International business has to take into account the multicultural differences that are part of our society. Segmentation is a way to approach to each target audience in an effective way, to make it possible engaging with them.
Companies should consider multicultural marketing strategies if they want to land into new markets and expand their business overseas. Take a look to find why is multicultural marketing important.
Multicultural marketing is a way of perceiving cultural differences between consumers in order to address them in a respectful and effective way. We cannot deny that we live in a globalized world and we are expanding our opportunities to do business with people many miles away, even on other continents. The Internet has made potential audience bigger and more diverse than ever before. But this not only applies to B2C exchanges, it also applies to B2B relationships, to make trade agreements more suitable and powerful.
On the other hand, many companies work with members of other nationalities, who also have linguistic and cultural differences. If a company is willing to be more inclusive, it is necessary to take into account multicultural differences.
In this way, multicultural marketing opens up new avenues for brands to interact with their consumers outside of the “mainstream audience.” It makes it possible to target specific consumer segments based on ethnic and socio-cultural patterns, creating a deeper emotional connection that increases the chances of a conversion.
The importance of multicultural marketing in numbers
A study conducted by PQ Media on behalf of the ANA Alliance for Inclusive and Multicultural Marketing (AIMM) shows that multicultural consumers comprise nearly 40 percent of the total US population. Despite this scenario, it is estimated that investments in multicultural media account for only 5.2 percent of total advertising and marketing spending.
100 percent of total population growth comes from multicultural segments, yet marketers are spending less to reach these consumers. In this way, marketers should take better advantage of digital advertising to reach multicultural consumers.
How to make multicultural marketing effective
- For multicultural marketing to be successful, cultural differences must be identified, understood, and respected. It is important to identify ways in which brands can be used to benefit diverse cultures.
- Some minority groups may feel ignored by some brands. This means that companies are losing a large portion of potential customers. For marketing campaigns to successfully engage minority groups, brands must earn their loyalty and trust, and they must find the best way to differentiate themselves from the competition.
- Also, the key to running multicultural marketing campaigns is working with a multicultural team, which can take multiple points of view into account. A diverse marketing team proposes ideas tailored to the target audience, based on personal knowledge and experience.
- Multicultural communication specialists should strive to create communication formats that are attractive to both the general and multicultural audiences.
- To achieve a successful multicultural marketing strategy, diverse cultural backgrounds must be taken into account, as well as perceptions, preferences, and challenges.
Why developing a multicultural marketing strategy?
A multicultural marketing strategy is a way of showing that a company cares for their audience. Adapting a campaign taking cultural differences into account, and working with a multicultural team that stays true to each cultural manifestation, is a great way to show commitment.
Another important reason is that multicultural marketing strategies show that a brand understands their consumers and that is willing to get them involved. It says “we notice you,” instead of ignoring that other cultures exist.
This approaches also helps to show that a company works in collaborative and inclusive ways, with a diverse team. At the same time, they help to create a sense of empowerment of minority segments, that usually are displaced. This helps to foster positive relationships with customers.
Translation, transcreation and multicultural marketing
Adapting content for diverse and multicultural audiences without compromising brand identity is one of the biggest marketing challenges affecting companies in all industries. Poorly translated content can affect sales, as well as the image and reputation of the company and also decrease brand loyalty.
To develop an effective marketing strategy that takes into account the multiplicity of cultural manifestations and can approach your target audience speaking in the same language, it is essential to translate and transcreate content.
At the same time, the best thing to do when thinking about adapting multicultural content is to work with a team of specialists who come from different backgrounds and speak different languages. The native translators and transcreators of each target language become the most valuable resource when considering an international campaign.
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