Opening New Windows of Opportunity
Posted on July 6, 2009 in Marketing, Newsletter
Higher Education in the Hispanic Market
Most American families hope to achieve their own little slice of the “American dream”–which, for many parents, includes sending their children to college. However, tough economic times make these goals more challenging for Americans of all backgrounds to afford.
In the Hispanic American community, a recent survey discussed in Patricia Marroquin’s article “Dream of College Thrives in Hispanic Community, Survey Shows,” published on www.hispanicbusiness.com, revealed that 95% of those surveyed viewed a college education as an “essential” component of the American dream. That result places education directly on par with the goals of homeownership and comfortable retirement in the Hispanic community.
In his article “Past Economic Trends Suggest Hispanics Are Recession Aloof,” published on www.marketingpower.com, Terry Soto, chair of the AMA Hispanic Marketing Hot Topic Series, suggested that the recession has affected Hispanics less than the general population. The strong extended family units of Hispanic households protect families from the recession because they provide multiple income sources for these families.
Obviously, in a time of economic downturn, any business should jump at the chance to effectively target its marketing campaigns towards a community who can retain more disposable income. Since many Hispanics view higher education as an essential part of American life, colleges and universities can profit doubly by marketing to the Hispanic community and thus increase enrollments and revenue. Furthermore, cost-effective online programs, which do not require travel to and from a campus, can provide a savvy option for these students.
According to Kiran Sood, in her article “Empowerment Through Financial Education for Latina Women,” published on news.medill.northwestern.edu, single Hispanic working mothers look to higher education to better their lives and their children’s lives. For example, Mayra Franco enrolled in a financial education course “after a friend told her it would help her build a budget, save money, and prepare for the higher education she dreams of achieving.”
For family-focused single mothers, heads of households, parents or working professionals, the convenience factors that online schools provide can really make a big difference in helping these people attain a desired education in a timely manner. Clearly, the Hispanic-American community can be considered a hidden goldmine for online educators. The U.S. Census Bureau (www.census.gov) statistics for 2008 show that 7.5 MM individuals of Hispanic origin over the age of 25 had graduated high school, and 3.4 MM had earned some college credit but no degree. These individuals represent potential future college students, and schools should recognize and act on the great opportunity to enter and capture this market. However, in this type of tightly knit, hard-working, ethnic communities, a school must market itself especially well to gain awareness and build a trustworthy school brand.
Deborah A. Santiago’s publication “Leading in a Changing America: Presidential Perspectives from Hispanic Serving Institutions (HIS’s),” published at www.edexcelencia.org/pdf/publications/hsi/LeadingHSIs04.pdf, addresses key marketing tips for targeting nontraditional, ethnic students. Tips include knowing the market segments served; tailoring programs to segments’ needs and wants; providing quality, easy-access and affordable education; and ensuring continuous innovation. Naturally, the overriding theme involves both understanding that students with various ethnic backgrounds have specific educational needs and not relying on implementing a “one-size-fits-all” approach.
In a tradition-driven ethnic group where members have a strong sense of community, it is important that higher education institutions are perceived to foster a successful multicultural atmosphere while meeting their students’ individual needs. Once a school has established a successful reputation, it can then enjoy the fruits of that community’s interest, brand loyalty, continuous referrals and word-of-mouth advertising.
As an example, the Texas taskforce on Hispanic education is putting forth proactive efforts to open new windows of opportunities for the fast-growing Hispanic community. Sam Hodges, in his article “Baptists Launch Plan for Hispanic Education,” published in The Dallas Morning News, discusses the environment in which the GED programs and post secondary studies facilitated by numerous Baptist institutions help the members of 1,100 Hispanic congregations advance their education and develop higher-quality communities. Hodges also mentioned that Dallas Baptist University alone “has nearly doubled its number of Hispanic students in recent years.”
Virtual campuses have the huge advantage of attracting students from all across the country without requiring travel. When a school targets the Hispanic community on a country-wide scale, people tend to view it as a beacon of Hispanic culture, fostering a larger community that reaches far beyond neighborhood ties.
The Hispanic community shares the value of higher education with many other ethnic communities and that fact should ring resoundingly to educators looking to expand their scope and enhance their institution’s mission. America has much more diversity than ever before; yet, by implementing programs to foster a simultaneous sense of community and individualized attention, schools can prosper and students can all unite under the common drive to fulfill the “American dream.”
