Multicultural consumers currently have a $3.4 trillion purchasing power and are the fifth largest consumer market. By taking special steps to tap into this market, you can open up a world of new possibilities, which can expand your audience, and inevitably lead to increased profits.
Here are the 3 Steps we recommend for earning greater profit using multicultural marketing:
1. Make your marketing multilingual
The ethnic diversity of the United States is constantly changing, so the language of your marketing strategy should reflect this. By translating your content, you are automatically reaching a wider and more diverse audience.
The USA is hugely diverse when it comes to language. Over 37 million people in the USA speak Spanish as their primary language, and nearly 3 million speak Chinese in the home.
2. Research your target audience
Conduct research into the multicultural audience that you are targeting to ensure that your marketing strategy will be relevant and appropriate.
For example, research found 17% of the US population are of Latino origin, and this is expected to increase to 31% by 2020. Marketing strategies that target Latinos could potentially open up a company’s market to millions of people.
Even more insight can be gained by investigating the habits of multicultural consumers, for example, a study by BIA/Kelsey found that Latinos outpace non-Hispanics in the use of social media:
– 73% of Hispanics use Facebook
– 34% use Instagram
– 25% use Twitter
– 21% use Pinterest
– 18% use LinkedIn
By also researching the history, traditions and values of certain communities, marketing strategies have the potential to become more relevant, personal and ultimately more successful.
3. Develop content based on the findings of your research.
Use such research to your advantage by adjusting your marketing strategy accordingly. When creating content, keep the values, goals and lifestyles of your target audience in mind to ensure that your content will be relevant.
Content can be tailored towards a certain ethnic group by acknowledging the traditions, holidays and festivals, beliefs and concerns of a specific group and addressing these directly in marketing campaigns.
Developing brand affinity and maintaining loyalty is key to growth in business. Keeping a loyal base of customers, while simultaneously expanding this base will ensure that your business thrives.
A marketing strategy which caters to a multicultural audience is one which has the ability to take your brand global. By reaching out to customers of varied ethnicity, your business will gain a new customer pool, and with new customers there of course follows increased profits.