Multicultural Articles

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Shattering the Myths of Multicultural Marketing: B-to-B campaigns that challenged conventional thinking about diverse audiences (ANA B-to-B Marketer)

In ANA B-to-B Marketer Jan 2017 issue, Sean Salas, CEO of Camino Financial and Lisa Skriloff, President of Multicultural Marketing Resources, Inc.were quoted in the article "Shattering the Myths of Multicultural Marketing: B-to-B campaigns that challenged conventional thinking about diverse audiences."


Enjoy key highlights here, then read more at the ANA website at this link:
https://www.ana.net/magazines/show/id/btob-2017-january-multicultural-marketing-myths.


Shattering the Myths of Multicultural Marketing

B-to-B campaigns that challenged conventional thinking about diverse audiences


As multicultural marketing becomes synonymous with mainstream marketing, B-to-B companies not only have an opportunity to attract new customers and build more diverse relationships but dramatically change their creative mindset.......

B-to-B companies taking a different creative tack in their communications is a function of a country that's more racially and ethnically diverse than ever. Some of the nation's largest states, including California and Texas, already are "minority-majority," where one or more racial and/or ethnic minorities comprise a majority of the local population relative to the entire country's population. The business landscape reflects the demographic trends: From 2002 to 2013, for example, Hispanic-owned businesses more than doubled, to roughly 3.16 million companies, according to Multicultural.com.
Yet, despite the growing purchasing power among multicultural groups, B-to-B companies tend to view multicultural marketing through a relatively small lens. "Multicultural marketing sometimes stands alone," says Lisa Skriloff, president of Multicultural Marketing Resources Inc. "There needs to be a presence throughout the company, and multicultural thinking needs to be integral to the organization."
.........
Myth 4: Multicultural markets are not financially sophisticated.Multicultural audiences are just as sophisticated as traditional sectors when it comes to engaging them with financial services products, according to Sean Salas, CEO of Camino Financial, which helps minority-owned businesses secure loans and funding. "The issue is not the sell, but one of trust," Salas says. "These are customers whose banks in their country of origin rejected their families' requests for loans for generations, so there's this myth that Latinos think the system doesn't work for them. [But] they do want to get the loan." To earn that trust, Salas says, you have to make trust an inherent part of your marketing communications.
Take Camino Financial's "Community Letter," a monthly feature/online resource that launched last summer on the company's blog, Camino Insights, and caters to minority-owned small businesses. A recent issue features information about what the Trump presidency will mean for Latino businesses, ranging from corporate tax cuts to immigration policies. "We start with the personal and then get into how we help clients and the community," Salas says. "It's never a hard sell."
By Matthew Schwartz