Since Latinos are about 15% more likely to buy from Japanese automakers like Nissan, Honda and Toyota than other auto brands, Toyota is in the process of gearing up its marketing to Hispanics. Using language like "We go together" and "Together for Mexico" in campaigns like #JuntosPorMexico, this is a clever way for the automaker to tap into a group that makes up 20-30% of its consumer base.
In addition to these efforts, Toyota recently created and implemented the Toyota Total strategy, also known as the T2, as a way to put a greater focus on minority consumer groups in North America by having projects executed by teams of minority leaders in business. Although Hispanics may be a minority now, Julie Hamp, the group vice president and chief communications officer for Toyota North America notes: "By 2030, 88% of US population growth will be from multicultural consumers."
What's Driving This Trend
- Latino Automotive Marketing
- Disruptive innovation opportunity: Develop targeted marketing strategies that specifically cater to the Latino consumer base.
- Japanese Automakers' Appeal to Latinos
- Disruptive innovation opportunity: Collaborate with Japanese automakers to create marketing campaigns that resonate with the cultural values and preferences of the Latino community.
- Toyota Total Strategy
- Disruptive innovation opportunity: Implement diversity and inclusion initiatives that empower minority leaders in business to drive innovation and better understand the needs of diverse consumer groups.
Who This Affects Most
- Automotive
- Disruptive innovation opportunity: Explore partnerships and collaborations with Asian automakers to tap into the growing Latino market.
- Marketing
- Disruptive innovation opportunity: Leverage cultural insights and language nuances to create targeted marketing campaigns that connect with and engage Latino consumers.
- Diversity and Inclusion
- Disruptive innovation opportunity: Develop strategies to increase representation and inclusion of minority leaders in business to better serve diverse consumer groups and drive innovation.
