By the year 2024, it is estimated that 50% of the U.S. population will be composed of minorities. This staggering fact is one of the driving reasons behind companies pushing to develop multicultural marketing plans. Multicultural marketing can be defined as the practice of marketing to one or more audiences of a specific ethnicity—typically an ethnicity outside of a country’s majority culture, which is often called the “general market.” Multicultural marketing often takes advantage of the ethnic group’s different cultural referents—such as language, traditions, celebrations, religion and any other concepts—to persuade and communicate to that audience.
With a changing consumer landscape it is imperative that companies become more focused on multicultural marketing. James Russo, senior vice president of global consumer insights for consumer market analyst Nielsen stated in 2014 that, “The multicultural population is evolving very quickly. It’s young, it’s embracing new cultures, making more money … and expanding geographically.”
Numerous studies have shown that consumers are more likely to buy products from companies that “understand” them. A company that can resonate with its consumers through ads as well as community involvement places itself in a great position to accomplish its number one goal: increase revenue.
If you are in need of a multicultural marketing plan, give us a call. Let us help you expand your brand!