September 1, 2015: The CMO Council and Geoscape published a white paper on Sept. 1 titled, “Activating the New American Mainstream,” to show how marketers are creating strategies to best engage the country’s culturally diverse business industry.
According to the data, more than one-third of today’s American population is Asian-American, African-American or Hispanic. By 2020, these three groups will total nearly 130 million people.
Despite these statistics, researchers found that 80 percent of B2B marketers do not have a multicultural marketing initiative in place. While 66 percent of respondents said they have the support of their CMO to create a multicultural marketing strategy, about 60 percent said they lack support from their board of directors. Further, the majority (54 percent) said they allocate no more than 10 percent to multicultural marketing initiatives.