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RightMinds Releases Multicultural Financial Services Study
Richmond, VA (October 2008) - RightMinds, a Richmond-based integrated marketing agency, has released a study on the exploding U.S. Hispanic market and what financial service companies need to do to succeed in acquiring and retaining Hispanic customers.
This study offers readers a deeper understanding of the Hispanic market by breaking down the overall population into smaller target markets, outlining demographics and financial and behavioral trends within each. By taking a more granular look at who these potential customers are, financial service companies can better assess which market is most profitable based on the cultural and financial needs of these individuals in conjunction with their own strengths and abilities.
RightMinds Executive Vice President commented, "The study offers readers a deep understanding of the Hispanic market, including generational differences, needs of Hispanic-owned businesses and a step-by-step blueprint to attracting Hispanic customers. Other key topics include economic and income trends of U.S. Hispanics, the Hispanic impact on the U.S. economy and a detailed look at Hispanic population, markets, characteristics and trends. The study also provides a comprehensive look at culture, language, immigration status and other issues that may help guide marketing efforts."
Research indicated that it's important for financial services companies to understand not just financial trends, but money management styles of this population to better develop products, regulations and communications specifically targeting and speaking to this market. Knowledge of this market will be important to understand as the U.S. Census Bureau estimates that by 2050 Hispanics will make up a third of the U.S. population.
To take a closer look at how financial institutions can better position themselves for success, RightMinds surveyed banking experts to determine the level of interest in the Hispanic market and what products and resources are needed to support them. Among other results, you will learn that a lack of internal Hispanic resources is often a barrier to reaching this market and that marketing and outreach programs specifically targeting the local Hispanic community can improve marketing efforts.
In addition, RightMinds highlights best practices to help financial services companies effectively communicate and market to these customers and offers a look at practices other financial institutions have put in place - such as financial education programs and wire-transfer products specifically meeting Hispanic needs.
To learn more about this population, please view the complete Growing the Underserved Banking Marketplace: Reaching the Hispanic Consumer study.
RightMinds has planned and executed efficient, cost-effective marketing programs for more than 20 financial institutions across America. Combine this extensive expertise with more than a decade of multicultural marketing and outreach experience for a number of Fortune 500 clients and you have a unique and powerful resource for conducting financial services marketing campaigns to targeted customers. To discuss RightMinds multicultural and banking experience, contact Executive Vice President, Jim Harenchar at 804.915.1349.
About RightMinds
RightMinds is a strategic marketing company that provides planning, development, implementation and management of full-scope branding, marketing, and communications programs for consumer and business-to-business marketers. In addition to being particularly strategic, RightMinds has integrated a team of expert implementers in the disciplines of advertising, marketing, media, public relations and web in order to be able to accomplish any client objective. RightMinds serves a variety of regional and national clients from its Richmond, Virginia headquarters and an office in Atlanta, Ga. Among the agency’s accounts are LandAmerica Financial Group, Inc., Dominion Resources and Genworth Financial.
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