Need to Know
Multicultural markets con- tinue to grow in popula- tion size and in wealth. However, these consumer
segments are misunderstood by cor-
porate America, and opportunities are
missed to leverage their buying power.
With such a large opportunity present, why are so many
brands missing the boat when it comes to successfully
marketing to underserved consumer demographics?
The problem is that corporate America is not in-
vesting the time and resources needed to understand
cultural nuances. Brands are using a cookie cutter
approach when creating campaigns while missing the
vast majority of potential customers. While there is a
larger movement toward sensitivity and authenticity in
marketing and advertising, there is still a big learning
curve. As the consumer marketplace becomes more
and more diverse, marketing to underserved seg-
ments is no longer an option but a necessity.
Here are some ways your firm can leverage these
underserved markets and avoid getting left behind.
Build a diverse marketing team. Build a firm that
represents who you are trying to reach. Ethnically diverse firms are 35% more likely to outperform those
who are not diverse (McKinsey). This will go a long
way in terms of authenticity in your marketing message and campaign storyboards.
Representation matters. When creating advertisements or collateral, consider the diversity represented
in the photos. Does it reflect the market that you are
trying to connect with? Creating collateral in which
members of a community are portrayed positively
and as providers for themselves or family is important
in building trust for your brand.
by Carly Reeves
As the consumer marketplace becomes more and
more diverse, marketing to underserved segments
is no longer an option but a necessity.