Missing The Mark(et): Financial Institutions’ Owned Media Towards Hispanics

Abstract

This research studied the extent to which owned media of Oklahoma financial institutions, specifically the corporate website and Facebook pages, target the Hispanic market in their strategic communication. This study consisted of two parts: first, a content analysis studied the website and Facebook pages of 10 financial institutions in the state of Oklahoma with physical branches in the zip codes with the highest Hispanic populations. Then, in-depth interviews with marketing executives were conducted to reveal more insight about the financial institutions’ Hispanic-specific strategy, or lack of. The results indicate that very little owned media content is directed towards this market segment but visual representation is evident in both websites and Facebook pages. Additionally, marketing executives acknowledged the potential of the Hispanic market but stressed the lack the knowledge on how to enter the market adequately and successfully. Last, financial institutions are hesitant to venture into this market, as substantial resources are required to launch a Hispanic marketing strategy.