Page 3 - Going for Growth: Targeting Today's Diverse Consumers

2 GOING FOR GROWTH: TARGETING TODAY’S DIVERSE CONSUMER

I. INTRODUCTION

Over the past decade, marketing has undergone signifi cant changes. Mass marketing has
been replaced by the power of personalization. Technology has played a transformational role
in the brand/consumer relationship. People are empowered, and continuous change is the
new norm. In response, CMOs are developing entirely new marketing muscles and rebuilding
their skill sets to address the demands of modern marketing.

Unfortunately, the dominance of digital and the realities of audience-led dynamics have driven
many marketers to concentrate on short-term results versus long-term wins, prioritizing
transactional tactics over critical brand-building. Multicultural and Inclusive marketing is
often placed on the back burner. Tapping growth opportunities takes time, acumen, and
capabilities that may be in short supply at any given company.

However, the population growth, increased buying power, and overall infl uence of Hispanic,
African-American, Asian, and LGBTQ+ consumers are virtually impossible to ignore. Along
with People with Disabilities, Veterans, and other diverse segments, these audiences are
essential to any brand’s success. These segments not only provide fi nancial opportunities to
brands directly but are often dominant digital infl uencers, having broader reach and impact
on society as a whole. Yet it is not uncommon for brands to forgo specifi c culturally-driven
segment engagement in favor of more generalized behavioral outreach.

As digital strategies have evolved, there’s no
denying that behavioral targeting has had a “…the dominance of
signifi cant impact on the ways that brands digital and the realities of
and consumers interact online. In its ability to audience-led dynamics have
leverage shared online buying habits, behavioral driven many marketers to
targeting has its advantages. At the same time, concentrate on short-term
it is not without important limitations. In most results versus long-term
cases, behavioral segmentation does little in wins, prioritizing
the way of providing marketers with a cultural transactional tactics over
context for understanding behaviors. This may
mean marketers miss out on insight-driven critical brand-building.”
cultural dimensions, and brands don’t receive
the benefi ts that a deeper, more emotionally-driven form of engagement would provide.

A culturally conscious relationship with consumers can help seed positive brand perceptions,
which can help make consumers more receptive and attentive when behavioral techniques