In business, the key to success is diversity. A company that offers a diverse array of products and services will be more successful than one that does not. Along the same lines, a company that has a marketing strategy that only targets one demographic will not be as profitable as one that develops a multifaceted strategy. Here are three reasons why you should diversify your marketing strategy.
Go multilingual or go home
In the next 20 years, the U.S. population will undergo a significant change. For the first time in the country’s history, non-Hispanic whites will be in the minority, and brands that expect to prosper in that new landscape will have to make some adjustments. One way to do this is to include multilingual marketing material in your overall strategy. As this Max Point article explains, Hispanic consumers are more brand loyal than any other group, and they appreciate being marketed to in Spanish and English. If you believe that your brand will not appeal to minorities, all you’re doing is cutting yourself off from a lucrative market.
Happy and profitable holidays
Black Friday has become the biggest consumer spending day of the year because of its relationship to two American holidays. As the nature of the American identity changes, so too should your business’s holiday marketing paradigm. Run Halloween, Thanksgiving and Christmas specials, but also construct campaigns around holidays like Hanukkah, Chinese New Year and the Day of the Dead. Enthusiastically and respectfully celebrating America’s diversity can be very lucrative.
Your marketing materials should reflect your customers
Regardless of your industry, your marketing materials should reflect the face of the American consumer. This means using a wide range of ethnicities and age groups in your ads. Doing so will help potential minority customers identify and form connections with your brand. Additionally, depicting your customer base as diverse will have a trendsetting effect on the larger marketplace. As this Bloomberg piece notes, McDonald’s was successfully able to re-energize their brand among middle class consumers by featuring African-American and Latino actors. Follow their lead, or make peace with the fact that you’re leaving a lot of money on the table.
This article was written by Mario McKellop of Examiner.com for CBS Small Business Pulse.