How to Make Marketing Strategy a Success – Embrace Future Opportunities
It is important to ensure that Marketing Strategies are not out of touch and campaigns are developed to reflect actual people living in the UK. According to the IPA’s latest report, The New Britain, the Black, Asian and Minority Ethnic (BAME) population in the UK has more than doubled in the past 30 years and is expected to double again by 2045. The UK press is flooded with analysis of ONS statistics which states that by 2050 third of the UK population is expected to be non-white. The think tank Policy Exchange came up with a report A Portrait of Modern Britain to reinforce the massive growth in diversity that will grow in the UK. And this not because immigration rise is anticipated, it’s mostly due to the already settled multicultural audience.
The change in Britain’s demographics has been taking place a long time ago, and there is no excuse for businesses to continue spending huge budgets to reach to a fraction of the population. It seems simple, however, lots of big and small brands still miss out on this opportunity.
The diverse cultures bring complexity to the message which means the same generic message or creative may not be applicable to all the groups. In certain cases a bespoke creative messages would be required to penetrate deeper, understand the cultural nuances, trigger or excite the consumers. All the marketing experts know that this is the only way to ensure the success of their campaign and deliver ROIs to the clients. Understanding different cultures and knowing how to adapt Marketing Strategies to engage with them has direct implications on how brands should speak to diverse audiences. Developing marketing campaigns on key cultural insights rather than anecdotal stereotypes will make a difference to how brands can target not only the changing demographics of the UK but also the increasing number of wealthy visitors who have big impact particularly on the luxury goods industry. Shoppers from the Middle East – notably Kuwait, Saudi Arabia, United Arab Emirates, Qatar and China – account for 24% of tax-free spend in the UK when grouped together, according to Global Blue, although as individual nations China still holds the crown with 22%.
Luxury brands need to understand why shoppers choose to purchase goods in the UK and what they want to get from the brand in return. Russia is the next biggest spender with a 5% share, but shoppers from Thailand and Malaysia, which both accounted for 4% in 2013, should also be on brands’ radars. Brands must also bear in mind that the behaviour of global consumers, most notably those shopping in the luxury sector, is changing.
Therefore, the question comes to how to target them effectively and which channels deliver the best results. Most brands find that ‘home and away’ strategy, helped them significantly to reach global consumers travelling everywhere with their smart phones and tablets, therefore, Digital Advertising would help deliver the message, however, the insights are still key to become and insider and know where exactly do these consumers go.
Chinese consumers are receptive to online videos, games and other Digital channels but products and experiences must be authentic. Russian consumers are driven by self-promotion and their image is key and they trend to be unique in their choice of luxury goods, that’s why the use Social Media is key for them to craft their image on where they have been, what have they bought etc. Visitors form Middle East have the longest relationship with luxury industry. Half of luxury consumers in the Middle East are under 35 and they want to express themselves, therefore the powerful channels become Digital together with word of mouth tactics, as this community has quite strong bonds together.
London’s most popular shopping destination differs depending on a consumer’s outlook and behaviour with 69 % of Chinese tourists shopping on King’s Road in Chelsea and 44% of Russian visitors going to Westfield shopping malls. 53% of Middle Eastern shoppers choose the West End and Knightsbridge. They are also keen to stand out, so tend to go for more quirky and unusual designs from established labels, the research finds. Outdoor Media has always helped to target not only visitors but also the multicultural settled populations.
Adapting marketing strategies for multicultural audiences through the insights is now the way forward as this would ensure that brands are able to increase their revenues and consumers feel more engaged. This is an approach that needs to become adopted by every brand and advertising agency.
Check out the case studies by various brands for hard-to-reach audiences: