« Investigator-Initiated Trials Get Centralized | Main | Chinese Connection Doesn't Look Good for FDA »
April 15, 2008
Pharma Should Seize the Opportunity to Reach the Hispanic Market
Pharmaceutical companies are no strangers to market research or targeted marketing campaigns. However, there is a large segment of the market that pharmaceutical companies may not be effectively catering to - the growing Hispanic market. Statistics presented at the ePharma Summit 2008 underscore the importance of the Hispanic market and provide insights into some of the underlying characteristics of this segment.
Jorge Daboub, vice president for marketing and business development at Univision Television Group, presented several interesting statistics about the Hispanic market's use of the Internet. Among some of his points were:
* A 70% increase in Hispanic online web presence since 2000
* 79% of Hispanics have Internet access at home and typically spend the same amount of time as the general population
* Hispanics are 73% more likely than non-Hispanics to be receptive to online advertising, such as video, pop-up ads and email blasts
All of these statistics echo the fact that the Hispanic population can be readily accessed by leveraging strong web campaigns. However, particularly shocking is the last stat about how much more receptive Hispanics are to online advertising than other populations. This statistic is a market researcher's dream and paints an ideal picture for pharmaceutical companies trying to reach this key segment.
In addition to the compelling receptiveness of the Hispanic market to online advertising, pharmaceutical marketers should be conscientious of the vast size the Hispanic market now represents in the U.S. Currently, the Hispanic community is a relatively untapped market for many pharmaceutical companies.
Pharmaceutical marketers should understand that the Hispanic market has distinct characteristics that make it different from other populations and cultures. Therefore, to develop effective marketing campaigns companies must begin with market research and truly understand the nuances that influence this community. However, if pharmaceutical companies absorb cultural insights and design websites and web campaigns that target Hispanics, they might experience notable success in connecting with this segment of the market.
As with most markets, patient education is a great need. This is particularly true for the Hispanic market since a vast amount of educational material is not available in Spanish. Companies that tailor their materials to meet Spanish-speaking audiences will be satisfying a great unmet need.
The opportunity is there. Pharmaceutical companies are sophisticated enough to market effectively market to this segment. The question still remains whether pharmaceutical companies will choose to wholeheartedly pursue the Hispanic market.
Posted by Amanda Zuniga at April 15, 2008 08:09 AM