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The cost of ignoring diversity in your business is greater than you think.

June 14, 2019 by  
Filed under Money/Business, News, Weekly Columns

(Akiit.com) We have some news for you: multicultural marketing isn’t niche marketing, it is mainstream marketing. The multicultural segment is the fastest growing of the U.S. population. They are 120 million strong and growing by 2.3 million per year.

Hispanics, African-Americans, Asian-Americans, and all other diverse segments are the growth engine of the future. In fact, the Census projects they will be the majority by 2044 in the U.S.

With these astounding demographics, marketers and entrepreneurs must authentically understand cultures to connect with an increasingly diverse customer base.

How to reach this audience

Thinkzilla Consulting works with brands to drive cultural awareness and engagement. Our consistent advice to clients: you must make every effort to understand this multiculturalism in order to be successful in the next generation. After all, the cost of diversity is greatest to those who fail to acknowledge it.

Here are some strategies to help you reach diverse segments in a more authentic way:

Focus groups. Marketers must account for a wider variety of cultures, behaviors and market trends in their campaigns. One way to do this is by regularly holding focus groups and consumer surveys as part of your marketing campaigns.

Subscultures. Sometimes brands create strategies based on stereotypes. This is often due to a misunderstanding of culture, traditions and values. To avoid being seen as insensitive, brands must understand that subcultures exist – audiences come in different shapes, sizes and hues.

Multicultural budget. Often businesses will create a total-sum marketing budget that allocates a small amount for multicultural. This signifies that multicultural strategy is an after-thought – rather than a cornerstone of your business purpose. Earmark a scalable budget that allows for in-language translation, original content creation and diverse media features.

Don’t be left behind. Connect with Thinkzilla Consulting to understand the tastes, habits and customs of the majority audience.

Staff Writer; Jason Love

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