There are over 61 million Hispanics in the U.S., representing 17% of the total U.S. population, with continued significant growth expected in the years ahead.
Thirteen states have over one million Hispanics, and 79 cities have Hispanic populations of 30% or more.
The Hispanic market represents over $1.7 trillion in purchasing power in the U.S.
Of course, the Hispanic population in the U.S. is very diverse. Individual characteristics vary by many factors, including country of origin, level of acculturation and language preference. Unfortunately, this population suffers from health disparities—avoidable and unfair differences in health status.
Understanding and serving this important segment provides health companies an opportunity to grow and help address the disparities in care challenge. Organizations that desire to improve their position in this market must make a concerted effort to evolve their value proposition and build a trusted relationship with the community.
Simply translating your communications and advertising to this segment from English to Spanish is woefully insufficient.
Several key steps should be considered when health companies launch initiatives to better penetrate and serve the Hispanic market:
- Understand the makeup, needs and preferences of each major subsegment in your local market.
- Determine the business opportunity this segment represents to your company. The business case is important to rationalize the investments required to win in this segment on a sustainable basis.
- Build a meaningful and differentiated end-to-end value proposition that addresses the unique needs and preferences of the market. This value proposition should include the delivery of care and the service model.
- Engage with the community and establish relationships with service organizations that can complement your programs.
- Communicate at every touchpoint “in-culture,” not just in Spanish.
- Ensure your consumer-facing staff represent the makeup of the market you’re serving.
The Hispanic market represents a strong opportunity for many U.S. health companies––to support achieving their economic and diversity objectives. Like all strategic opportunities, it will take a significant and sustained effort to win.