3 Reasons Why Multi-Cultural Marketing Is a Must for Retail
When it comes to retail businesses, the end game is ultimately numbers. It all comes down to understanding demographics and targeting audiences accordingly to maximize brand reach, growth and sustainability.
If a brand fails to tailor its strategies in accordance with the evolving ethnic and generational trends, it is unlikely to establish itself as a leading competitor that sells.
With cultural integration rapidly increasing each day, the U.S. has become one of the most cosmopolitan countries in the world.
Over 60 million Hispanics currently dominate the minority population of the U.S. Research also indicates that among all ethnic populations of the U.S. (white included), Hispanics are the most frequent mobile internet users!
With most modern marketing done through mobile phones, it’s a no-brainer that minorities hold immense buying that has currently reached a whopping $3.9 trillion.
Read on for three reasons why multicultural marketing is a game-changer that’s bound to revolutionize your retail business.
1. Numbers, numbers, numbers!
We couldn’t emphasize this enough if we tried. Latest research indicates that white populations in the U.S. are projected to turn into a minority by 2045, with current minorities taking over and becoming an established majority.
This shift will pull back the white population to 49.7% with the majority comprising Hispanics, blacks, Asians and other multiracial populations at 50.3%.
Not only will multicultural marketing strategies boost your retail brand but failing to accommodate them can actually be injurious to your brand identity as well.
The power of social media and activism has put racial and ethnic equity at the forefront. U.S. millennials understand the importance of diversity and won’t hesitate to notice the lack of representation in your brand.
Estee Lauder’s lack of inclusivity in products and marketing cost them not just a pretty penny but also their reputation.
H&M took things a step further by launching a blatantly racist campaign that permanently took them off the radar with consumers refusing to shop from them in the future.
If you want to prevent your retail brand from losing sales and prestige, you might want to reconsider the lack of diversity in your marketing strategy.
2. They Care About Fashion
Minorities form one of the biggest bases of retail consumers in the U.S. It goes without saying that millennial minorities are even more invested in the fashion game and keep up with the newest trends on a daily basis.
It’s essential for retail brands to tailor their marketing strategies to target a large bulk of their audience that would otherwise turn away if there was a lack of inclusivity or representation.
3. Media and Tech Savvy
With online shopping garnering increasing popularity each day, most retail brands have shifted their focus to building a winning website and app.
Studies show that consumers prefer shopping on-the-go as opposed to visiting stores as it saves time, energy and is highly convenient. With Hispanic and black millennials using their phones more than their white counterparts, it is essential to devise a marketing strategy that targets them.
The power of numbers combined with the power of the internet is bound to produce results that will grow your retail brand.
Ready to get started on a multicultural marketing and advertising strategy?
Get in touch with our experienced and reputable team of experts at GoDiversity who are sure to transform your marketing game with their resources, expertise and insight.
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