It’s the dawn of a new year. With it, countless new challenges and opportunities arise for companies to remain visible and relevant to their target audiences, particularly when discussing marketing approaches.
Gone are the days when just one marketing campaign would resonate with every single audience, which brings us to our main topic:
It’s time to transition to a Diversity Marketing Strategy (in fact, it’s long overdue).
Diversity Marketing – What It Is (And Why It Matters)
Also referred to as Multicultural Marketing, Ethnic Marketing, and even Minority Marketing, this holistic approach is more than just bringing inclusiveness to the table.
A successful Diversity Marketing Strategy will not only include different groups of consumers (otherwise left out in old-fashioned marketing campaigns), but it will also appeal to them on a very intimate level, based on how their cultures perceive the world.
Diversity involves a deeper understanding of what your target culture encompasses – how they live, what they desire, and why this particular cultural group behaves the way it does.
This conversation can’t wait any longer.
If your ads are consistently portraying white, straight, young, and beautiful people, your company will inevitably fail to reach broader audiences.
A narrow-minded marketing approach means you’ll be missing out on priceless business opportunities as your competitors ride the diversity wave on their way to visibility and success.
Diversity Marketing Pros
The term “minority” doesn’t fully apply anymore since minorities are becoming the new majority. As of the latest US census, only 60.1% of Americans consider themselves exclusively white. Hispanics and Latinxs comprise 18.5%, and African Americans represent 13.4% of the population, which brings us to our first and most crucial advantage:
1. Increased Business Opportunities
When you market to more audiences, you get more results – straight forward as that.
People will respond better to your marketing ads if they see someone just like them because it means they can finally picture themselves using your product or service.
2. Positive Brand Perception
Companies that embrace a diverse marketing approach get more positive market perception from all target audiences than those that don’t.
In other words, all audiences will resonate better with your brand (even when not particularly displayed).
3. Customer Retention
In the US alone, customers swaying from one company to the next out of disengagement represent a staggering $1.6 trillion worth of missed business opportunities.
Additionally, after you lose a customer, it will cost your company five times as much to get a new one in their place. These numbers alone should be enough to make you consider diversity marketing.
Diversity Marketing Cons
Technically, these are not cons. Think of them more as challenges.
1. Higher Costs
Yes, implementing Multicultural Marketing Campaigns will cost more money in the beginning. However, all the effort pays off in the end (with dividends).
2. Diversity Is A Delicate Subject
Inexperienced marketers, although well-intentioned, might come short when developing diverse marketing strategies because there’s a thin line between a successful campaign and using misguided stereotypes that could potentially come out as offensive to the very audience you’re trying to please.
3. Diverse Marketing Does Not Mean Losing Your Essence
You don’t want to lose track of your brand’s original voice and personality over a diverse marketing approach, and frankly, there’s no need for that.
Beyond appealing to different audiences, your company needs to understand your customers’ intent and their purchase motivations – and it can do so using its very own language and personality.
So, what’s the final verdict on Diversity Marketing?
How do you decide if it’s right for your company and how do you go about implementing it if you do?
Implementing a successful diversity marketing approach is challenging for everyone, especially if your company isn’t a diverse workplace. Fortunately, you can always count on the services of experienced marketing agencies, such as Phu Concepts, with proven expertise in the field of multicultural marketing.
Do you want to know more how to implement Diverse Marketing in your business?
Also referred to as Multicultural Marketing, Ethnic Marketing, and even Minority Marketing, this holistic approach is more than just bringing inclusiveness to the table.
A successful Diversity Marketing Strategy will not only include different groups of consumers (otherwise left out in old-fashioned marketing campaigns), but it will also appeal to them on a very intimate level, based on how their cultures perceive the world.
Diversity involves a deeper understanding of what your target culture encompasses – how they live, what they desire, and why this particular cultural group behaves the way it does.
