Building and Benefiting from a Multicultural Marketing Strategy
One of the most difficult aspects of business is understanding how consumers think and what they want. As it turns out, something as important as their culture may be able to shed some valuable insight.
Multicultural marketing can clue MLOs into consumer preferences, improve the client experience, and, potentially, usher in new and improved business.
What is Multicultural Marketing?
Multicultural marketing is the practice of “devising and executing a marketing campaign that targets people of different ethnicities and cultures within a brand’s overarching audience.” This approach helps brands relate to diverse groups while recognizing and paying respect to an array of ethnicities and cultures.
In 2019, more than one-third of survey respondents reported that they had stopped supporting a brand due to a lack of representation of their identity. And when brands do promote diversity, equity, and inclusion in their marketing campaigns? They’re rewarded! A sizable 57% of consumers respond with loyalty to brands that are dedicated to addressing social inequities.
Benefits of Multicultural Marketing
Speaking of increased loyalty, strategically tailoring your messaging can usher in an array of perks including, potentially, increased business. By expanding your marketing efforts, you can effectively grow your client pool.
For example, take a look at your current marketing materials. What race and ethnicity are displayed in the stock photos? Do these models look like the diverse residents of your town, the clients you’ve worked with in the past, or the overall pool of homebuyers, who are increasingly Black, Asian, and Hispanic? Tweaking or adding marketing efforts aimed at all potential clients could draw in more diverse business and grow your bottom line.
In the same vein, multicultural marketing ensures you don’t have to rebrand or adjust your messaging as target demographics shift and change. Instead, you can develop segmented marketing efforts for each unique group of potential clients.
Finally, multicultural marketing can improve the client experience. As an MLO, a critical aspect of your job is building understanding and trust with consumers. When your marketing materials are relevant, relatable, and well-targeted, clients will feel far more comfortable conducting business with you on their team.
How to Develop a Multicultural Marketing Strategy
If you’re sold on multicultural marketing, you’ll want to keep a few things in mind.
First of all, you’ll want to ensure your team is as unique and diverse as the communities you serve. A more diverse workforce, one that truly represents local customers, can go a long way in attracting more borrowers. You also don’t want your campaigns to fall flat or come across as inauthentic, so ensuring someone with relevant lived experience is around to help ideate or at least vet it is a smart move. If you don’t have an in-house marketing team, a consultant or freelancer could also help.
Next, remember that all effective marketing campaigns are backed by research. Avoid making generalizations and assumptions and do your homework on any target audiences. While race can be a research-rich first step, remember that culture extends far beyond that. Consider exploring the differences between high-context and low-context cultures, the history of the racial homeownership gap, and more.
Finally, be careful to avoid tokenization, stereotypes, or other disrespect, intentional or otherwise. Putting current or potential clients into a box based on race or ethnicity can heighten tension and tarnish relationships, plus discrimination is highly unethical and illegal. While a consumer’s culture can provide clues into how they may behave or what they might prefer, remember that each client is still unique, different, and after that personal connection.
Make the Most of Your Multicultural Marketing Strategy
Whether you’re hoping to increase client satisfaction or simply land more deals, a multicultural marketing strategy could help. Simply conduct some research, ensure everyone has a seat at the table, and avoid any generalizations to best serve a diverse pool of clients!