10 Critical KPIs that Will Illuminate Your Path to Success in the Hispanic Market in 2024
The dawn of 2024 beckons CPG brands with untapped opportunities, especially when marketing to the ever-growing and dynamic Hispanic market in the U.S. To maximize your impact, clear marketing goals and Key Performance Indicators (KPIs) are vital.
While there are numerous advantages to having clearly defined goals for 2024, saving time and resources stands out as the most obvious of reasons. Picture a sailboat with its sails wide open but no destination in mind – it can wander aimlessly around the vast ocean. But fixate on a lighthouse, and now you have something to steer towards. The same applies to your yearly planning. Knowing precisely how to allocate resources can save precious time and money that would otherwise dissipate into thin air.
For this monumental task, you need to understand and leverage the most critical marketing KPIs in the Consumer-Packaged Goods industry. Let’s review them together:
- Sales Revenue: A fundamental measure reflecting the effectiveness of your campaigns specifically targeting the Hispanic market.
- Market Share: It reveals how successfully your brand has captured consumer interest within the competitive Hispanic market landscape.
- Brand Awareness: This measures recognition and familiarity with your brand among Hispanic consumers - driving loyalty and sales.
- Return on Investment (ROI): Compares investment in integrated marketing activations against revenue generated within the Hispanic segment - measuring profitability.
- Return on Advertising Spend (ROAS): This KPI shines light on the economic return of advertising investments, specifically within your campaign targeted at the Hispanic market. ROAS compares the revenue generated by an advertising campaign to the costs involved, providing immediate insights.
- Customer Acquisition Cost (CAC): Tracks spending on various marketing tactics designed to secure new customers from the Hispanic market.
- Customer Lifetime Value (CLV): An estimation of total revenue from a single customer over their lifetime offers insights into long-term profitability while tailoring targeted marketing strategies.
- Customer Satisfaction: Happiness level among Hispanic customers, indicating how well your products meet expectations while promoting brand loyalty and positive word-of-mouth.
- Social Media Engagement: Gauges engagement levels within the Hispanic demographic, reflecting the effectiveness of social media initiatives within your marketing framework.
- Customer Retention Rate: The percentage of Hispanic customers who continue to purchase your products over time signals loyalty and the success of integrated marketing strategies.
Once you define your annual goals and marketing? KPIs, don’t stop there. Remember that this exercise applied in scale into every campaign will shine light on the economic return of your marketing investments to evaluate your performance. Measuring them is vital to re-allocate budgets from less profitable campaigns to more fruitful ones. It also provides you with valuable information to focus on specific channels and craft even more effective campaigns.
We have to say it, though, that you may benefit from the power of integrated marketing activations as part of strategizing to achieve your 2024 goals. Your individual marketing efforts don't perform solo; instead, they unite under a common goal, amplify each other's strengths, and maximize engagement with the Hispanic market.
Even more compelling is the unique LIVE, PLAY, and SHOP concept that we, at NeoSol, infuse into this integrated approach. It holistically addresses the activities throughout the daily life of your buyer persona to create a comprehensive blueprint that guides your brand to resonate deeply with this audience.
As we prepare to embrace 2024 with clear priorities and efficient resource allocation, remember that a partnership with NeoSol doesn't just streamline the process—it catapults your CPG brand's potential within the Hispanic market to new heights.
Latinos make up 20% of the U.S. population and their GDP grows 2.6x more than non-Latinos. We know your CPG brand has a real opportunity in this market.
That is why we have created "Winning Over the Evolving Hispanic Market: A 2024 Strategy Guide for CPG Brands". It contains key features that NeoSol's market research team collected for our own brand activations.
⬇️Download the 2024 Strategy Guide for CPG Brands⬇️ and use winning strategies right from our playbook to transform your brand’s marketing approach. Gain brand awareness and ultimately increase your sales in the Hispanic market during 2024.