Marketers: We Don't Get How to Do Diversity
Marketers are hiring more talent as well as spending more money to chase multicultural consumers. However, they still don’t know whether they are reaching their consumers effectively and with that confusion, they are often unsure if they are receiving good returns on their investments.
Twenty years ago up until now, marketers are still struggling to comprehend the multicultural market. According to a study for executive search firm Heidrick and Struggles by Brandiosity, 84 percent of markets believe that multicultural marketing is critical to their business while only 40 percent said they don’t know the financial value of multicultural groups to their companies.
Having a multicultural market is very important to the company, yet a lot of companies lack a real companywide strategy to address it.
“The root of this is the lack of awareness at the organization,” said Ms. Palazio. “While the CMO understands it well, they almost have to evangelize the value of multicultural marketing to the rest of the company.”
Not having a multicultural market could be the result of poor structure. Within the study, 44% said their companies were not effectively organized to handle multicultural marketing. As a result, ad-budgets and new hires increases become lost or marginalized in a system that is not structured to handle them.
I feel as though today, this should be no excuse. Our country is heavily diverse and in order to target your product or service, it’s essential that you have a plan to target the multicultural consumer as well. Multicultural marketing will grow if they incorporate a multicultural action plan. Doing this will increase a company’s revenue. The market 20 years ago is different compared to the market now and it is continuing to change. Keeping up with the ever-changing market, while successfully implementing a successful market strategy involves incorporating multicultural consumers in market plans. Although many companies cannot afford to do so base on their tight spending budget, being unaware is not a valid reason.
http://adage.com/hispanic/article?article_id=125320
posted by R.Wilson @ 5:48 PM
2 Comments
2 Comments:
I agree with the fact that in order to be more effective and grow as a company, you need to have the ability to reach a multicultural base, because there is currently more and more diversity in the United States, as well as in the world today.
More and more people are coming and going in and out of countries, and especially national companies need to know exactly how to deal with this, and reach every demographic in the correct manner. The ability to do this, is a necessary step in the growth of a company, and not only media plans, but advertising messages as well need to be able to relate to every culture and ethnicity in some way, because if a company fails to do that, the company will also fail as well.
I think that this is a very good article and true. I have however see specific companies target diverse groups to market to.
It essential to reach these audiences as the world is growing in its diversity population. More and more mixes of races are increasing than before.
So in order to increase sales and profit, the product has to speak to culture. Andm if it shows that a particluar product doesnt adhere to a particular audience, issues can arise with the public and spread through the wonderful forms of media. Which would/could lead to bad Public Relations
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