Emerging markets have become an increasingly important audience for today's marketers, as they offer significant new avenues for revenue. Traditionally, marketers would create buyer personas and place consumers into buckets to drive targeted marketing campaigns, but this approach doesn't take into account the unique needs and personalities of cross-cultural consumers. In fact, addressing cultural markets is a self-proclaimed weak point for many marketers. But by ignoring these audiences, marketers are missing out on huge opportunities.
This was a banner year for multicultural market research. With large consultancies like PwC with their "Always Connected" study entering the multicultural arena to stalwarts like Nielsen continuing to produce high-quality work, total market consumer insights are widely available for brands looking to tap into this market.
There is a big reason why marketers have spent the last five years obsessed with Millennials - the numbers. Millennials total 75.4 million and have overtaken Baby Boomers as America's largest generation. The business community is also starting to pay attention to the next generation, Gen Z. This group of people under the age of 20 is already almost as large as Millennials. Millennials and Gen Z combine to make up more than 50% of the entire U.S. population. The future is now.
Complexities associated with navigating the new majority were amplified during the 2016 Presidential election with increasing ethnic diversification, generational differences, and the growth of upwardly mobile Hispanic households influencing candidate selection. Increasingly progressive-minded U.S. born Latinos and Latina power also played a role.
There has been a lot of talk about Millennials embracing mobile payment. Last month, Chuck Martin published an article in MediaPost's "MobileShopTalk" about consumers being slow to adopt mobile wallet use.
Despite the fact that the 2016 presidential election did not go the way most Latinos would have hoped, there are some important insights that marketers can glean from it.
After years of explosive demographic growth, Latinos are not only defining the trends and culture of today's new American mainstream, but they are now in the unique position to decide this election. As a marketing association, we have seen how getting Hispanic marketing right can make or break a business's ROI, and it is the same in politics. The Hispanic impact is on the mind of every CMO today, and organizations - political or otherwise - that wish to stay viable need to understand their audience and what's important to them, identify the right ambassadors and connect authentically where they ...
One of the cornerstones of the Total Market approach is the application of key cultural elements strategically across all segments. But even before the concept of Total Market emerged, multicultural marketing relied heavily if not exclusively on cultural elements to connect with diverse audiences.
This month, I had the opportunity to attend the Association of National Advertisers' Multicultural Conference and participate in the launch of the "We Are Gen Z Report." It was an interesting intersection of where cultural marketing is today and where I think it's going in the future.
Scale (or multi-brand) retail programs have been around for a long time. This is not new news. However, when it comes to Hispanic scale programs, the dynamics tend to be a little different.