The term “Latinx” is trending and has seen a steady uptick in search over the past two years, peaking in 2019: It is during this “Latinx apex” that we decided to take a closer look at how popular the term “Latinx” really is among U.S. Hispanics and if it has staying power. Defining Latinx So what is Latinx? According to Merriam-Webster: Latinx was originally formed in the early aughts as a word for those of Latin American descent who do not identify as being of the male or female gender or who simply don’t want to be identified by gender. More than likely, there was little consideration for how it was supposed to be pronounced when it was created.
Technology is driving growth across industries, creating space for unconventional ideas and technological innovations that infiltrate traditional models and disrupt the status quo. Companies unable to pivot find themselves in the fight of their lives. Peer to peer ride-sharing services such as Uber and Lyft, for example, have wounded the taxi industry, and entertainment streaming services, like Netflix and Hulu are slowly sending linear TV to an early grave.
Brand strategists are tasked with knowing when to include market research in the scope of agency work for clients and with pushing back on the inevitable biases that arise in the agency when collecting and analyzing that data. Cognitive biases, the collection of faulty ways of thinking hardwired into the human brain, permeate almost every aspect of our lives. From anchoring to zero-risk, humans live and work with various types of cognitive biases that can impair judgment and stall progress, both personally and professionally.
Did you know biculturalism is influencing the Seafood industry in the United States? Have you heard about Mariscos? As Latino restaurateurs continue to push through the hurdles of entrepreneurship, some of them are using this opportunity to alter the landscape of the traditional Hispanic food cuisine in an effort to go mainstream, and in turn, create foods that might be a more accurate reflection of their own American bi-cultural experience. One food segment that has been growing steadily over the past decade is the seafood industry or also known as ‘Mariscos’.
It’s true. Within just three years, linear TV has lost nearly half its viewers. What factors are driving the shift, and how can marketers adapt to — and profit from — the changes? Our nationwide survey of consumers’ media consumption habits on platforms such as live TV, streaming services, gaming, and social media produced several useful insights. Viewers are “Streaming” to Quality Content Despite losing subscribers for the first time in eight years — and no doubt aided by the drastic decline of live television — Netflix remains the preferred method (61%) for watching TV programs among U.S. consumers, followed closely by YouTube.
In this new age of social media, traditional market research has taken a beating. Influencers like serial entrepreneur Gary Vaynerchuk (Gary Vee) extol the importance of getting out and talking to their customers personally while countless memes of Steve Jobs’ quip against market research “customers don’t know what they want until we’ve shown them,” are shared endlessly online. To some extent, they have a point. Gary Vee’s “back to basics” approach of getting out in the real world and speaking to consumers makes sense. Technology has made it so easy to hide behind our screens that, just like the Wizard of Oz, we tell our customers what we want without giving them a chance to get to know the person behind the curtain. Nor can we get to know them.
Increasing competition in the U.S. has some brands seeking new markets, including those south of the border. More widespread internet access in Latin America has opened a gateway to growth for companies looking to do business in LATAM. But some brands are stumbling through the learning curve of understanding the region’s consumers. One of the biggest challenges has been dealing with pre-conceived notions about Race and Socio- Economic status in LATAM, which differs from classifications done in the U.S.
Hispanic food is having a moment. From pupusas to gansitos, foods that have been traditionally geared towards Latino consumers have gained acceptance across a broader audience. Chief among them are tacos, of course, which have enjoyed a long tenure on the menu of American cuisine, inspiring Taco Tuesdays and a Netflix documentary series, “Taco Chronicles,” to say the least. But it’s not just the savory flavors of spicy beans, roasted chilies, and crunchy tortillas appealing to the appetites of U.S. consumers.
Steve Jobs was a genius. He could envision and bring to market revolutionary products that set the standards in their industries. He was also known for relying on his intuition over market research. Due to the success of Apple, many people subscribe to this logic and opt-out of conducting market research. But there was only one Steve Jobs. The marketplace is littered with failed products and services that seemed like a good idea to their creators and were rushed to market only to find that no one asked for or needed them. Complicating matters further is an unprecedented demographic shift towards multiculturalism that is changing the composition of the U.S. consumer market. In business, intuition can be useful, but it needs to be optimized by market research, especially when attempting to tap into diverse markets. If you’re not advising your clients to conduct market research, you are doing them a disservice as they don’t have the facts to make informed decisions about their marketing strategy.