One of the industries that OYE! has spent considerable time measuring in recent years has been financial services, and specifically life insurance. Latino financial services life insurance conversations have consistently shown strong volume, and a tendency for these postings to be led by brands and their individual agents looking to engage Hispanics.
The top 5 brands in the financial services life insurance industry which included well-known brands seen at right, delivered over 75% of the share of voice among Hispanics. None of these brands that appear in the top five achieved this without having dedicated campaigns directed at Hispanics like for example, during Hispanic Heritage Month.
Deeply analyzing each of the top five brands, the OYE! team found that New York Life had a consistent year long engagement strategy for the Hispanic market. State Farm dedicates social media channels such as Facebook and Twitter to engage US Hispanics in Spanish. AllState also dedicates social media channels to US Hispanics, but generates greater organic engagement on Twitter. MetLife benefits from strong brand awareness through advertising that appeals to Hispanics without having a specific social channel dedicated for this demographic. When it came to Farmers, OYE! found that they use specific campaigns on Facebook to deliver engagement among Hispanics at certain key times throughout the year.
A shocker for many marketers that think that reaching Hispanics means creating Spanish-language content is that 82% of Hispanic content was in English. It was noted that Hispanics tend to use Spanish more frequently when they generate content themselves as opposed to responding to content published by brands or that posted the original content in English. It is known that the majority of online Hispanics are bilingual (62% via Pew Research Study) but very few use Spanglish in their own posts (4% in this study). As noted above, State Farm and AllState are the only two brands with dedicated in-language media strategy.
Analyzing the chart to the right one can see from 18 – 34, Hispanic females tend to engage with the financial industry more often on social media. For the age range of 35-44, males are more interested and involved in those conversations.
Latino Financial Marketing Topics
Campaigns targeted to the Hispanic audience such as Allstate’s Purple Purse and State Farm’s Ritmo De Cambio delivered strong volumes of conversation with an even greater share of positive sentiment than the average post. Most of the negative sentiment found about life insurance centered on consumers who questioned the message sent to them as well as news articles related to the lawsuits and company policies viewed as unfriendly to foreign-born Hispanics.
This analysis covers over 10,000 U.S. Hispanic verified conversations gathered from Twitter, Facebook, YouTube and the web at large.
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