How consumers choose to identify is changing, breaking away from conventions historically used to categorize and hypothesize about who people are and how they live their lives. Yet, traditional constructs aren’t keeping pace with the evolution of identity and leaves no room for the grey areas an increasing number of consumers choose to live in.
This past year, the murders of George Floyd and Breonna Taylor sparked discussions around racism and inequality in America, prompting calls for social justice. Social injustice, however, is not limited to the inexcusable deaths of unarmed black and brown Americans. Disparities in financial resources also poke holes in the American Dream and keep many Americans struggling to get above the poverty line. While exploring the ThinkNow ConneKt platform, we discovered the LGBTQ+ community is a victim of financial inequality.
In 2011, we took to pen and paper to ideate an amalgamation of terms to name our market research company and carve out our industry niche. A year before, the 2010 Census came out. It was clear that the Hispanic population in the U.S. was growing, and companies and brands needed to take notice of this bourgeoning consumer group. More than half of the growth in the total U.S. population between 2000 and 2010 was due to an increase in the Hispanic population, according to the U.S. Census Bureau. The Hispanic population grew by 43% during that time. By 2010, Hispanics comprised 16% of the total U.S. population.
Diversity, equity, and inclusion took center stage in 2020, with many brands rushing to restructure internal teams and re-evaluate advertising campaigns in response to calls for social justice. There was a cultural shift among the general population. Multicultural consumers became the focal point, and forward-thinking brands responded by creating culturally relevant marketing that appealed to multicultural consumers. But the relationship between the brand and the multicultural consumer extends beyond the register to those running the register.
Latin American brands often feel overly confident in entering the U.S. market. Having experienced success in their home markets, they look to replicate that brand affinity north of the border, often using the same strategy that won at home. But, that affinity doesn’t always translate into a successful entry, especially when brands fail to realize and plan for the shift from a mostly homogeneous cultural group to a more diverse society composed of varied multicultural backgrounds, cultural influences, and behavioral drivers. The tendency of LatAm brands to target their core Hispanic constituency can cause missed opportunities to reach broader markets.
As a strategist, your clients look to you to develop a solid strategy that leads to their next successful product launch or branding campaign. Essential to making a business case for your ideas is data. Identifying the insights you need requires sifting through an enormous amount of secondary data via search engines and subscription research services like eMarketer and Statista. This desk research involves a lot of time because it’s difficult to find the EXACT data point(s) you need to validate your strategy. You are often relying on multiple data points from various sources that may indirectly support your hypothesis but fails to provide the exact data point needed to build a compelling case.
2020 has been one of the most polarizing years in recent history. A global pandemic decimated the economy. The murders of Ahmaud Aubrey, Breonna Taylor, and George Floyd sparked a worldwide outcry for social justice. And the presidential election and ensuing calls for recounts and litigation gripped the nation while the world watched. All of these events culminated in a complex display of cultural dynamics that influence contemporary consumer attitudes and behavior. In our 2020 ThinkNow Year-End Report, we examine the effects of these influences through a multicultural lens to provide actionable insights on key consumer trends to watch heading into 2021.
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.
As someone who has worked in market research for the past 20 years, it’s disheartening to see entrepreneurs and brand managers struggle with marketing campaigns due to knowledge gaps that could have been avoided with a simple market research study. Properly conducted custom market research is the common denominator in successful marketing campaigns. But, to some, conducting research is intimidating. To others, it’s too expensive, too complicated, or takes too long. Truth be told, market research today is none of those things. Coding and data tabulations done by hand are a thing of the past. Improvements in cost, timing, and ease-of-use have made primary research accessible to everyone.
Despite thousands of shuttered stores across the country earlier this year and varying degrees of re-openings as restrictions ease, the beauty industry has proven resilient. While sales have declined, they have not bottomed out like many other industries. However, the loss of in-person experiences has fundamentally changed the dynamic of how beauty brands engage consumers. In our ThinkNow Cosmetics & Beauty Report™, we surveyed a representative sample of cosmetic/beauty buyers to gauge sentiment in the category and how COVID-19 has impacted purchase behavior. Through our research, we’ve found that the decrease in sales has not depressed consumers’ love of beauty products, but it has changed how they buy them.