Six companies have united to conduct a study on how to improve marketing efforts to Hispanics.

The consortium of companies include IRI, Latinum Network, Univision, Telemundo Media, UM, and Rentrak. The goal of the cross-industry study is to help marketers increase advertising efforts on a multi-platform basis to Hispanics while improving best practices development, strategy, and performance measurement.

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According to a joint statement released by the six companies, the U.S. Hispanic consumer market are a "powerful and growing economic force with a buying power" worth $1 trillion as a result of its 56 million population in the country. The Hispanic population is also expected to surge to 131 million people by 2050.

The Hispanic consumer market has potential, but the consortium of companies recognize that less than 5 percent of current media is devoted to advertising, and as a result, created a spending gap of nearly $22 billion. The six-company coalition, thus, established a mandate to help advertisers, marketers, and retailers familiarize with studies informing about Hispanic marketing strategies "for years to come."

Two primary goals set by the consortium. The first goal is the development of scorecards of a brand's performance and attraction with Hispanic consumers. The second goal is building "Hispanic brand strategies" and a "total market" approach for members with hopes it will maximize their impact to advertise toward Hispanics.

A "playbook" is underway with the consortium with a capstone industry event presentation set for this fall. Known as the "Hispanic Marketer's Playbook," the consortium's study aims to highlight Hispanic engagement on mobile and social media. In addition, the playbook is set to figure the impact of dubbed or translated commercials against original Spanish-language advertisements. An additional highlight in the Hispanic Marketer's Playbook includes the creation of a metrics framework for success.

"Understanding that branded entertainment is an important lever in Hispanic media strategy, the consortium will also leverage Rentrak's iTVX branded entertainment measurement service that provides users the precise value of a brand's appearance in media content, by combining second-by-second viewing insights, brand exposure analytics, social media listening and consumer behavior intelligence," noted the consortium in a statement, adding the utilization of IRI's Hispanic Mix Drivers platform, which integrates statistics in modeling Hispanic sales trends and any marketing lifts with the population.

The consortium's study will enroll participants until June. The participants will receive results about their brands in August with in-depth review sessions ahead of fall's capstone industry event.

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