Analyzing Hispanics relying solely on sample data results in cultural assumptions and stereotypes.
Denver, Co (PRWEB) December 03, 2012
Luminar, the first “big data” analytics and modeling provider focused specifically on U.S. Latino consumers, unveiled a new white paper, “Targeting the Hispanic Market: From Assumption to Actionable Insights,” describing how to elevate marketing strategies beyond sample data.
“Marketers recognize the $1.2 trillion buying potential of Hispanic consumers,” said Franklin Rios, president of Luminar. “However, the majority are using highly sampled data based on surveys, polls, self-reported diaries and some transactional data that represent only about one percent of the Hispanic population. Analyzing Hispanics relying solely on sample data results in cultural assumptions and stereotypes.”
With this generalized marketing approach, it’s impossible to establish the level to acculturation, preferred language, and whether the Hispanic household is first or second generation. In addition, marketers are using mass media in top markets with little cultural insights, resulting in poor return on investment.
Luminar’s white paper underscores the value of big data to harness the power of larger datasets and second-generation tools to drive big analysis. Through big data, Hispanic marketing can experience greater accuracy, more actionable analyses, and improved performance and forecasting as never before.
“Our team of data scientists looks at terabytes of data, along with purchasing-based behaviors to develop unique models,” said Oscar Padilla, vice president of strategy at Luminar. “For example, we aggregate the ethnic products in a shopper’s grocery cart, with her subscription to “People en Español” and utility bills requested in Spanish to create a particular acculturation scoring.”
Luminar takes information from more than 2,000 sources including consumer data from loyalty systems; complete transaction POS files; online transaction data from retailers; and data sources that include individual, household, demographics and lifestyle. All modeling and algorithms are based on entire universe – not a sample – to present specific nuance and trigger points for Hispanic consumers.
The white paper also highlights how big data, purchasing behavior and “in culture” analysis, allow marketers to achieve actionable insights that lead to more precise and relevant targeting while improving overall ROI.
Complimentary downloads of the white paper are available by visiting LuminarInsights.com/WhitePaper. To learn more about Luminar and its unique solutions, please visit LuminarInsights.com or call 866.375.4224. To schedule an interview with an executive, please contact grace(at)communicategrace.com or 214.901.4744.
Luminar is the premier analytics insights provider that is changing the way brands currently target the U.S. Latino consumer. Leveraging its proprietary analytics and modeling technology, Luminar unlocks “big data” and develops predictable models that reflect the behaviors and attitudes of today’s Latino consumers across a wide range of vertical categories. Luminar is led by an executive team with extensive and diverse experience in analytics, technology, marketing and interactive media. Luminar is a unit of Entravision Communications Corporation, a diversified Spanish-language media company utilizing a combination of television, radio and digital operations to reach Latino consumers across the U.S., as well as the border markets of the U.S. and Mexico. Learn more by visiting LuminarInsights.com.