Guest column: Understanding the multicultural audience can strengthen your business strategy

Historically, organization’s business strategies have neglected engaging consumers and audiences outside of the country’s white majority.

Products, experiences and overall outreach efforts were reflective of white experiences, leaving communities of color without any sense of personal connection with many of the businesses and organizations in their communities. In recent years, as brands grew to understand the buying power of multicultural audiences, there has been a more deliberate effort to market to and influence these consumers, but some of these attempts have left many questioning if business leaders have a genuine understanding of diverse cultures and perspectives.

According to the article, “The Urgency of Multicultural Marketing,” across 21 of the 25 major U.S. markets, 84% of consumers are multicultural. This equates to $4.3 trillion in consumer buying power. By 2044, the nation’s three largest multicultural groups — Hispanics, African Americans and Asians — will become the new majority population within the U.S. Within the next 30 years, the multicultural customer will be the majority consumer and their buying needs, wants and patterns will change the way businesses engage with their consumers.

Read the full article here.