Join Si Change on March 29, 2006 at the St. Regis Hotel in New York for a roundtable where CEOs will discuss how to penetrate the Hispanic Market - one of the most rapidly growing markets in the world.
Gary Berman is delighted to be a part of the PBS Television Series CEO Exchange. Click here to learn more about the show.
Where are you on the curve?
Our recent study of 87 companies reveals that only about 20% of companies get it right.
Stage 1: Checking It Out
Characterized by very low investment— both budget and people.
Product customization, ethnic consumer research and customized messaging are also low.
The company may just be coming aware of the multicultural potential as a result of successful attempts by an industry competitor.
Often, an individual with significant passion is attempting to develop an approach or task force regarding diversity marketing, but challenged by the absence of ROI metrics.
Stage 2: Trial and Error
Multicultural marketing is on the radar of senior management, and targeting is beginning to be acknowledged as an approach that deserves incremental investment—but budgets, consumer research and customized messaging continue to get shortchanged.
General market metrics are tweaked, or data is mined to highlight multicultural category and brand opportunities.
The company is considering engaging multicultural advertising/media agencies.
Stage 3: Almost There
Multicultural marketing is becoming integrated into the company’s strategy, and reflected in budgets and people allocation, and product customization may have begun.
Consumer behavior studies have been undertaken to become culturally sensitive to the segment’s needs.
The company has significant support from multicultural advertising/media agencies.
Metrics are in place, and employee compensation may even be linked to multicultural performance.
Senior management has provided support.
| Stage 4: Getting It Right
Multicultural marketing is at the epicenter of the company’s future plans (in place for a minimum of 3 to 5 years), and MC professionals are in the “right meetings,” where asset allocation decisions are made.
The company has growth expectations on the contributions from these markets. Multicultural budgets and people allocation are high and growing, and a dedicated department may be in place.
A growing degree of product customization and messaging have emerged from continuous research into the market.
Characterized by very low investment— both budget and people.