GNYADA May 2017 Newsletter

The Hispanic Market: A Powerful Consumer Segment in Metro NY

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Hispanics represent 24% of the popu- lation in greater New York’s designat- ed market area. Since 2000, this demographic has accounted for 100% of the region’s population growth, and Hispanic household incomes of $75K or more per year have beyond doubled in that time. If your market- ing strategy does not include targeted outreach to Hispanics, you’re missing an enormous business opportunity with a rapidly growing market. Important facts about metro New York’s Hispanic auto-buyers: While nearly three-quarters of Hispanics in the downstate region are bilingual, an overwhelming majority speak Spanish in the home and consume Spanish-lan- guage media. Hispanics research autos online and comparison-shop 10% more regularly than Non-Hispanics. 12% of Hispanics in the market for a vehicle are first-time buyers. “For many dealerships, the Hispanic consumer is an untapped opportunity for sales and service growth," says Sara Hasson, Senior VP of Strategy and Insights with Univision Communications Inc. "Start with a simple Spanish-language invitation to your store on TV, radio, digitally or at n n n

When evaluating your dealership’s in- person appeal to the Hispanic car- buying market, consider the following “checklist” of questions: Does your showroom feature Spanish signage and brochures? Do you employ Spanish-speaking salespeople, service advisors, and F&I managers? If you have a children’s section, does it contain Spanish kids’ materials? The Association thanks Univision for providing the statistics cited in this article. Ms. Hasson was a guest speaker at GNYADA's spring NextGen Committee Meeting. The presentation — Building a Hispanic Strategy for Your Store — offered NextGen members stats on the grow- ing power of the local Hispanic mar- ket and shared strategies dealers can employ to improve their outreach. At no cost, GNYADA members can reach out to Univision to request a Primary Market Analysis (PMA), showing Hispanic registrations in their ten-mile radius and how the dealership compares to its competition. To inquire about a PMA, contact Angela Moncayo-Yera, Sales Manager for Univision's New York station, at amoncayo-yera@univision.net.

community events, and reap the rewards of a loyal consumer that is ten years younger than the Non- Hispanic population in New York.”

Increasing Your Spanish-Audience Appeal

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To reach this growing segment of motivated buyers, first decide how much of your annual/monthly budget will be spent on Spanish advertising and showroom enhancements. Then, determine where that ad budget is most effective (television/cable, print, radio, targeted digital ads, etc.). As a guide, the top 10 auto brands invest 12% of their national television advertising in Spanish language TV. It is important that dealer ads follow in suit across local platforms. Almost all OEMs have Spanish-lan- guage versions of their websites and shopping tools accessible through a “Change Language” or “Español” link. Dealerships are encouraged to offer translation options for their sites as well. Given this group’s tendency toward online vehicle research, hav- ing Spanish-language vehicle detail pages gives a dealership a tremen- dous leg-up over a competitor that may not.

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Greater New York Automobile Dealers Association • www.gnyada.com

The Newsletter • May 2017

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