According to the latest data provided by WARC, investment in global advertising grew by 12.5% in the first quarter of 2020. In the second quarter, it increased by 23.6%.
According to the company’s forecasts, investing in global advertising will grow by 12.6% in 2021 and reach $665 billion, a much higher increase than the 6.7% that was previously forecasted. By 2022, it’s expected to increase by 8.2%, reaching $700 billion.
In addition, the latest U.S. census data show that ethnic minorities in the U.S. account for more than $1 billion of the $7 billion in total U.S. consumer purchasing power, and that power is rapidly increasing.
The result is clear: Companies must invest in developing multicultural campaigns to appeal to Latinos and other minorities.
The question is, how do you go about winning over this key segment of the population? As experts in designing digital marketing strategies for the Hispanic market, we understand that addressing multiculturalism may seem complex, but in essence, it simply entails a deeper analysis to redefine your audience and ensure that you offer genuine value to your users or customers.
Keep in mind that when we talk about multicultural consumers, you can’t focus on a single characteristic such as race, cultural background, sexual orientation, age, education, or region. The key is to link these unique characteristics together to form an individual identity and create the ultimate sales campaign.
This is where multicultural marketing can become your best ally. At BOLD, we focus on effective communication because we understand that messages in our native language may be interpreted from a more emotional perspective than those from another language. In other words, if you are trying to communicate or sell something to someone whose native language is different from yours, then the message may be better received if you use theirs instead.
…and it doesn’t end there. These types of consumers must be approached with different strategies, such as through “nostalgia marketing,” where people may buy products that remind them of their home country.
If we continue to dig deeper, we must remember to include the newer generations, who need to be segmented differently. Although they were born in this country and raised in the American way of life, they still have a strong Hispanic cultural influence.
We could list all the advantages of investing in multicultural marketing for your business. However, we prefer that you draw your own conclusions. In the next few weeks, run a report of the sales you have generated from your Hispanic audience, then visit our website https://boldhispanic.marketing/en/. Let us help you turn your multicultural marketing investment into the ultimate profit making machine.