22 Nov Multicultural Marketing Campaigns Raise Marketing ROI
A recent Forbes article highlights the value of multicultural marketing campaigns — they have a higher ROI than their non-diverse counterparts — as much as forty percent higher according to a study from Nielson!
Yet, many CEOs and CMOs gravitate towards non-diverse campaigns. Even worse, they think they achieve optimum return on marketing investment (ROMI) by simply translating their ad into another language without considering the country’s cultural norms and behaviors.
Multicultural Marketing Failures and Successes: Coca-Cola
One of the best examples of a brand lost in translation is Coca-Cola. When they initially entered the Chinese market. Coca-Cola didn’t realize their brand name translated to, “Bite the wax tadpole.” Not very tasty!
Thankfully, Coke learned from its mistakes and has received high remarks for many of its international ads since then, like its work in the Philippines. Another successful multicultural ad from Coke is its 2014 SuperBowl commercial in which viewers heard America The Beautiful in seven languages.
Stop Choosing Efficiency Over Effectiveness
Even though international and multicultural marketing campaigns often fail due to poor execution, that’s not the reason companies shy away from multicultural marketing campaigns. The problem, according to the Forbes article, is that companies treat the research and resources needed to execute a great multicultural campaign as sunk costs. Thus, even though CMOs know multicultural marketing campaigns yield a high ROI, they hesitate to commit the budget necessary to execute them well.
Consider the Opportunity Cost
Don’t get me wrong, allocating a budget efficiently is important, but effectiveness and creativity shouldn’t be sacrificed at efficiency’s altar. Instead, consider the opportunity cost of not investing in multicultural insights. Not investing in multicultural campaigns or creating one without conducting excellent research first, is a sorely missed opportunity! It could also lead to losses in the overall brand and market share as your competitors’ design better multicultural campaigns than you. Stay ahead of your competition drive ROI with multicultural marketing now!
Looking for ways to effectively measure diversity in your marketing? Read how marketers can measure DEI.