To mention that Marketing as we know is changing is an understatement. There is not anymore just one kind of Marketing. This big umbrella holds other kinds. In this article, we will focus on a segment known as Minority Marketing.
What do you need to know about Minority Marketing?
The truth is that a demographic tsunami is taking place and is changing the nature of marketing as we know it. In this article, we are going to discuss:
- What has changed in the Marketing space as we know it?
- The new trend and big data in Marketing
- The brave new world of Branding
- Minority Marketing: a new kind of thinking
- How to embrace Minority Marketing?
What kind of changes has Marketing being through?
What is this big change? Simply put, it’s called the minority/majority shift. As 2020 came to a close, over more than half of those under 17 came from a minority background, which means that a small margin will continue to grow as those people become adults and gain more spending power.
So what does that mean for marketing and marketers?
Basically, it puts a mandate on marketing to potential minority customers because they’ll soon be majority buyers and spenders.
The trend to do this has been labeled minority marketing, which is something of a misnomer.
It’s also been called MULTICULTURAL MARKETING or DIVERSITY MARKETING, but regardless of how it’s labeled, it represents a huge change.
The New Trend and Big Data in Marketing
Anyone who’s been paying attention to demographics and population makeup has known for a while that the world is becoming more diverse.
Some marketers, however, have been slow to realize this, and many companies are now playing catch up as a result.
This diversity trend has been tricky to verify in the marketplace in the past, but now it’s not. Want proof? Let’s look at some simple numbers.
Start with a big one: spending power.
Of the $6.5 trillion dollars spent by Americans last year, nearly a quarter of it was spent by a combination of African Americans, Asian Americans and Latinos, according to the Selig Center for Economic Growth, which is based in Georgia.
As shocking as that percentage is, it’s going to grow in a big way. It’s been trending up for some time now, and its just one example of how finding the appropriate data is key for marketers.
Beyond that, though, getting the right data can turn into a maze, but fortunately there are some great sources of reliable information.
Start with the US Census as a prime example. The government has done a lot of great work that marketers can use to pinpoint their buyers and target them appropriately. Data like the ones provided by the US Census can be an excellent starting point for a top-down approach to data gathering, which can be extremely effective for many markets and products.
Beyond Data: The Brave New World of Branding
For better or worse, though, effective data just represents the proverbial foot in the door when it comes to MINORITY MARKETING. The message has to be authentic, and brands must be shaped differently as well.
The big question is how to do this. The answer may seem circular-you tackle that question by asking more great questions about your brand, then drill down to formulate the best possible approach.
Let’s look at a few sample questions that must be asked:
Are ads targeted the right way?
Is your content marketing geared to match the needs of your audience?
Do you see signs of recognition and vitality when they respond to your approach?
Is the language inclusive and authentic in a way that reaches them as unique people rather than just as potential customers?
These aren’t simple questions, of course, but they do help open another door that we’ll address in the next section: the need to think differently.
Minority Marketing: a New Kind of Thinking
As you go about the business of reshaping or rebuilding brand, there’s another resource we haven’t mentioned yet-your employees.
| Click here to know more about “Why Cultural Diversity is important in the workplace?” |
Think about it: If your marketing is becoming more diverse, the chances are strong that the people sitting around your conference tables will be, too.
That means they have the expertise and knowledge to answer many of the previous questions, which makes it incredibly crucial to use what they have to offer.
To do that, though, you have to think differently, and it really is all about communication. Mechanisms must be put in place to communicate effectively at all levels of your company so that new ideas get shared and implemented effectively.
That’s really the key to minority marketing, and to staying ahead of the curve as that growing minority slowly surges toward becoming the powerful majority.
How to embrace Minority Marketing?
Here are four concrete things you can do to help your company step into the world of minority marketing and embrace diversity and inclusion:
- Consult Experts and Build Relationships. To do minority marketing, you need to walk the walk. That means hiring a company that specializes in meeting the needs of whatever ethnic groups you’re looking to reach and use minority businesses for whatever services you need, i.e., financial, legal, etc.
- Use Focus Groups. Your employees can provide some expertise, but you need to know more, too. It’s worth bringing in target minorities along with a moderator to see whether your promotional methods match up with their needs and beliefs.
- Know the Standards. Every culture has taboos and stereotypes, and you need to know how those affect your promotional methods. Once again, focus groups are a great way to do this, but research and testing can be just as effective.
- Break the Language Barrier. Many minority groups speak different languages, and they have slang expressions that may not be common as well. Hire a translator or a language expert who knows all the nuances, and follow the advice of that expert.
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