What’s a little misconception among marketers? Well, in some cases, a minor misconception can lead to a huge missed opportunity. For instance, despite a significant, well-documented increase in multicultural consumers in the U.S., marketers of premium and luxury goods show little interest in this demographic. Why the indifference? It appears to stem from an assumption that the higher their income, the less people are influenced by their culture when making buying decisions. Makers of premium wine, beer, and spirits, for example, are in a prime position to take advantage of the growing opportunity with higher-income multicultural consumers. But to do so, they should consider what role culture plays in the purchasing decision.
As a market research company with a robust multicultural practice, we’re often asked about how to market to Asian Americans. Often, clients have heard that Asian Americans are wealthier and better educated than other groups and they want to tap into these appealing consumers. However, when we walk them through the different country of origin groups and languages spoken, they’re often surprised by the variety and complexity within this market. One way to simplify the discussion is to look at shared cultural values and craft messages that can be adapted to various subgroups within the Asian American community.
Targeting respondents utilizing socio-economic levels for the sample industry is a ubiquitous practice. Defining socio-economic levels in the U.S. is relatively straightforward. A combination of income and education are the most typical factors used in almost all market research studies. On occasion, some studies add a couple more factors but rarely exceed 3-4 elements. However, defining socio-economic levels in Mexico is much more complicated. As the sample and market research industry continues to grow in Mexico and the rest of Latin America, understanding how socio-economic levels are defined in the region will play a critical role in being successful in winning and fulfilling Mexican market research sample requests.
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For the first time, a brand development agency that specializes in cross-cultural marketing is bringing the following message to suppliers and advertisers of alcohol who think minority populations shed their social and cultural identities when purchasing premium products: You’re wrong. In response to a belief that most high-end beer, wine and spirits brands promote themselves in a way that’s far too color-blind, WPP’s Geometry, a commercial marketing agency, has partnered with the cultural insights research agency Think Now to survey more than 1,000 Asians, Hispanics, African-Americans and LGBTQ+ individuals living in the U.S. to find out what influences their purchasing decisions. They discovered that background does, in fact, heavily impact their shopping behaviors.
Amazon has quietly launched Amazon Cash, a service that allows consumers to purchase products on Amazon without having to use a debit or credit card. In this bold move, the online retail giant strategically positions itself as a resource for the 32.6 million households in the U.S. that don’t use banking services (unbanked) or make limited use of them (underbanked). While Amazon’s overarching strategy is to engage these consumers, who represent 25.2% of the U.S. population, it is also an effort to attract more African-American and Hispanic consumers, who just so happen to be the most likely ethnic groups to be unbanked, according to an FDIC study.
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Special Report Brought To You By Abasto & ThinkNow. The steady growth of the U.S. Hispanic population has caught the attention of the Latin American food and beverage industry. The United States is the second largest Spanish speaking population in the world and represent a sizable opportunity for smaller, more localized Latin American brands to engage with a large pool of consumers more likely to try their products. Successful brands like Bimbo and Novamex have paved the way for other Latin American food and beverage companies aspiring to take up residence in the U.S.
Modern market research has seen four major phases of quantitative survey data collection. During that time, we saw representative samples of U.S. Hispanics emerge and take root in mainstream market research. Let’s take a closer at the evolution of quantitative research and how innovation in the field impacted the widespread use of Hispanic sample.
Why marketing researchers should use HTTPS when conducting surveys Fifty percent of Internet traffic is encrypted. That’s good news during a time of unprecedented data hacks and rising fears of the dark Web. The use of HTTPS:// has become relatively common and its use is expected to accelerate as more search engines follow Google’s lead and rank secure Web sites more highly than unsecured ones. Privacy concerns over data security among the general public – who live a large portion of their lives online – is particularly alarming for survey respondents who share their data with marketing research firms. Providing survey links that are visibility secure is a simple way to increase your survey security while giving peace of mind to respondents and potentially improving survey response rates.
Latin America is betting on its thriving entrepreneurial culture to drive innovation in the region to modernize its way of life. Like Argentina and Peru, Colombia is becoming known as a hub for tech start-ups, stimulating the economy and making it an attractive tourist destination. This steady increase in economic growth has made Colombia more appealing to multinational brands while cultivating domestic brands preparing to export goods around the world. With increased entrepreneurial and economic activity also comes a growing demand for market research. We recently launched the DigaYGane panel in Colombia to great success. Having been there for some time now, we’d like to share three key facts about online market research respondents in Colombia that we have learned so far