MarTech companies have been focusing on incorporating datasets outside of traditional marketing data to create a more robust identity of a target consumer. With the rapid evolution of MarTech this past year with blockchain, AI and machine learning—what’s next? 2018 has been an exponential year of evolution for MarTech. Blockchain, AI, and machine learning have enabled MarTech to process and make sense of more data than ever before. On a high level, MarTech companies have been focusing on incorporating datasets outside of traditional marketing data to create a more robust identification of a target consumer from web, call centers, point of sale, social, television, and print.
You’ve seen the data. The demographics show more dots on the map and purchasing power is tipping the scale. Your company, however, is still struggling to get a real multicultural marketing strategy off the ground. But, you’re not alone.
With its ongoing investment in original content, Netflix continues its dominance over traditional broadcast and is slowly but steadily disrupting the reign of large movie studios. Expected to spend $13 billion on original programming this year, Netflix clearly has no plans to slow down. In fact, our most recent study highlights its meteoric rise across the total market, noting the viewership gap between live TV and Netflix is becoming significantly narrower (6 points in 2018 vs. 23 points in 2017)
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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.
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.
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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.”
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?
ThinkNow Mobile App Report: Why Brands Are Turning Back To Mobile Apps Mobile apps are experiencing a retail renaissance. Nike’s revenue has done a complete 180 this year, showing one of their strongest quarters in the past decade, driven primarily by their new mobile strategy which leveled up its mobile app to include gamification features. Starbucks’ mobile app has transformed the way coffee lovers order and pay for their favorite brews, and McDonalds’ new mobile app strategy has managed to appeal to younger consumers and lower labor costs. For a technology that’s showing its age (apps have been around for a decade now), it’s exciting to see a renewed interest in it by retailers and brands, despite a string of headlines alluding to “the death of the mobile app.”
In marketing, it’s important to keep pace with demographic change. Even better to stay ahead. Right now, for instance, significant changes in the U.S. cultural landscape have made multicultural marketing imperative. As a small advertising agency in today’s economy, if you aren’t incorporating multicultural consumers into your work, you are hurting your agency’s growth and your clients’ growth. To put it bluntly, if you aren’t doing multicultural marketing, you will not succeed. Consider the following reasons: The Asian population in the U.S. grew by 72% within fifteen years (2000 to 2015), according to Pew Research, placing this population as the fastest growing of the major racial groups.