). Nearly six in 10 Latino adults have cell phones today, with half sending and/or receiving text messages. And among English-speaking Hispanics, that number is 84%. In fact, the Pew Project states, “a majority of adults under 30 and Hispanics would find it hardest to do without their cell phones–and are much more likely to say it would be hard to be without a cell phone more than to be without the Internet or e-mail.” This creates an ideal environment to introduce mobile banking applications, particularly those that let members view account balances, receive low-balance notices or learn about opportunities targeted to them.
As more credit unions turn their focus to reaching the fast-growing Hispanic market, e-marketing–and especially services like mobile alerts– makes more sense. And with more of this market finding a comfort level with mobile technology, CUs have a unique opportunity to build and strengthen member relationships with the Hispanic community.
Ron Daly, President/CEO
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