Within the next 5 years, multicultural consumers will drive 86% of the total spending growth in retail. Looking at future potential earnings without including these groups, will only address 10% of the growth opportunity; leaving money on the table. Brands and marketers can strategically create an inclusive, authentic community using social media in order to create loyal, life-long customers and brand advocates.
2. THE SWEET SPOT: THE INTERSECTION OF YOUR BRAND
AND THE “NEW AFFLUENT” CONSUMER.
3. WITHIN THE NEXT 5 YEARS,
MULTICULTURALCLIENTS WILLDRIVE
86% OF THE TOTALGROWTH
ON SPENDING IN RETAIL.
IF YOU LOOK AT GROWTH WITHOUTTHESE GROUPS,
YOU ARE ONLY ADDRESSING 10% OF THE GROWTH.
4. TARGETFind the natural fit between your brand and diverse audiences.
Work up strategies that find your target market on the platforms they use.
Identify “new affluent” markets that are currently under valued in brand marketing.
Make sure you’re not leaving money on the table.
5. $3.2 TRILLION:Buying power of racially diverse populations in the United States.
Number of affluent multicultural households in the United States:
1.5 MILLION
6. DITCH THE ‘ONE SIZE FITS ALL’ APPROACH:
Black, Latino, and Asian-American
users make up 41% of Twitter’s total
United States users base — more than
54 million users in the U.S. This opens
up an opportunity for brands to
communicate directlywith consumers
and prospects on Twitterwith a much
higher rate of engagement.
7. ENGAGEEngaged communities drive business.
Develop a social content plan that incorporates ongoing advertising campaigns,
public relations initiatives and engages emerging audiences.
Partnerwith key influencers to create credibility among diverse communities.
Listen. Speak in their language. Walkyour talk.
8. “PEER INFLUENCE
IS MORE IMPORTANTTO CUSTOMERS...
AND WHILE CONTENT IS IMPORTANT,
IT NEEDS TO BE CONTENT ATTHE RIGHTTIME
AND ON THE RIGHT PLATFORM
SO THE CONTEXTUALELEMENT COMES INTO PLAY.”
HUBSPOT'S CEO BRIAN HALLIGAN
10. CONVERTCommit.
Execute on tactics to convert prospects into loyal customers by providing diverse
audiences with the education and tools needed to not only buyyour product or
service but also become enthusiastic brand ambassadors in a way unique to their
community.
Seize opportunities to amplify the customer experience and increase customer
satisfaction.