Multicultural Marketing: The Future of the Industry
It’s not a new development. Everyday we see an increasing global world. Our communities are becoming more colorful, full of neighbors from different religions, ethnic backgrounds, and income streams. For the modern marketer this can be a daunting reality but learning about multicultural marketing can help to open up a world of possibilities. Microsoft Advertising, for example, cited that 70% of Gen Z, most of who spend their time online, trusted companies more if they represented diversity. And IMPACT reported that multicultural consumers have contributed an average of $14 Billion of sales growth since 2013. This is an immense amount of money that marketers miss out on when they ignore multicultural audiences.
Born or Made: What makes an Effective Leader
Any endeavor, business or otherwise, needs a good leader. And this is usually the step where most people get stuck. In order to understand how to lead, first one must ask what is an effective leader. The Harvard Business Review argues that when we look for leadership, or the qualities of a good leader, we often look for power, showmanship, long-range wisdom, and popularity to name a few. And although these qualities can be found in many great leaders they do not encompass the essence of one.
Adapting Your Marketing for Other Countries
We may think of the U.S as being a great melting pot of cultures and therefore already have a large knowledge base for operating in foreign markets. This, however, is a grave assumption that companies make when they decide to expand into new segments. Just like every other country in the world the U.S has particular cultural norms that don’t always translate into other cultures, therefore, it is always within a firm's interest to keep the following in mind.
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