A 2019 report found that despite 100% of total population growth being driven by multicultural segments, marketers are underspending significantly in these areas and overspending to reach consumers that are not multicultural.
In fact, 40% of the consumer population—or 129 million consumers—is multicultural. Yet, just 5.2% of total marketing and advertising spending is dedicated to multicultural media investments.
Multicultural Marketing is “a niche within marketing growing a brand’s marketing goals within a clearly defined ethnic/race-specific audience such as Hispanics, African Americans, Asian Americans, LGBTQ+ or perhaps BIPOC and non-multicultural segments as well,” says Juanita Velez, a ‘Multicultural Marketing Expert,’ according to the article.
Focusing on multicultural marketing is a way for brands to build relationships with groups outside of the “majority audience.” Patrick Quinn, CEO of PQ Media, says that if brands want to build market share, they should focus on multicultural segments. “Brands need to shift away from bland, generic total market messaging and concentrate on delivering culturally relevant copy in media that are being seen by multicultural audiences,” he says, according to the article.
To succeed, brands should use appropriate, culturally-specific campaign messaging. Brands will fail if they are unable to understand how culture influences the buying choices of their customers. “For most brands, the authentic representation of community and family offers pure upside: not only does it result in increased activation of the target group, it also resonates with other segments, who are drawn to the authentic representation of segments, even if not their own,” according to the article