Marketing segmentation and targeting have both evolved at an astonishing pace in recent years. We can now identify and even predict, future customer purchasing and engagement behaviors, like cookies, geolocation, browsing history, and more. We use these to learn what tactics and messaging points drive conversions. Compared to how things worked 5 years ago, this might all seem a little scary, but the whole process is actually pretty interesting the more you dive into it!
As marketers, we have a plethora of customer data at our fingertips. It’s now become very easy to have a nearly 360-degree view into the lives of your consumers, or potential customers, and choose who you want to target and who you’d want to avoid. And as with all evolution, there comes a diversity not only in the tools used but the consumer base those tools are for. As the last decade has seen a stark rise in multicultural consumers, some brands have evolved, while others, well, haven’t.
A Diverse Amount Of Data On A Diverse Consumer Base
According to recent research from The Drum, people of color (POC) are around 40% of the American populous but were responsible for over 70% of the national population growth between 2010 and 2020. These consumers continue to climb in terms of buying power, while on the other hand, since 2016, the Caucasian population has been on a steady decline, followed by their buying power.
Research from Advertising Week also suggests that by 2024, Asian American and Pacific Islander (AAPI) consumers have the potential to reach a buying power of $1.6 trillion, Black American consumers are projected at $1.8 trillion, and Hispanic consumers are projected at $2.5 trillion.
Since its inception, OMNA, our Identity Graph, has been able to onboard multicultural segments through the use of our own in-house DSP. Unlike other companies, this data only takes a few hours to be fully onboarded, making sure that little time is wasted in the process. We make sure to take care of this data as it goes through the various stages of data enhancement, data hygiene, and data onboarding. These onboarded segments include both CTV identifiers and emails for concurrent multi-channel campaigns.
But how do we activate all of this unique multicultural data? At Stirista, we have a reach of over 250 million multicultural consumers. We use over 17,000 algorithms and 15,000 naming patterns to determine each person’s unique cultural background. After we have a record’s multicultural background, a grueling verification process begins. To ensure accuracy, we cross-validate our information against known public data, such as registration files. The last step is to check the statistical difference between our samples. In the rare event that we get a difference greater than 5%, we personally examine the records to determine what, if any, corrections need to be made in the process.
Stirista’s Diverse Implementation Of Diverse Data
As marketers, the best thing we can do is make data-informed decisions that help us set attainable goals, define our objectives, build beautiful strategies, and nail down impactful, disruptive, and connection-building tactics. For instance, let’s say you’re advertising a new restaurant over CTV ads in an area that has a large Hispanic population. By using multicultural data to your advantage, you can see which consumers are more likely to respond to the CTV ads run in Spanish and avoid having them broadcast to consumers who don’t speak the language at all.
Having powerful, accurate, multicultural data today ensures you’ll be able to understand and engage with, your entire target audience better, which builds stronger relationships and boosts ROI over the course of their customer journey.