Exploring Hispanic Cultural Nuances 2/19/2013 Miriam De Dios Coopera CEO
Preview Hispanic market segments 5 Hispanic cultural nuances Takeaways The Coopera Approach Questions 2
Hispanics - Multidimensional I am More Hispanic Hispanic Dominant Bicultural Depend highly on Spanish for communication and strongly aligned with values of home country. Combine and navigate both cultures at different degrees. Make consumers decisions based on the relevance of the cultural cues and reference group when making choices. I am Less American Culturally Unique Have not allied with U.S. culture and have not extensively preserved the culture of their parents. They are not from here and not from there. i.e.: Chicanos, Newyorkians, etc. Assimilated May have some emotional relationship with Hispanic culture but have largely forgotten their roots. Speak English almost exclusively and generally identify themselves as Americans I am More American I am Less Hispanic 3 Source: Hispanic Marketing A Cultural Perspective. Felipe Korzenny.
Acculturation vs. Assimilation The figure below illustrates how acculturation consists of enlarging the cultural repertoire of an individual. Whereas assimilation keeps the repertoire constant by replacing one culture with another. Acculturation Assimilation First Culture First Culture Time in the U.S. Second Culture Time in the U.S. Second Culture 4 Source: Hispanic Marketing A Cultural Perspective. Felipe Korzenny.
5 5 Cultural Nuances
What is Culture? The behaviors and beliefs characteristic of a particular social, ethnic or age group. 6
Family Orientation Family comes first Children as interpreters The extended family (distant cousins, godparents) Staying with relatives 7
Pride in Ethnicity Hispanic vs Latino vs Country of Origin Association with one region / state Businesses Sports teams Source: Beth Partin Web Site 8
Importance of Religion Language: Adios (To God goodbye) Si Dios quiere (If God wills it) Church Religious celebrations (Baptisms, first communions, Quinceañeras, weddings ) Religious items (rosary, crosses, paintings, candles, etc) 9
Names & Birthdays Last names Use of religious (saint) names Birthday & your saints day Source: 6 Santos Reyes Web Site Name Example: Miriam Del Carmen De Dios Llamas 10 First: Miriam Middle: Del Carmen First Last Name: De Dios Second Last Name: Llamas
Etiquette Addressing one another Formal vs informal (Usted vs. Tu) Friends Parents Elders Titles of respect (Señora/Doña, Señor/Don) 11
12 These are generalizations!
13 Takeaways
Understand your local community What s the make-up of your community, your membership, your staff? Talk to your staff 14
Implications New member experience Marketing and communications Product and service offerings Community partnerships Personnel/board training 15
The Coopera Approach MARKET SHARE FINANCIAL EDUCATION RIGHT MENTALITY ADAPTED TO MARKET 16
The Coopera Approach 1. The right organizational mentality Philosophy Investment 2. Adapt to the market Personnel Products Processes Promotion/Marketing 17
18 Questions? / Preguntas?
Resources White Papers Develop the Right Organizational Mentality to Serve Hispanics Asking the Right Questions: How to reach and best serve the Hispanic market in your credit union Learning the Language of America s Youth Attract the Hispanic Community with Prepaid Reloadable Cards http://www.cooperaconsulting.com/hispanic-expertise.cfm Hispanic Outreach Insights Monthly E-newsletter http://www.cooperaconsulting.com/ Hispanic Outreach Connection LinkedIn Group (CCHOC) http://www.linkedin.com/groupinvitation?groupid=2148195&sharedke y=5f7335401508 Coopera Blog http://blog.cooperaconsulting.com/ Coopera on Twitter Follow Coopera @_Coopera 19
2013 Upcoming Webinars Date Topic Helpful for Tuesday, Feb. 19 th at 11am CST Exploring Hispanic Cultural Nuances All Staff Tuesday, March 19 th at 11am Account Opening Processes for Foreign Nationals Management, Operations CST Tuesday, April 16 th at 11am How to Track Your Hispanic Growth Efforts Management, Operations CST Tuesday, May 21 st at 11am Relevant Financial Products & Services for the All Staff CST Hispanic Community Tuesday, June 18 th at 11am How to Help your Members Send Money Home Management, Operations CST Tuesday, July 16 th at 11am How to Organize a Hispanic Focus Group Marketing and Community Outreach CST Tuesday, August 20 th at Repackaging Non-Interest Bearing Savings and Operations 11am CST Checking Products Tuesday, Sept 17 th at 11am Developing a Cultural Translation Strategy Marketing CST Tuesday, Oct 15 th Hispanic Youth: Demographics, Products & All Staff Promotions Tuesday, Nov 19 th at 11am CST Developing Win-Win Community Partnerships Community Outreach, Business Development Tuesday, Dec 17 th at 11am CST Hispanics and Credit Operations, Front Line Staff 20
Contact Coopera Miriam De Dios dedios@cooperaconsulting.com 866.518.0214 1500 NW 118th Street Des Moines, Iowa 50325 21 2013 Coopera. Original information contained within this presentation is copyrighted and cannot be used without expressed written consent from Coopera.