Author Hernan Tagliani says corporate marketing budgets ignore multicultural consumers
ORLANDO, Fla., Oct. 14, 2024 /PRNewswire/ — In his best-selling book “Multicultural Mainstream: The Power of Hispanics in Consumer Marketing,” author Hernan Tagliani said even though minority races will become the multicultural majority in the United States by 2044, corporate marketing budgets still ignore this ever-expanding group of consumers.
The astounding growth of the country’s number of multicultural consumers has been observed since at least 2010, when the BBC reported how “America’s two largest states – California and Texas – became ‘majority-minority’ states (with an overall minority population outnumbering the white majority)” between 1998 and 2004. According to noted demographers Rogelio Sáenz and Dudley L. Poston Jr., the majority of the United States will likely become multicultural as soon as 2044.
In a recent interview on the “Thriving Entrepreneur Radio Show,” Tagliani stated, “More than 44% of consumers are multicultural. By 2028, that number will jump to 48%. At the end of the day, if you really want to grow your brand, your business, cater to multicultural consumers.”
Tagliani said he wrote “Multicultural Mainstream,” as a wake-up call for business leaders whose marketing budgets have ignored these consumers for far too long. He hopes it will become an essential guide to seizing one of the greatest sales and growth opportunities in America.
“I mean for my book to empower business leaders with a deeper understanding of the crucial role culture plays among multicultural consumers, particularly U.S. Hispanics,” said Tagliani. “I want to help them learn how the influence of multicultural audiences should be shaping their brand, marketing strategies, and communication channels as the mainstream becomes multicultural.”
Tagliani said those who don’t evolve now will be like companies of the past who failed to adapt to ever-changing consumer needs.
“History is littered with companies that failed to evolve like Blockbuster, Nokia, Blackberry Motion, Kodak, Xerox, Sears and others. At one time, they dominated their segments but ignored what was coming,” said Tagliani. “Businesses that don’t embrace the multicultural market will experience dwindling sales, irrelevancy and maybe even insolvency like these titans of the past.”
When asked what’s stopping corporate America from dedicating significant marketing dollars to multicultural markets, Tagliani identified four myths, which he debunks in his book, commonly believed by corporate leaders about Hispanics:
Hispanics don’t react quickly as general market consumers.Hispanics don’t have the disposable income to buy my product or services.I am already reaching Hispanics with my total market approach.My competition is not reaching this audience, so I don’t.
Tagliani said the best way to understand the rising multicultural mainstream is through market research. His book shares a few little-known data points about the US Hispanic consumer:
Nearly 60% of Hispanics in America are found in the middle and upper middle classes (Race and Economic Opportunity in the United States: An Intergenerational Perspective)More than 66% of Hispanics living in the United States were born here (U.S.-Born Share of the Latino Population, 2000-2020, Descent Group).Hispanic-owned companies have grown more than 34% since 2012. That’s more than double the growth rate of all businesses across America (13.8%) (U.S. Hispanic Chamber of Commerce).Close to 60% of Hispanics are Millennials or younger. Hispanic Millennials and Gen Z are becoming the fastest growing segment of consumers (“Who are Hispanic Millennials?” Verbio Group)
Tagliani says his clients have taken a different course than most of corporate America. He said it’s been extremely rewarding to help them vigorously court multicultural consumers and navigate exciting new rivers of revenue.
About the Author
Hernan Tagliani is a leading multicultural marketing expert and award-winning marketer for Fortune 500 companies. His insights and expertise have been shared through his articles as a contributing writer to national U.S. publications such as: The Business Journals, the Houston Chronicle, Adweek, Entrepreneur Magazine, as well as Forbes Magazine (Central America edition). He is the president and founder of The Group Advertising, one of the fastest growing independent multicultural advertising and digital agencies in the United States with offices in Orlando, Miami, and New York.
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SOURCE Hernan Tagliani
