Ed Gold, Advertising director of State Farm
The 9th Annual Hispanic TV Summit kicked off last Thursday in New York with over 400 industry executives in attendance. During the opening ceremony, Carlos Manzano, Executive Director of NYC Latin Media & Entertainment Commission, read a decree by Mayor Michael Bloomberg declaring September 20th Hispanic TV Summit Day in New York.Ed Gold, Advertising director of State Farm, gave the inaugural speech. He held a one-on-one dialogue with Multichannel News Mark Robichaux about the use of sports TV properties to appeal to Hispanic consumers. Gold said that State Farm, which has operated in the market for over 89 years, grew during 2008-2009 -when the automotive industry dropped in advertising sales- due to the fact that Hispanic consumers were more inclined to search for automotive insurance alternatives based on price. In 2010 the fourth largest automotive insurance companies invested US$2.2 billion in advertising. Its a battle for market share. In 2010 advertising in the category grew 21% in the Hispanic market, where TV is vital. Hispanics dont want to do business over the phone, they prefer face-to-face interaction and that is why we have 4,000 Spanish-speaking executives, added Gold.One of the most recent initiatives State Farm undertook to connect with Hispanics, males in particular, was the State Farm Home Run Derby with ESPN and ESPN Deportes, which takes place before the All-Star Game. This project emphasizes the importance of cross-promotion. Gold also talked about the importance of advertising on a medium that is relevant to the market, and used the World Cup as example, where State Farm invested in Hispanic TV because the soccer event is huge among Hispanics.Sports is a vital part of the Hispanic market, but we also have initiatives in news and telenovelas, which are mostly watched by women, who make up a segment with great influence on purchasing, added Gold.
