Hispanic Underserved Growing Fast & Attracted To Online Service
MIAMI-Hispanics are the fastest growing population of individuals going online and represent an increasingly attractive market for online financial advertising.
Fifty-two percent of all media consumed by Hispanics are generated online and with only 5% of all marketing dollars going towards online ads, "This is a tremendous opportunity to be an early mover," according to Kate Alessi of Google Financial Services.
Alessi offered her perspective at SourceMedia's 5th Annual Underbanked Conference here.
More than half of all financial product research in the U.S. starts with a search engine and 63% of Hispanics have purchased a financial product online, compared to just 31% who made offline purchases, Alessi noted. Hispanics are also receptive to online advertisements, as 57% have interacted with such ads-a tremendous marketing opportunity as financial products are the second most purchased products online behind travel, she said.
"They're not just coming to the Internet to research information, they are completing that purchase online," Alessi explained. "The Hispanic population, above all others, is more likely to take action after seeing an ad."
Google charges on a pay-per-click ad and prices based on an auction system; 89% of Hispanics can be reached through the Internet giant's content network, which includes subsidiaries such YouTube and partners such as the New York Times, MySpace, Facebook and other sites.