How can a financial services organization develop solutions, communication, and engagement strategies that successfully reach and inspire a segment of Hispanic consumers who have had lower financial health and traditionally struggled with trust and the ability to engage with financial institutions?
A financial services organization approached us to conduct foundational research to uncover financial attitudes and behaviors of a specific Hispanic consumer with the goal of developing strategies to better serve and fit the needs of this audience.
Our client had a successful track record and abundant knowledge of its non-Hispanic consumers and their perceptions of financial health, borrowing, and financial sentiment. But, our client lacked intimate knowledge of the Hispanic consumers or culture, which could help further enhance their thought leadership, presence, and consideration among this target audience.
Even though our client had previously conducted research to understand the needs and challenges of their Hispanic consumers, they were seeking to better serve an audience that had traditionally been deemed as undesirable and unreachable – those with lower financial health. Our client wanted to understand the potential of this target, given past misconceptions that pointed towards this niche market not being one with sound potential for their organization.
Was this target audience of Hispanics with lower financial health truly an undesirable and unreachable target? Could our client develop strategies and communication plans to help this niche group of consumers? What was the true potential of this audience, and how could our client successfully reach them?
Given the target audience, the research had to balance being narrow enough to incorporate a specific niche market (Hispanics with lower financial health) with being broad enough to have the ability to compare this target to other segments (non-Hispanics and Hispanics with a broad spectrum of financial health situations).
The research approach resulted in the development of several publications to help educate financial institutions on the relationship between Hispanics and finances, including Hispanics with lower financial health. The research shed light on several misconceptions among the target audience, which helped develop strategies to serve the Hispanic financial market better.
The research uncovered that Hispanics are optimistic and confident about their financial future, which served as a key insight for developing communication strategies. Additionally, the research solidified the importance of personal relationships (family) when discussing financial health, and also uncovered that financial planning is key to this niche Hispanic audience. The findings from this research not only helped develop appropriate communication strategies but also informed product offerings for Hispanic consumers.
C+R conducted a comprehensive quantitative online survey to collect findings among several target groups, including non-Hispanics and Hispanic consumers across a variety of financial classes.
Because of the sensitive nature of the survey topic, the team developed a survey instrument that fostered trust and anonymity when answering sensitive questions.
Qualified respondents continued on to an in-depth 20-minute survey. Hispanic consumers were presented with the choice to answer the survey in English or Spanish. In-house multicultural researchers developed the Spanish-language translations to fit with a variety of nationalities, backgrounds, and demographics.
Data gathered from the survey was analyzed by our researchers and advanced analytics team, and key insights and recommendations were provided to the financial services company. The results helped the client deeply understand and connect with this key niche Hispanic audience and develop critical industry publications to position them as thought leaders further.