by Gerri Knilans
Not long ago, prospects and customers were a more homogenous group, often located in the communities and surrounding areas in which they lived and worked. Today, with the advances in technology and the growth of a multicultural population, companies are expanding their marketing outreach dramatically, both in terms of geography and customer profiles (including age, gender, race and socioeconomic background).
Multiculturalism is a concept that encourages and embraces multiple ideas, beliefs or people from geographical, social, racial and cultural backgrounds. The good news is that multicultural consumers are rapidly growing in scope and purchasing power. In fact, by 2015, 38% of the population (120 million people) had a multicultural background. The numbers are expected to grow by 2.3 million annually, reaching majority status in the U.S. population by 2044, according to the U.S. Census Bureau. That’s a huge demographic to consider. With diversity increasing, it’s no surprise that companies are embracing multiculturalism as a growth strategy.
Methods for Multicultural Marketing
In marketing, that demographic is defined as “the multicultural market,” while the majority demographic is considered “the general market.” While many of your messages and initiatives will resonate with both the general and multicultural markets, it’s essential to identify what the growing multicultural population considers important, which communication methods they utilize and what challenges you can address. Here are some suggestions for bringing multiculturalism to the forefront of your marketing and business practices.
Connecting With Multicultural Audiences
The Value of Diversity
The marketplace changes every day and learning how to adapt and grow with it is a business reality. Agility and flexibility are key. As the consumer market becomes increasingly diverse, companies need to establish meaningful connections with multicultural audiences to remain relevant in a competitive marketplace. Because multicultural consumers are the fastest growing segment in the United States, taking a multicultural approach is no longer an option, but a necessity. Brands that recognize the value diversity brings to their companies and integrate multicultural strategies into their marketing and culture will continue to grow and influence their industries.
See original article at Trade Press Services
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