In what seems like a lifetime ago, we began the year full of ambition and resolve because 2020 represented more than a flip of the calendar. In pun worthy comparison, 2020 or “20/20” was supposed to be the year of great vision and clarity. We energized our sales teams with it and redirected our strategic plans. But now, just a month away from year-end, we realize that the clarity we sought didn’t elude us. We clashed with it violently in the streets and on the front lines. The past few months have been some of the most polarizing in recent history. A global pandemic decimated the economy, and the murders of Breonna Taylor and George Floyd sparked a worldwide outcry for social justice.
America is often described as a “melting pot” of different nationalities, ethnicities, and cultures. Much to the dismay of Teddy Roosevelt (who in a 1916 speech noted “There is no room in this country for hyphenated Americanism”), Americans have perfected naming each ethnic group within our borders distinctly, and those names have evolved. For example, we dove into the names by which Hispanics prefer to identify. Responses ranged from “Latino/Latina” to country of origin, to the hotly debated yet emerging term “Latinx.” We see a similar pattern among Black Americans, who do not identify with labels such as “African American” despite its use in the U.S. Census, media, and other databases.
According to IBISWorld, automobile insurance is a $300 billion industry in the United States with growth surpassing that of the national economy. Despite the rise of the sharing economy and sentiment shifting to eco friendlier ways of travel, the vast majority of consumers are still purchasing cars and auto insurance to cover them. To better understand how consumers purchase auto insurance, we surveyed a representative sample of 2,485 auto insurance customers and decision makers to uncover expectations of their auto insurance providers and what matters most to them when choosing an insurance provider.
Marketers looking to gain deeper insights into multicultural audiences must first move beyond blanket assumptions. Essential to doing that is leveraging data and understanding the value of audience segmentation. Some marketers, however, are uncertain as to how to find the data needed or adequately use the data when found to segment their audiences effectively. This week, Demetrius Parker, Integrated Marketing and Communications Strategist at the CDC, joins us to discuss the power of think tanks, data aggregator tools, and the elements of culture marketers can tap into to build deeper connections with multicultural consumers.
The empathy economy has accelerated rapidly since the onset of the coronavirus pandemic and social justice movements impacting the global community. But what is the “empathy economy” and, as it implies, how can showing empathy have economic benefits? According to Michael Ventura, author of the book, Applied Empathy: “People think empathy is about being nice, being compassionate, being sympathetic—it’s none of those things, empathy has a broader meaning that extends well beyond its dictionary definition of ‘the ability to understand and share the feelings of another.”
When we published our ThinkNow Latinx Report in November 2019, many were shocked by the stunning reality that 98% of Latinos do not identify with the term “Latinx” and prefer to identify as “Hispanic,” leaving only 2% of the burgeoning Hispanic consumer base preferring this ethnic label. The findings were cited in The Washington Post, New York Times, and The Atlantic. A Medium article published with the results has received 84,000 views and 29,000 reads to date. The volume of engagement illustrates the deep divide among consumers, academia, and other stakeholders regarding the credibility of the term “Latinx.”
The past several weeks has been one of the most difficult in American history. At the hands of white police officers, an unarmed black man, George Floyd, joined a growing list of black men and women killed by those sworn to protect and serve our communities. Protests erupted across all 50 states and in over 18 countries, calling for an end to systemic racism and justice for George Floyd, Breonna Taylor, many others who have prematurely lost their lives due to racial injustice. In response, many companies and brands have expressed solidarity for the #BlackLivesMatter movement across social media.
Multicultural minority groups collectively comprise one-third of the US population. Hispanic and Latino Americans have contributed to this significant demographic shift in the United States. Currently, more than 59 million Hispanics live in the United States. That massive growth is attributed to high rates of immigration and fertility. However, COVID-19 and the associated impact on the global economy and the daily lives of US consumers is still playing itself out. With the speed at which consumer behaviors and environments are changing, companies and brands must be proactive in their preparation for the “new normal.”
Stay at home orders across the globe has had an immediate impact on consumers. Streaming times are at an all-time high, food delivery services are at max capacity, and almost all of us have become gamers. While it is true that immediate consumer behaviors have changed during stay at home orders, the real question marketers are grappling with as mandates are slowly lifted is if the disruption in purchase routine will affect consumer behavior long-term, and if so, how.