Twenty First Century Outlook
As we enter this new decade the big headline is the 2010 Census. This census should confirm more than ever an expanding multicultural America. Marketers seeking robust detail however will be disappointed. Nevertheless, this Census will confirm the growth and importance of vibrant racial and cultural consumer segments. We will learn that there are more multi-racial and multi-cultural consumers in America than ever before. This decade will continue to see marketers wrestling with choosing between inclusion and segmentation strategies. As marketers learn more about these multi-cultural populations, we may see an increased use of segmentation strategies. The availability of expanded digital media options will make this decision easier. We will see “back to the future” tactics with increasing use of promotions and events as marketers recognize the competitive advantage strategic signature events can offer a brand. Despite the growing diversity of America geo-targeting is still affordable and being local for several categories, like beverages, is still a great way to develop relationships and bonding between consumers and individual brands
In this unfolding decade segmentation will deliver increased ROI in all segments especially in the African American segment. We should see an increase in specialty agencies that are dedicated and expert in specific sub-segments. Young African Americans will continue to be a coveted sub-segment for marketers. The 2010 Census will reveal that the relatively younger African American population is maturing along with the rest of America. Thus, marketers will recognize opportunities in the Black Baby Boomer segment. Travel, pharmaceutical, and financial, marketers will benefit from efforts directed to this segment. Black moms currently a valuable segment will take on increased value as the 2010 Census tells us how their overall status has improved. This should prove to be an exciting Multicultural marketing decade.