As the U.S. Latino Market Grows, Leading Brands Step Up the Pressure on Information and Measurement Companies for
More Comprehensive and Targeted Data Desire for "Total Market Approach" Highlights Need for New Data and
NEW YORK, July 1 /PRNewswire/ -- With the U.S. Latino population becoming a major consumer force, brand marketers' need for comprehensive consumption and media measurement on this segment is essential. At a recent meeting of the Latinum Network, held at NBA headquarters in Manhattan, marketing executives from the nation's most powerful brands called for stepped up action by the industry's leading measurement and data companies. The meeting also uncovered the industry's appetite for standardized methodologies to assess overall performance and metrics in the U.S. Hispanic market.
The industry appears to be moving towards a "total market approach" where sales allocation and media consumption patterns for U.S. Latinos are assessed vis a vis the general market. Without this new paradigm, brands will continue to struggle to evaluate ROI and optimize spend in the midst of this exploding demographic consumer segment.
According to David Wellisch, principal, Latinum Network, "A total market approach will ensure that you're investing each dollar where the return is highest, yet without sales tracking and comprehensive panel data, understanding the interactions and spillovers between the general market and the Latino market becomes very difficult."
Says Symphony IRI Senior Vice President Lance Goodridge, "We are looking forward to working with Latinum to address these concerns in new ways – including options like increasing the size of our U.S. Latino panel."
In an effort to mobilize leading service providers and support leading brands in their efforts to unlock the full value presented by this market segment, Latinum, the first business network devoted to helping corporations penetrate the $1 trillion U.S. Latino market, brought together media experts from Symphony IRI, Millward Brown, Integration-IMC, Bromley Communications, Lotame, and Univision, along with marketing executives from 24 big brands including 7-Eleven, Clorox, DirectTV, Kraft Foods, Pepsico, and Subway® Restaurants.