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.
2018 was an incredible year for multicultural representation in Hollywood. From “Black Panther” to “Crazy Rich Asians,” these movies have shown that great stories can be told from a diverse perspective with diverse casts and break box office records at the same time. It was fitting that the year concluded with one of the best films I have seen in a while, “Spider-Man: Into the Spider-Verse.” This incredibly creative animated superhero film has shattered creative barriers, broken box office records, scored a near perfect 10 on Rotten Tomatoes, all while pointing to what I think are three key trends that marketers should pay attention to in 2019.
A Nation Divided: 2019 ThinkNow Pulse™ Reveals Economic Outlook Differs Vastly By Ethnicity And Race
Insights from the 2019 ThinkNow™ Pulse survey are timely as we embark upon another year of projected growth for the U.S. economy. All key economic indicators point in the right direction suggesting that the Total Market’s economic outlook remains relatively stable when compared to prior years. However, at the micro level, this optimism fades. The familiar adage “a nation divided” pierces the heart of our data, revealing a country that has significantly different views on what to expect this upcoming year.
“Milestones” were the hallmark of 2018 as consumers weathered the highs and lows of another eventful year in America. Snowboarding icon Shaun White shred major powder on the men’s halfpipe to earn America it’s 100th Winter Olympics Gold Medal. African-American girls, clad in their Sunday best, sipped tea to salute the first African-American woman to become British royalty. And most recently, the midterm elections, coined the “most expensive” and “most watched” captivated the country in an epic battle for congressional seats and equality. In our final report of the year, ThinkNow Snapshot: 2018 Total Market Markers & Milestones™, we highlight some of the major shifts in trends that impacted economic outlook, holiday spending, and digital media use.
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.
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?