What would you do if you discovered a virtually untapped market with a buying power of over a trillion dollars? You would try to market to them, right? Of course you would!This trillion dollar market segment that has been overlooked for so long is composed of America's minorities.
Multicultural marketing is fast becoming, not
trend, but
norm in America. You see more ads featuring African-American families, commercials in Spanish with English subtitles or commercials that celebrate a minority culture.
Many advertisers who wish to tap into this market think that replacing a Caucasian actor or model with a minority is good enough. Wrong! Anyone can spot such a disingenuous act a mile away.
So if equal representation doesn't do
trick, then what does?
In many ways, multicultural marketing is no different than any other kind of marketing. The first thing you must do is understand who your target market is.
Here is a breakdown of your largest target demographics:
*The Hispanic Market--This market has seen explosive growth in its population size. Hispanic market spending power has reached $350 billion. The U.S. Hispanic population now numbers more than 30 million, comprising 11% if
total U.S. population. By 2050, Hispanics will make up over 25% of
total U.S. population. Today's Hispanics are living a different reality than those of previous generations. They have higher levels of education, are more affluent and consume a variety of different media.
*The Asian Market--This fast-growing market of 10.2 million commands an annual purchasing power of $101 billion. This market is younger than
general market at an average age of 30. Asians have
highest average household incomes of any group in
U.S. and also have
highest levels of education as compared to all other consumers. The average household size is larger than that of other groups, because of
Asian preference for multi-generational family households, further magnified by
immigrant experience.
*The African-American Market--The African American population is estimated to reach 45 million by 2020. They have a collective purchasing power of $450 billion, and spend more on luxury items like cars, clothing and furniture than their white counterparts. The Internet is
hot new medium for reaching this target population. Web sites such as www.netnoir and www.afronet.com attract thousands of African-American surfers with news, information, entertainment and products that are of interest to their specific audiences, as well as advertisers who wish to reach this specific audience.