The Positive Power of Multiculturalism in the World of Business and Marketing
Multiculturalism isn’t just a buzz word that makes your pitch sound more impressive when shared with consumers, investors, and board members. It’s not something you practice for brownie points; it’s very, very necessary.
It’s an important and conscious decision that brands are making when devising content for marketing and strategizing how to go about building audiences. It’s a crucial part of their outreach, image, and rightly so.
While trendy, multiculturalism has pushed brands to be more inclusive, diverse, and made room for consumers to hold them accountable and demand transparency. The positive impacts of multiculturalism include the following:
The multicultural market is enormous—and getting even bigger
Brands that are unaware of the mammoth size of the multicultural market are genuinely missing out. In 2014 alone, the buying power of multicultural consumers was a whopping $3.4 trillion—and has only increased and will continue to grow. This makes for a considerable portion of the general market that needs to be catered to. It’s even more useful to have a niche that targets issues and unmet needs of these racially and ethnically diverse groups because of mass production by large-scale corporations.
Greater ROI for specific marketing techniques
With social media and specifically multicultural platforms like television channels, cultural and social events, it’s easier to use airtime and advertising space efficiently. Instead of paying thousands of dollars for airtime on general media and platforms, you can do choose this strategy. The budget for a single advertisement on national networks could be enough to launch an entire multicultural campaign.
Greater market insights
Multicultural marketing pushes brands and marketing agencies to work harder, research with more intensity, and with more sensitivity. You truly begin to understand who your consumer is, what they want, how they want it, and what you can do to deliver it. This can also help you develop your brand, product, and image better.
Influencer culture and celebrity endorsement
When you’re working to cater to specific cultural groups, getting celebrities and influencers on board is very useful. There’s value in knowing a trusted figure endorses a product, service, or idea, and followers of that individual are likely to follow suit. This is similar to official endorsements, but in an age of skepticism and critique, this helps reassure people that what they see is what they get, without going over the top.
Multiculturalism empowers viewers
Perhaps the most significant value in multicultural marketing is that it empowers viewers. It empowers them through representation, through knowing there are products for them by companies who care, and they are not overlooked.
If you haven’t yet tapped into the power of this new age of marketing, it’s not too late. Hire us to handle your multicultural marketing and advertising needs. We are one of the leading Hispanic advertising agencies in New York, with years’ worth of experience and a diverse team on board to help you achieve your marketing goals..