Break Down Stereotypes to Reach Hispanics
Nothing makes marketers’ ears perk up more than the words “untapped market.”
Add the sound bite that it accounts for 16.3% of the United States population, roughly some 50 million people, representing the largest and fastest growing minority group and it’s no wonder credit unions have been trying to figure out ways to serve the Hispanic market.
“The biggest misperception about the Hispanic market is that all Hispanics are illegal or the majority are, so credit unions can’t legally serve them and it simply is not true,” De Dios said. “Any market can be broken down into various segments. Hispanics are not all first generation, Spanish speaking or unbanked. I will say it is where the largest opportunities lie.”
Because the Hispanic market is the most ignored and untapped, De Dios sad it’s easier to acquire those as opposed to someone like her, who is more like the second generation.