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We recently covered what Latin Americans buy the most. However, it’s also helpful to understand the factors that influence the purchase decisions of Latin American shoppers and what they look for from both products and companies. Analyzing the following trends may help marketing, advertising and media professionals create even stronger campaigns.
Preference #1: Socially Responsible Companies
The facts: In a recent Nielsen survey, 77% of Latin Americans said that they prefer to buy products from socially responsible companies—and 49% would pay more for those products. The socially responsible qualities that the respondents seem to value the most in companies are environmentally sustainable practices, supporting small businesses, eradicating poverty and creating well-paying jobs. Nielsen’s survey also showed that 76% of the respondents look at the opinions and information that other people post online to find out about socially responsible companies.
The opportunity for advertisers: Creating online video diaries about a firm’s socially responsible programs in Latin America and promoting them through a crossmedia campaign that integrates social media, TV, print and online video sites.
Preference #2: Being True to Themselves
The facts: The Global Monitor Study, released in 2010, focused on consumer attitudes in 20 countries, including several from Latin America. When asked what will help them succeed in today’s world, 95% of Latin Americans chose “being true to who you are” over “being the person others think you are.” The same survey also showed strong agreement with the statement “I am constant striving to improve myself and my abilities in as many ways as possible.”
The opportunity for advertisers: Focusing ad campaigns on the idea of being true to yourself and working in elements of self-improvement, perhaps by using social media. For example, a campaign that references being genuine and relates that to the brand could also work in a component—promoted via social media—that includes a contest with a prize of free courses in IT or another discipline that could help Latin Americans advance in their careers. This could speak to both preferences expressed by Latin American consumers while taking advantage of the deep reach of social media in the region. While it didn’t take strict advantage of this preference, a recent Coca-Cola campaign offers ideas for emphasizing individual aspirations among consumers in a compelling way:
Preference #3: Cultural Traditions
The facts: The same Global Monitor study also indicated that a strong majority of Latin Americans are concerned about aspects of their cultures and tradition being lost as the world converges into a single global culture.
The opportunity for advertisers: With specific Latin American markets, advertisers can work in the concept of traditions into their messaging and extend this into social media via contests or sponsored events.
In 2011 Televisa, one of Mexico’s main television networks, launched a campaign called Tradiciones Televisa in honor of the country’s Bicentennial. The campaign focused on traditional festivities and attractions throughout the country, subtly associating the network with Mexico’s time-honored traditions.