Are UK companies targeting diverse consumers effectively?
The UK in general and London in particular is considered the Cultural capital of the World. London does not just have BME groups but diverse consumers from all over the world and particularly from emerging and growing economic super powers. Diversity should be driving change within organisations, when there are many products and too few buyers. Brands need to win new customers and target niche markets.
It is no longer an option for brands to ignore a customer segment as your competition will be likely get to them and take your share away.
Companies in the UK need to introduce diversity into the workplace as it will result in better understanding of the diverse society we live in within the UK or internationally. A multicultural marketing team will help brand and marketing managers acquire insights and develop a better products and propositions to appeal to changing customers both in the UK and emerging markets.
Companies nowadays are encouraged to trade aggressively with the emerging and BRIC economies such as (Russia, India, China, Brazil, Middle East & Africa); all these countries are represented within the UK. Imagine having a diverse consumers that can sell internally and to their mother countries.
Making the customer connection is critical to brands and organisations; in the world today, established or long-standing brands can quickly disappear if they don’t change and adapt to their surrounding and the changing consumer
Some leading brands in the 80’s and early 90’s are not as forceful and top of mind as they used to be. Take an example BT which used to dominate the telecom market and now it finds itself fighting on the international calling front 3 ethnic brands like Lebara, Lyca & Vectone who started initially targeting multicultural audience and now are after BT customer base