Women’s entrepreneurship is thriving in America. According to the 2018 State of Women-Owned Business report commissioned by American Express, 1,821 women-owned businesses were launched per day over the last year, bringing the total number of women-owned firms to 12.3 million, employing over 9 million people and accounting for $1.8 trillion in revenue. So, in these last few days of October, as we wind down the celebration of National Women’s Small Business Month, we are still reminded of the tremendous contributions women business owners have made to the global economy, but also charged with challenging the antiquated mindsets and inadequate policies that still plague our cause.
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Why do marketing creatives and data scientists often seem to be at odds, even though their objectives are ostensibly the same? As a market researcher with a marketing background, I’m always excited to share the results of our latest studies with creatives. But my excitement is often quashed once a data point doesn’t mesh well with the creative’s point of view or hypothesis. This doesn’t have to be the case. In fact, it’s important to address any apparent discord between the two roles, as both are vital to brand marketing. Because how can you market effectively to a group of people you know nothing about?
With the success of Crazy Rich Asians many brand managers will decide that it’s finally time to start paying attention to this often-overlooked segment. They will find, however, that unlike the U.S. Hispanic or African American markets, there is little consensus as to how to market to Asian Americans. The problem begins with the moniker. Asian Americans are less likely to identify with a pan-Asian identity & more likely to identify with their countries of origin. This is partly due to the more recent immigration status of the majority of Asian Americans (59% are foreign born as compared to 34% for Hispanics) and the dearth of Asian American role models and cultural touchstones in popular media.
New Report Finds Companies Underinvest in Digital Ad Spend to Reach Multicultural Consumers Today marks the last day of Hispanic heritage month, but the first time that digital media across ethnicity and race has been reported in the United States. Today is an important day for all of us in marketing, not just multicultural marketing. It is a day when the Mainstream ad spend will begin to be measured by ethnicity and race. Up to now, the mainstream has been synonymous with non-Hispanic Whites. But, given the dramatic changes in our demographic landscape over the last 20-years, the Mainstream or should I say, the New Mainstream is becoming a multicultural majority, and needs to be measured across ethnicity and race, moving forward.
ThinkNow, a technology-driven cultural insights agency and the No. 1 provider of U.S. Hispanic samples, is increasing its reach into Latin America, expanding its Spanish language panel offerings to Argentina and Colombia. This further solidifies our dominant position in LatAm markets. In an industry that is consolidating based on value, ThinkNow offers access to major U.S. and LatAm markets that are Spanish speaking. ThinkNow has been operating panels in the U.S. and Mexico for eight years.
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Now in its sixth year, one of our most popular reports, ThinkNow Retail™, has just been released, chock full of multicultural insights that give us some visibility into what retailers can expect during the 2018 holiday shopping season. The insights reinforce some trends we’ve seen the past several years such as the steady rise of online and mobile shopping. But, the report also has some surprises like Walmart dethroning Amazon as the number one destination for holiday shoppers.
As marketers, we tend to group people into neat little boxes (that’s technically what segmentation is, right?). Of these segments, no generation has been more clearly defined as millennials, although Gen Z is catching up. But the measure by which we define millennials — age — is rarely questioned. For years now, millennials have been identified as 18- to 34-year-olds. But, that age range has shifted, now indicating that they fall in between the ages of 22-37. Pew Research has drawn the proverbial line in the sand for millennials, defining them as “those born between 1981 and 1996 and the first generation to come of age in the new millennium.”
When ThinkNow set out to build what became one of the first nationally representative Hispanic online panels in 2008, we thought a lot about what type of communication would work best with Hispanic panelists. While the concept of online research panels was mature by that time, it was a relatively new concept for Hispanic panelists, specifically first-generation U.S. Hispanics. At the time, email was the primary and usually exclusive mode of communication from the panel to the panelists. Interestingly, not much has changed over the past decade. Email is still the primary mode of communication from a panel to a panelist in 2018.
MarTech has traditionally focused on the execution of marketing and advertising campaigns. Whether it is DSPs, DMPs, content marketing, acquisition, etc., MarTech stacks concentrate on the implementation of marketing campaigns. However, as MarTech data becomes more diverse, there is an opportunity to help on the front-end of marketing campaigns—through segmentation and persona building—enabling marketing strategists to create more holistic pictures of their target consumers and ultimately increase marketing ROI on the backend. What is segmentation and persona building?
Almost 60% of the total market has heard of cryptocurrency. But if you are Hispanic or African-American, you are less likely to know what bitcoin is or how it works. Among Asian-Americans, however, this isn’t the case. According to our most recent study, “Cross-Cultural Cryptocurrency Insights,” nearly 70% of Asian-Americans are aware of cryptocurrency, followed closely by non-Hispanic whites at 61%. But awareness of cryptocurrency among Hispanics and African-Americans is low, which is surprising for two cohorts that typically over-index in digital usage and awareness. So what makes this technology so different?