Page 14 - WhitePaper_MC&I Benchmark in Covid19 Era

VI. DETAILED FINDINGS

A. BIGGEST CHALLENGES FOR BUSINESSES
Survey respondents indicated that the biggest challenges to Multicultural and Inclusive
Marketing during the pandemic are:

Change Lack of Financial
in Priorities Commitment Issues/Budget Uncertainty
/Interest in MC Cuts

CHANGE IN PRIORITIES
As marketers adjust to this new environment, there are large scopes of business and marketing
efforts that are being cancelled and/or adjusted. These changing priorities mean marketers are
distracted while focused on business survival and often “going back to old habits,” and thus
skipping “where the growth really is: MC&I audiences.”

LACK OF COMMITMENT/INTEREST IN MC&I MARKETING
Within this change in priorities, there is a lack of commitment to MC&I segments. The importance
of and budgets for MC&I efforts are largely being reduced in favor of General Market efforts.

This lack of commitment/interest in MC marketing is disconcerting, given that not only do MC&I
segments represent a major source of growth in the overall population, with rising buying
power, greater contribution of growth to categories and brands, and cultural infl uence, these
segments are also disproportionately affected by COVID-19.

Respondents underline the concern that this may have consequences for MC&I segments in the
future, even saying that “MC marketing may take several years to get back to 2019 levels and
interest.”

FINANCIAL ISSUES/BUDGET CUTS
The pandemic has had a negative impact on overall marketing budgets, which in turn affects
MC&I marketing budgets and efforts. Marketing budgets have been negatively affected due to

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