What if you could add 20% in market share and/or volume, would you call us today?
Close to $2 trillion in purchasing power from the multicultural market add 20% plus growth potential to brands that understand these consumers, anticipate market trend dynamics and advance business plans that are strategically inclusive of these typically younger and loyal customers.
"Gone are the days when advertisers (marketers) could aim at a single broad demographic. In the 10 largest cities, no racial or ethnic group constitutes a majority. By 2010 just 54% of Americans under 18 will be white non-Hispanic." Advertising Age, Businessweek 11/9/09.
While the objectives are as varied as the number of existing brands, adding the multicultural element is the most effective way to tap new dollars from an expanded customer base. Increased brand value and sales volumes from a larger prospect universe through online / offline media and retail outlets is a necessary tactical strength. The mission at MMC is meeting aggressive goals of established brands, startups and line extensions to levels unexpected by even some of the most optimistic entrepreneurs.
Market assessments, consumer research and insight gathering, together with many years collecting data and analyzing purchasing habits of different income, demographic and ethnic groups, allow us to help structure plans that achieve higher than presumed short and long term objectives for individual brands and corporate entities.
There is not enough dedicated media nor the budgets to attend the needs of all major subgroups, but understanding their needs, aspirations and propensity-to- buy particular products and brands will maximize mass and/or regional business development activities.
As your multicultural marketing consultant we ensure that your products or services, directed at consumers and/or business entities, are ethnically relevant to the most narrowly defined targets; from sales message, creative concept, promotional engagement, media mix and overall purchasing experience.
Engaging multicultural segments is necessary to your business growth!
An expected combined population of 110 million, almost 35% of the total US population; purchasing power of $ 2 trillion or more by then.
Asians, Blacks & Hispanics accounted for 82% of US population growth. Hispanics accounted for about 51% of that increase.
The new century began with 80 million non-white Americans out of a 285 million US population, or close to 30%; Hispanics become the #1 ethnic group.
This year combined African Americans, Hispanics and Asians represented 16% of the total US.
Right before WW II the combined AA, Hispanic and Asian segment represented 11%; almost 10% were African Americans.
Projections from the US Census Bureau, Geoscape American Marketscape DataStream.
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