Multicultural Consumers are Key to Your Brands Growth
As a brand strategist, one of my key objectives while working with clients is to create emotional connections between their products/services and their target audiences. Emotions significantly influence and, in many cases, determine our purchasing behavior.
Researchers have found that consumers primarily use emotions (personal feelings and experiences), over information when committing to purchase. These facts shine a light on the need for brands to begin shifting their focus on creating emotional connections with the future drivers of the consumer market — multicultural Millennials and Gen Zers.
It has been well documented that the United States is entering into an era of transformation in regards to its general population. The term “minority” is taking on a new face as current African-American, Asian-American and Latin-American demographics are seeing exponential growth. With over 6,310 new births per day*, the multicultural population is the youngest & fastest growing population in the U.S. Even with the current fight to reduce the influx of immigrants into the country; there is no sign of this rate of growth slowing in the foreseeable future.
As one can imagine, growth within a particular demographic will inevitably bring forth increased buying power for that group. *It has been estimated that by the year 2019, multicultural consumers will account for over 4.1 trillion dollars in buying power within the U.S., a sum that will continually increase over time.
If you’re a leader of a business, whether large or small, you should consider these figures and begin proactively discussing with your team how to effectively align your marketing efforts to emotionally connect & capture mindshare within these ethnic groups. Once an emotional connection is obtained, an increase in market share will undoubtedly follow.
Before doing so, you must first ensure any new approach aligns with your defined brand DNA — vision, mission & core values. If the planned initiatives do not align with the DNA of your brand, it will be difficult to establish an authentic connection between you and your target audience — and the need for authenticity has never been more important in business than it is now.
Social media has brought on an era of forced transparency as consumers can view if a brand’s actions align with what they’re communicating. You must demonstrate that your brand understands their culture and purchasing desires without being seen as a gimmick or a one-off marketing tactic to obtain new customers. Disingenuous communication while attempting to capture the attention of a particular demographic can be very off-putting, and can negatively impact the brand’s marketing efforts and overall reputation.
Millennials and Gen Zer’s are consciously spending their dollars with brands that represent their personal beliefs, pursuits, and lifestyles. All consumers, whether African-American, Asian-American, Latin-American, or Non-Hispanic White want to feel understood. It is essential for your brand to begin thoroughly analyzing what matters to these communities, and deliver products, services, and messaging that speaks directly to their needs & cultures.
*Sources: The Multicultural Edge: Rising Super Consumers