Source: CIA World Factbook, January 2018.
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Today marketers are living in a tougher world, with declining profits, stagnant growth, dwindling margins, bigger competitors, category disruptors, and no easy targets for growth.
Diverse segments are as large and powerful
as countries around the world.
Experts in Marketing and Strategy- with an emphasis on Multicultural and Inclusive Segments.
The marketplace is more diverse than ever and these multicultural consumers exert an outsized influence. They impact of this diversity will continue to be amplified in the future.
Multicultural consumers were responsible for $261B of “Real Additive Growth” across industries demonstrating the positive impact of their contributions. Many weaker-performing industries would have seen far greater spend contraction without multicultural consumers’ contribution.
…And are fueling corporate growth
The entire growth of new consumers in over 50 key categories from 2012 -2017 came from Multicultural & Diverse segments.
0
%
of the growth in compact, minivan and midsize SUVs came from African American consumers.
0
%
of the growth in home improvement, 76% of the growth in Small Business, 73% of the growth in cellular/mobile phones/smartphones bought, and 79% of luxury car purchase growth came from Hispanic consumers.
0
%
of the growth in personal student loans and 61% of new investors in stock came from Asian consumers.
Marketers are missing
the opportunity.
Yet, only 16% of companies are directly targeting Hispanic, Asian, African American and LGBTQ segments with their creative and media dollars.
They claim to have lack of funds and/or bandwidth. They believed their general market efforts reached everyone effectively.
Simply put, they didn’t know how to do it so they simply chose to ignore the opportunity.
It’s time for marketers
to shift their thinking.
Marketers need to rethink their current approach to multicultural and inclusive marketing and the metrics the use to determine success if they want to maximize their growth.
For companies interested in maximizing their corporate growth, DMI Consulting is ready to offer a myriad of services that can help marketers maximize their connections with ALL consumers.