Is multicultural marketing the last line of defence for brands?

Multicultural marketing

Is multicultural marketing the last line of defence for brands?

It is quite logical that investment in the ethnic market is a growth move for marketers looking to increase revenues and market share.

There are few inspirational brands that have targeted ethnic market successfully for the past decade and done extremely well out of it, few such examples include Westmill (Elephant Brand), Supermalt, Rubicon, Tilda, Lyca Mobile, Lebara Telecom, Western Union, MoneyGram, Government and charities.

Other brands been attempting this, include industries facing significant challenges such as;

Changing consumer preferences – tendency for healthier natural products

Demographic shift- greying population, delayed marriages and fewer children

New competitors – local, natural, tech start ups

Technology – shifting media consumption, e-commerce

A quick look at the top spending brands in the UK media highlights this. Industries such as consumer goods, food & beverages, retail, pay TV, and fast food restaurants, financial services – money Transfer, telecom, are leading the way.

It is quite clear that increased investments in ethnic markets are the last line of defence for brands and products. The reason is that ethnic consumers are lagging the general market in attitudes, behaviours and preferences driving these disruptive trends. UK Multicultural population tends to be more brands loyal and hold more positive views towards large companies & established brands.

Additionally ethnic market is bucking many broader demographic trends such as marriage, home ownership, large families, early adopters of technology, they are not abandoning traditional media and viewing habits as quickly as the general market.

While the multicultural market provides many brands with a temporary shelter it does not safeguard it from a changing demographics with the ethnic Millennials accounting of 34% of the total Millennials in UK. Brands should do more to target and capture this growing market segment.

 

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