Its that time of year where we make (and break) our new year's resolutions. While an artificial benchmark, a new year gives us an opportunity to look back, ahead and prepare to be better. How did you do with last year's resolutions? It might be worth a look back. Unlike unrealistic goals we might set with our personal resolutions, I encourage you to think about how making these few tweaks to your multicultural marketing strategy can yield measurable results in 2018 and beyond. Here are my top 5 Multicultural Marketing New Year's Resolutions for 2018
Happy New Year everyone. Right alongside the traditional rights of January (the broken resolutions and the cheesy income tax preparation commercial) is the annual industry prediction report. No industry adopts this process more than marketing, specifically digital marketing. With so much emphasis on key performance indicators, benchmarks and return on investment, experts believe that the data can help us accurately predict what happens next. Marketers will then use this information to predict trends and stay ahead of the curve. However, not much has been written about multicultural marketing trends.
Earlier this year, I discussed a few Hispanic Marketing Trends to Pay Attention to. Now that first quarter is behind us, we can now get an accurate look at what 2016 is shaping up to be. The Hispanic Market in particular is one to watch as it continues to lead the way as it relates to advertising spend. However, the space has become very crowded and competition has skyrocked. Huge returns are at stake. No longer can it be viewed as a special market or addressed with a discretionary budget, Hispanic Marketing needs to be a top priority.
These companies are pouring in huge investments in marketing in 2016, with as much as $540 billion allocated for advertising and marketing initiatives. 69% will focus on content management, performance optimization and website development, while 53% will make mobile app development and social media their top priority for driving engagement.
Between 2010 and 163% the U.S. is expected to see a 163% increase in Hispanic population making up 30% of the population by July 1, 2050. From 2010 to 2015, Latino buying power rose to $1.5 trillion a 50% increase in just five years. Today, every one from the small business owner to Fortune 100 CMO's are looking to engage this audience. But if we had a crystal ball, what would we see? We can't assume behavior will stay the same. Here are 5 Hispanic Marketing Trends our research has indicated we will see moving forward.
I fashion myself somewhat of a tech geek. I love new technology. I love to keep up with the latest and greatest in mobile devices and read Engadget Mobile almost every day.