Social Media + Diversity: The ROI for Brands
Within the next 5 years, multicultural consumers will drive 86% of the total spending growth in retail. Looking at future potential earnings without including these groups, will only address 10% of the growth opportunity; leaving money on the table. Racially diverse populations (Hispanic, Black, Asian, Native American and Muslim) have $3.2 trillion in buying power while LGBT buying power is currently $790 billion. It's important for brands and marketers to recognize and harness this immense potential. The best decision a brand can make is to embrace emerging markets within its marketing and business strategy. Social media allows brands and marketers to build communities and start conversations among emerging and diverse audiences in ways that were not possible before. The panel will focus on how brands and marketers can strategically create an inclusive, authentic community using social media in order to create loyal, life-long customers and brand advocates.
Additional Supporting Materials
- Why do diverse audiences matter? By not including diverse audiences in your marketing plan, you are missing out on the tremendous buying power of groups that continue to grow in size and importance. Tapping into these markets will not only increase revenue and market share but will increase soft metrics, such as brand credibility and brand awareness.
- How should brands and marketers leverage influencers to gain social media currency? Partnering with key influencers can help brands gain credibility and create buy-in amongst emerging and diverse markets. Leveraging these influencers allows brands to become a part of important conversations while showing audiences that they pay attention to diversity and inclusion.
- How can brands and marketers use social media platforms to build inclusive, authentic communities? Social media is a powerful tool for engaging with new, emerging audiences. Simple tweaks to the current social media marketing strategy go a long way in targeting, engaging and converting diverse audiences.
- How should brands and marketers avoid offending multicultural and diverse communities? Sometimes brands mean well but execute poorly, which can lead to a backlash in the community the brand was trying to embrace. It’s important to avoid cliché or inauthentic approaches to targeting diverse audiences. It’s not a quick-fix situation but rather a change in the long-term marketing strategy of the brand.
- How can brands and marketers measure the ROI of targeting diverse audiences? Brand managers and marketers can receive buy-in from senior management and key decision makers within their company by demonstrating the power of the emerging markets and showcasing how the brands can strategically align with the community without diluting or sacrificing the existing brand quality.
- Nailah Blades, CEO, The D+N Group
- Donna Queza, COO, The D+N Group
- Hassan Mirza, Social Media Marketing Specialist, Sonos
- Pam Slim, CEO, Ganas Consulting LLC
Nailah Blades, CEO, The D+N Group
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