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Multicultural Marketing: A Misunderstood Concept and Untapped Business Strategy

By: Loida Rosario
June 2009 Marketing 2 Comments

Newly released census figures show that the nation’s minority population has reached 102.5 million people, or one in three Americans. This burgeoning population—and the buying power it represents—makes effective multicultural marketing imperative for businesses to succeed. Yet many firms in our businesses community lack both a clear understanding of these diverse consumers and a disciplined approach to investing in and managing multicultural marketing. So, how can companies begin or improve multicultural initiatives?

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Success in Social Media

June 2009 Communication

How is success in Social Media defined? Is it an input-equals-output argument? Can expenditures by companies in this area be justified? With so many individuals and corporations unable to attach logic to the concept, let alone the possibility of payoff, how does the use of the Social Media translate into black ink on the balance sheet? These are the questions imposed on businesses that seek to advance and flourish in the Internet Age

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An economist, finance executive, and marketer walk into a PWYW bar. The finance executive says: “With pricing like this, how can this bar stay open?” The economist looks around and sees a customer paying and says: “That guy is irrational.” The marketer replied: “Perhaps, but he is predictably irrational, and therefore reliably profitable. Now, who is up for slivovitz?”

  1. One in three Americans classify themselves as a minority.
  2. In democratic societies, on average, people have a strong desire for an equal allocation of resources. This moderates the concept of fairness as one traverses the globe.
  3. We have moved into the “relationship economy.” Traditional marketing has reached an impasse. Social Media is no myth.
  4. Under PWYW, any homoeconomicus customer would rationally pay a price of zero. Yet, we people are not simply homoeconomicus and PWYW can be profitable.
  5. Companies miss the whole enchilada when they cling to the concept of the melting pot.
  6. From Tequila to Slivovitz, now that is multicultural marketing … AND a normal afternoon in Texas.