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Is Your Multicultural Marketing Strategy the Best it Can Be?
As with every aspect of your marketing plan, when you look at multicultural marketing, it’s necessary to constantly ask yourself if you’re up to date and meeting consumer needs. Things are changing in the marketplace almost as quickly as businesses can implement strategy changes, and that’s why it’s important to keep up with trends and activities that affect your business and the way you choose to communicate with shoppers.
Strategy Makes You Strong
If you already have a multicultural marketing strategy, that puts you ahead of the game, however, according to MarketingProfs, only about half of marketers in the U.S. have plans in place to reach diverse consumer populations. The numbers of diverse and multicultural consumers continue to grow; in fact by the year 2042, it’s expected that in this country, no single ethnic group will be a majority of the population. This only serves to drive home the importance of creating quality marketing that reflects the modern lifestyles present in society today. By focusing on cultural ties, heritage, and customs—and by creating inclusive marketing strategies, companies will achieve much-needed success in our diverse marketplace.
Continual change can be expected in a growing market, and the more flexible your team is when it comes to learning about and providing for the needs of an expanding marketplace, the more growth you’ll see. As changes continue to shape the way society shops, researches, and purchases products, you’ll need to continually re-evaluate the strategy you have in place, tweaking it to meet the changing needs of your target consumers. Consumers are the voice of the marketplace, and they guide businesses toward success when it comes to what will resonate with them. They are the shoppers, the researchers, and the buyers, so it only makes sense for businesses to look toward them for guidance when it’s time to update marketing strategies.
Strengthening Your Multicultural Strategy
According to Peter Drucker, a business consultant and educator who contributed much to the foundations of modern business thought, “the aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.” Marketing is, in essence, all about gaining consumer insights—even more than selling products and services. After all, the more you know about consumers’ likes, dislikes, and needs in the marketplace, the better off you’ll be when the time comes to sell your products and services.
It’s a multicultural market, and in order to be successful, businesses need to develop plans that include the increasingly diverse culture that is present in the marketplace. Instead of a one-size-fits-all marketing plan, businesses must take a look at their target audiences and formulate messages that speak directly to the people who will actually be purchasing and using their products. Otherwise, their messages will be lost in the crowd. As the marketplace continues to change, it’s imperative that businesses change along with it in order to be successful with consumers.
As your dealership looks toward a more diverse marketing plan to reach more consumers, there are several things to keep your eyes on. Earlier market predictions indicated shifts in population and demographics that will affect the way every business should look at potential shoppers.
The Hispanic population in the U.S. is growing more slowly than originally anticipated. Although still increasing at a rapid pace, the U.S. Census decreased projected population numbers for the year 2050 by 30 million. For various reasons, the number of foreign-born Hispanic consumers in the U.S. will be lower than anticipated, however, this demographic continues to grow in other ways, with U.S. births representing a majority of the population growth. For businesses, this means taking a long look at marketing strategies and taking into consideration the growing number of individuals who identify strongly with dual cultures.
Emerging Hispanic markets will be in less traditional geographical areas. Although traditional markets like Miami, Chicago, New York, and Los Angeles are still thriving markets for Hispanic consumers, look for substantial growth in the South and the Midwest. Due to population growth and a boom in job creation, a shift in population centers for Hispanic consumers and workers will also mean a shift for marketers. Businesses that haven’t traditionally seen large Hispanic consumer groups will see this change dramatically as the population continues to shift.
More influential brands are speaking Spanish in the marketplace. Brands that know the importance of being relevant and resonating with consumers have learned that language is key when making genuine connections. Not only does it make communication easier in many cases, but it also serves as a way to emotionally link individuals to their cultural backgrounds. While not every Hispanic consumer requires Spanish-language messaging, it’s beneficial for brands to provide target-language content in order to reach consumers who prefer it.
The poverty rate has declined in the Hispanic population. According to the U.S. Census Bureau’s 2014 report, the Hispanic population has seen a decrease in the poverty rate, notable especially because this is the only major racial or ethnic group with this recent outcome. Due to increased education levels, improved employment options, and the shift toward a higher percentage of U.S.-born individuals, the economic outlook for this demographic is positive. For businesses, this means an increased focus on Hispanic shoppers, who have shown to be early adopters of technology and influencers in the marketplace.
All of these factors—and more—affect the decisions your dealership will make as you move forward in an increasingly multicultural marketplace. It’s important to remember the influence of diverse shoppers on your business and work toward developing messaging that resonates and reaches them on a personal and individual level. When you include diverse consumers in your marketing efforts, you’ll be reaching a vastly larger audience that will be appreciative of the effort you put forth.
Companies that invest their time and energy in providing insightful solutions that reach the largest possible consumer audiences will end up gaining more loyal followers in the end. Work toward developing a solid strategy that integrates everyone into your brand’s efforts, goals, and values—and consumers everywhere will say ¡Gracias!