By Craig Handley and Tony Ricciardi, Founders of Listen Up Español
The potential buying power of the rapidly growing Hispanic marketplace is well known. There are 50 million Hispanic co
nsumers in the U.S. today, which will grow to a projected 133 million by 2050.
Despite the remarkable buzz, marketers are failing to understand that the $1.2 trillion purchasing power of the U.S. Hispanic market spills over into charitable giving. Their unrivaled loyalty and growth—according to the U.S. Census Bureau, there are now eight states with more than 1 million Hispanics living within them—is equivocal to their generous nature. Hispanic-focused organizations are not the only ones helping—Hispanics themselves are giving back to the community.
Tapping into U.S. Hispanic Giving Power
How can an individual or an organization reach out to the Hispanic community, tap into their passion points, and build a relationship through nonprofits and charitable opportunities? Simply put, it is a matter of reaching out to the desired population and having someone available to interact with them. In a 2008 report Hispanic charitable giving: An opportunity for nonprofit development, J.D. Marx and VB Carter studied variables that may influence Hispanic charitable giving in the United States to private nonprofit organizations. “Logistic regression analyses indicated…Hispanics who were solicited for a donation by telephone were twice as likely to make a donation to educational organizations as Hispanic donors not solicited by phone.” This fact in itself shows the power that call centers have in helping organizations and marketers looking to expand their target market.
Importance of Understanding Culture
If companies, organizations, and marketers do not have a deep understanding of the Hispanic culture, it will be extremely difficult to engage Hispanics in philanthropy. It is fundamental to understand the way the Hispanic community views history, education, art, and culture as juxtaposed against the mainstream view of American culture and societal norms. Only after understanding their heritage and what is important to them will foundations be able to build trusting relationships.
When starting to work with the Hispanic community, focus beginning efforts on educating the target community about philanthropy, what it means, and how it can benefit their culture.
Listen Up Español Builds and Delivers
As a company, understanding the importance of growing with the community for professional and personal development allows us to connect on levels beyond salesman-consumer. How? Taking the time to know what’s important to your consumers and connecting with prospective donors on multiple levels helps attain positive results for a variety of causes.
This Hispanic population can make a powerful impact on nonprofit campaigns. Understand culture and start building relationships for charitable worth.
great message guys…