Why is it important to consider how your marketing message is received by a variety of ethnic and cultural groups? This week’s facts have been chosen to illustrate the powerful effect multicultural and ethnic marketing can have on your ROI. These factoids have been taken from a variety of sources, including the National Organization For Diversity in Sales & Marketing, Multicultural Marketing Resources, Inc., and Ethnic USA.
Did you know . . .
Black, Hispanic, Asian, and Native American purchasing power continues to rise exponentially, as does the total buying power of the U.S. gay, lesbian and bisexual population. In 2005, the relative purchasing power of each group was estimated to be:
- African-Americans: $761 billion, expected to reach $1 trillion in 2010.
- Hispanics: $736 billion, expected to reach $108 billion in 2010.
- Asian-Americans: $397 billion, expected to reach $579 billion in 2010.
- Native Americans: $51.5 billion, expected to reach $69.2 billion in 2010.
- GLB: $610 billion, up from $485 billion in 2003.
Ethnic marketing is extremely cost-effective, as the average cost in ethnic media is seven times less than in U.S. mainstream media.
One in eight of all female entrepreneurs come from minority backgrounds, which means approximately one million of the eight million women-owned businesses in the U.S. are owned by women of color.
In 2008, the 20 million Central & Eastern European-Americans will generate an estimated $800 billion in buying power, representing a huge market to advertisers.
One in every 10 people living in the United States today was born somewhere else, with more than 1 million immigrants arriving every year, maintaining their unique languages, religions, traditions, and cultures. Our country contains a variety of communities, each with its own distinctive consumer lifestyle.
To maximize your direct marketing efforts, you need to be sure you’re targeting these special groups. Martin Worldwide’s experienced list advisers can help you utilize ethnic, cultural, religious, and even geographic ethnic density data to optimize the effectiveness of your multicultural direct marketing campaigns.
