Small and medium size companies have been in the forefront of shaping marketing messages to specific audiences but many firms have not embraced this concept.
For many firms, the idea of specifically targeting client sectors by cultural background is still in its infancy.
According to Mosnar Communications, Inc. a global marketing and public relations firm, this approach could increase their profit margins and they strongly urged marketers to include multicultural marketing matrixes into their marketing campaigns.
Mosnar conducted a research study in which they polled a total of 5,000 minority consumers across the United States. In the study 94% of African Americans were most likely to select brands based off of cultural marketing and 98% non-white Hispanics were most likely to select brands based off of cultural marketing.
The consumers were comprised of one half African American and the other half non-white Hispanics. The study showed that the majority of both African Americans and non-white Hispanics preferred to make purchases when the people in the marketing advertisement resembled them. In addition, both also agreed that they would be most likely to purchase products that related to their culture and language.
At the same time, many business-to-business experts cite the growth in minority owned firms as a widening marketplace that needs to be addressed specifically by those companies seeking to expand sales in 2007. These firms are expected to grow by 9% in coming months and offer a growth opportunity that needs to be addressed directly and with targeted marketing messages.
"In order to effectively market to minority communities there must be a deep understanding of culture diversity," Said Cataunya Ransom Mosnars Chief Marketing Officer.
According to Packaged Facts and the Selig Center for Economic Growth located at the University of Georgia, "African American consumers will swell to $1 trillion by 2010. The national share of buying power for African Americans will increase to 8.6% by 2010 from 8.4% in 2005, per Selig. Hispanic buying power is projected to rise to 9.2% from 8.1%; Asian American buying power will rise to 4.9% from 4.4%, while American Indian buying power will stay steady at 0.6%."
Mosnar Communications, Inc. can be contacted at (404) 696-4833 or visit them online at www.mosnarcommunications.com.
Mosnar Communications Inc. is a privately held company, offering global marketing, public relations, and business development services to small to mid sized businesses and start-ups universal.