Last month, a debate broke out online between Jeffrey Bowman of Reframe: The Brand and the Association of Hispanic Advertising Agencies over the relevance of total market vs. multicultural marketing.
Clients have started thinking about 2018, even though 2017 only just started. I know it seems crazy, but keep in mind, national retail and promotional partnerships require significant lead time. Meaning, as a marketer, if you want to do a promotion around next year's big soccer tournament, you need to start thinking about it today. Yes, I'm referring to the World Cup. We are about 15 months away from Russia 2018, with soccer qualifiers and lead-up tournaments already in the works.
Earlier this month, Snapchat went public in the biggest tech IPO since 2014, raising $3.4 billion to advance its vision to "empower people to express themselves, live in the moment, learn about the world and have fun together."
Multicultural marketing has created a marketing economy based on segmenting the population by ethnicity. While ethnicity segmentation has worked for the past several decades, as I pointed out in an earlier column, that foundation is starting to crack. Our industry is experiencing a paradigm shift. As we attempt to make sense of this existential crisis of marketing models, we should consider how we segment and why.
This year's Super Bowl ads brought to light the role advertising plays in our cultural discourse. As I discussed in a recent NPR interview on the controversy over Super Bowl ads from Budweiser and 84 Lumber, advertising is both a reflection of our culture and an influencer on the culture.
With 59 million Hispanic consumers in the U.S. possessing purchasing power of $1.5 trillion annually, winning over this valuable segment is integral to the success of many consumer brands. Yet time and again, advertisers make the same glaring errors in their attempts to understand advertising performance among Hispanic consumers.
Only six weeks in, 2017 is already showing signs of being a big year for multicultural marketing. Corporations are doubling down on diversity initiatives. Strategic purchases and mergers have occurred and projected multicultural spend is trending upward for the year.
A recent report from Packaged Facts, Hispanic Pet Owners in the U.S.: 20 Million and Growing, really caught my attention since there are 20 million Hispanic pet owners in the U.S.
The lines between market research and marketing data are blurring. This really comes as no surprise, however. The convergence of these two disciplines was bound to happen at some point. While both industries are grappling with the implications of what this phenomenon means for the way they conduct research, startups shops are seizing the opportunity.
The financial services industry is no stranger to the Hispanic market. Many of the largest national and regional banks, insurance companies, tax preparation and investment firms have been targeting the Hispanic market for years. In 2014, the financial/insurance category spent a total of $352 million in measured Hispanic-targeted media (Nielsen, SSG). According to AHAA, from 2006 to 2010, expenditures by the financial services category saw a major increase in allocation of overall ad spending to the Hispanic market.