Try Multicultural Marketing to convert all demographics!
Article summary:
- Current Demographics and their implications for Marketing
- The Roi of Multicultural Marketing
- The difference between Multicultural Marketing and Total Marketing
Multicultural Marketing based on Demographics
Current US Demographics affecting Multicultural Marketing
TOTAL POPULATION
- White Americans = 60%
- Black Americans = 13%
- Asian Americans = 6%
- Latino = 19%
UNDER AGE 16
- White Americans = 50%
- Black Americans = 13.7%
- Asian Americans = 5.2%
- Latino = 26%
[data pulled from United States Census Bureau]
US Population diversity is growing faster than predicted
Growth rate among non-white racial groups have bee growing exponentially. In fact, it is exceeding what the prediction made by United States Census Bureau 10 years ago.
Many sources cited on the internet reassure the populace that the non-white expansion is coming from WITHIN the country, and not as a result of immigrations.
In 2000, White Americans represented 75% of the total population. Today, that number has dropped to 60%, and it is projected by some estimates to be plummet down to 40% by 2060.
It is safe to assume that at this rate; Multicultural Marketing will be the primary Marketing model of the US.
HOW CAN PHU HELP YOU?
How does Multicultural Marketing affect your Brand image?
Only one way: POSITIVE.
Bear in mind, the goal is NOT TO HIGHLIGHT THE RACIAL DIFFERENCES. Not at all… The goal of multicultural marketing is INCLUSION.
It is all about understanding the UNIQUENESS of the growing market segments. It is about leveling with the consumer and tuning to their TASTE and PREFERENCES!
If your Brand is able to communicate with a new consumer segment that no one else is after – you got it all!!! You will capture that segment and they will become the MOST LOYAL consumers you’ve ever had!
ROI – What’s the bottom line?
In a nutshell, the multicultural market segment is the differentiator between companies that are growing and companies that got stuck.
I mean, we’re talking about DOUBLING YOUR PROFIT. So, is it worth?
Well, many big cats are doing it. That’s gotta tell you something.
In fact, adopting multicultural marketing is done by all American corporations today.
Many corporations are running multicultural campaigns highly targeting the multicultural consumer. Companies like Nike, Adidas, McDonald’s, Coca-Cola, etc.
HOW CAN PHU HELP YOU?
Multicultural vs. Total Marketing
According to culture marketing council, Total Marketing is:
“A marketing approach followed by corporations with their trusted internal and external partners which proactively integrates diverse segment considerations.”
IN EGLISH:
Total Marketing is about adapting your marketing efforts to account for the demographic ‘fringes.’
This is a hotly debated subject.
As every company has different campaign results, they tend to explore different strategies suitable for their buyer persona. While Total Marketing may work for you, it could totally flip for someone else.
To learn about the KEY DIFFERENTIATORS AND WHICH TO CHOOSE between Total and Multicultural Marketing, click here.
HOW CAN PHU HELP YOU?
Total Marketing makes sense when you are NOT TARGETING THE MULTICULTURAL CONSUMER. But instead, you’re trying to account for their GROWING and IRREFUTABLE SEGMENT SIZE!
In other words, it is only a matter of time when Total Marketing is no longer efficient enough to capture the whole market segment. Instead, all companies will be obliged to break down Total Marketing into a more-targeted approach.
