Multicultural consumers are of increasing importance in market research as they represent the fastest growing segment of buyers. Most of today’s market researchers understand the importance of multicultural research, but many of us struggle with the question of how and when to apply it. Evidence of that is research from The Center for Multicultural Science which estimates that, “Most syndicated research under-represents the size of Hispanic sales by ~20-60%.” To offer examples of how you can realize the value of multicultural research, we took a look at brand fans of two cosmetics industry leaders, Estee Lauder and L’Oreal.
Topics: Emotional Insights
At the recent ARF Roundtable on Multicultural Market Research, one topic of conversation was demonstrating the value of multicultural insights to clients. Panel member Esther Franklin observed that if you took a photo of high-level budget holders at the Fortune 500 and compared it to a photo of Millennials, you’d have a very different looking picture (there are notable exceptions of course, but for the most part we recognize that leadership in corporate America tends to be white and male). The question was, is this a hurdle to making a case to these companies about the value of multicultural research?
Topics: Multicultural Research