Hispanics account for $1.7 trillion in US purchasing power and spend $10 billion USD annually on health, wellness, and over the counter products. Yet 30% or close to 1 in 3 Hispanics is not insured.
There are two key issues driving lack of insurance for Hispanics.
1 in 3 Hispanics does not speak English well and yet insurers wait to reach regulatory thresholds before “translating” their content into Spanish. This makes these markets an afterthought. Unprepared insurers wind up struggling due to lack of time and resources.
Savvy insurers such as Anthem proactively market to the Spanish-speaking demographic, sighting tremendous returns. One example is a $250K investment in a Hispanic marketing campaign in South Florida, which generated $3.7M in annual member premiums. (You can read more about that here.)
Hispanics crave content in their own language, and content resonates best when it is also culturally accurate. As Johanna Barsotti from the Chicago Tribune Media Group notes, “Some health insurers have developed products offering ‘foto-novelas,’ or DVDs explaining their different offerings and health risks. Offering in-culture rather than simply in-language resources can make a huge impact in how you engage with the consumer.”
What else can you do to reach this unique consumer?
It’s no secret in the digital marketing world that Hispanics are adopting technology at a faster rate than their peers. While digital ad spending accounted for 52% of all ad sales in 2017, proportionately, digital ad spending targeting Latinos still trailed that of non-Hispanic whites. The development of digital assets targeting Hispanic healthcare consumers represents a tremendous opportunity for savvy Healthcare marketers.
Barsotti notes several other digital characteristics that Hispanics share.
- Hispanics increasingly turn to the internet for research and guidance, such as Telehealth. For many foreign-born Hispanics, the family physician in Latino countries played a large role in the lives of their patients.
- Hispanics feel comfortable communicating with doctors via email and text directly and via mobile applications to make appointments. This patient-physician communication is crucial in building a relationship.
- Healthcare companies can engage Hispanics on the websites they are already visiting by providing culturally-relevant content.
- Healthcare companies and brands can leverage well-known figures, personalities, and websites with social forums—virtual health panels with physicians and consumers.
If you would like to reach this key demographic, ISI Language Solutions can help. Please contact us today at email@example.com. We look forward to speaking with you soon.
Executive Business Development