Marketers need to expand their marketing budgets for targeting multicultural audiences.
This piece says that though Hispanics are one of the fastest-growing demographics in the US and forms one-fifth of the population, brands struggle to connect them in a personalised manner. Despite multicultural audiences representing around 40% of the US population they only account for 5% of marketing budgets.
Brands are using traditional TV ads to reach out to Latinx demographic despite younger Hispanic audiences mostly consuming digital media. Parker Morse, CEO of H Code says, “Roughly 80 percent of spend targeting this audience is aimed at TV, radio, and events almost completely ignoring the digital aspect of it.”.
Brands should leverage cultural similarities on digital platforms to effectively communicate with the Hispanic communities. Brands can further diversify their own internal hires to understand and reach out to multicultural audiences.
[2 minute read]