The Rise of the Multicultural Consumer: How to Attract and Retain the New Majority
According to the U.S Census Bureau, by 2045 collectively minorities will become the new majority. With this major demographic shift less than 30 years away, organizations must think of new ways to attract and retain a diverse consumer base.
As the world becomes more diverse and new generations step up to make major purchases, companies need to reevaluate the way they approach marketing. Modern audiences want to see diversity, equity and inclusion in the advertising they come across. Just one example of this is the fact that over 70% of Millennials have said they will choose a brand solely based on the diversity and inclusion that can be found in their advertising. Embracing DEI in marketing is no longer optional; it is necessary for long-term growth and success.
Strategies to Attract and Retain Diverse Customers
Diversity marketing is not just a buzzword. It is a mindset that should guide your overall brand strategy. Let’s talk about some strategies to attract and retain a growing diverse customer base.
1. Start internally, not externally.
As we saw with marketing fails such as "H&M’s coolest monkey in the jungle" and Bath and Body Works Black History Month Collection, without having diverse perspectives working on these campaigns you are setting yourself up for failure.
2. Understanding diversity is more than meets the eye.
Diversity is more than surface-level traits. It is age, race, gender, sexual orientation, physical ability, neuro, socio-economic status, educational background, home life and more. When creating your marketing strategy, go beyond the surface.
3. Don’t be a one-month ally.
If you haven’t heard of the one-month ally, it’s time to. A one-month ally refers to a company that only supports certain movements or groups when it benefits them. Think of a company that supports the Black community during Black History Month and forgets about them the rest of the year. Sound familiar? It's all too common for companies to be a one-month ally and it's time to stop.
Diversity, equity and inclusion should not be exclusively an internal initiative. We have to align the internal and external to create an authentic brand that will attract and retain diverse customers.
Written by Amaya Johnson, FIG Strategy & Consulting.
Self-published at MediaVillage through the www.AvrioB2B.com platform.
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The opinions expressed here are the author's views and do not necessarily represent the views of MediaVillage.com/MyersBizNet.
