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?
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.
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.
Research Live published a thought-provoking article by JD Deitch in February 2018 entitled “Programmatic 2.0: The Future of Sample.” He aptly broke down the role automation has played in the history of sample into two distinct phases: 1.0 to 2.0. Deitch shares: “Programmatic 1.0 did two things very well: it has made us quicker and more cost-effective”. […]and how, “Programmatic 2.0 can vastly improve the accuracy and reliability of our data and our operational dependability.” His point being that programmatic 1.0 helped the sample industry become more efficient in bidding and programmatic 2.0 put the respondent back at the center of the sample process, implementing algorithms that will filter good survey experiences from bad survey experiences in real-time and adjust accordingly.
Millennials have been ruining everything for the past five years. From the workplace to grocery stores, Millennials have been blamed for every marketers’ woes imaginable in the past decade. However, there’s a new disruptor in town, and they’re older: Boomers. Millennials have blamed them for almost everything as well but let’s not get into that. In our 2018 Total Market Media report, we found that Boomers are disrupting something that they aren’t typically credited for, live TV. An audience that marketers have relied on for tuning in for their regularly scheduled programs are now taking the leap into streaming like their younger counterparts
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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.”