The Marketing Executives Group International

Written By: Rodolfo Herrera
LinkedIn Profile: http://www.linkedin.com/in/herrerarodolfo

Today’s highly segmented Latino markets consistently add value to the mainstream U.S. markets for more companies, lines of products and services. Also, the further strengthening of the Latino purchasing power, as well as that of the African-American and other ethnic demographics, reinforces an ever-growing U.S. multicultural market as a whole.

However, as these important segments strengthen while the population becomes more diverse, it is necessary for companies seeking successful sustained growth to not only apply a marketing approach that highlights in-depth knowledge of non-traditional target customers within different market segments and sub-segments, but also create specific advertising and communication strategies for each of them. In the end, culturally engaged marketing strategies along with more comprehensive market segmentation, are becoming increasingly important.

The introduction of programs to maximize specific national marketing strategies while implementing global branding initiatives in several national markets, taking into account local needs, could ultimately contribute to the international and global success of a corporate brand and a company’s business development. Similarly, the strengthening of Hispanic and African-American corporate marketing initiatives in the U.S. could result in significant increase in market share and sales revenue, along with a substantial improvement in the overall brand awareness. Therefore, a successful brand management plan should focus on the development of specific marketing strategies to particular demographics and/or geographic groups.

From a different perspective, when the expansion of a specific domestic market slows down, a company might consider diversification and spreading out into international markets in an effort to uphold its overall business growth. Similarly, the increasingly diverse segmentation and revenue creation in the domestic market can help balance the overall market performance and secure significant growing opportunities to a company engaged in ethnic markets.

In any event, the more diversified and segmented the demographic markets in the U.S., the more important it will be for companies to implement culturally connected marketing strategies pursuing preservation and increase in overall market share and sales revenue, while strengthening the brand.

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