Effective market research goes beyond understanding trends to identifying opportunities in the market. But many companies struggle to translate data insights into tangible financial gains. This struggle stems from a tendency to diminish the significance of market research instead of acknowledging its profound potential as a revenue generator. Failing to see the strategic value of research hurts the bottom line and creates distance between the consumer and the brand. Companies need a deep understanding of consumers, and market research is the most effective way to achieve that.

How market research does that is changing, however. Artificial Intelligence is transforming the market research industry. New AI-powered methodologies, like synthetic panels, are creating opportunities for marketers to achieve similar results in less time with fewer budget constraints.

But AI isn't a silver bullet. Though rapidly evolving, the technology is new, and the accuracy of these models is still questionable. These new tools should be seen as complements, not replacements, for proven research methodologies.

One thing is certain – the future of market research lies in effectively integrating data, insights, and human curiosity. By leveraging these elements, researchers can become strategic partners, driving real-world business results and ensuring market research is a true value-add, not just a cost.

In this episode of The New Mainstream podcast, Michael Nevski, Director of Global Insights at Visa, delves into the vital link between market research and revenue growth and explores the potential of AI to reshape the industry.

Diversity isn't just about optics. Today’s consumers prioritize authenticity and base their purchase decisions on how brands show up. But authenticity does not start when the products hit the shelf. It must be woven into every stage of the go-to-market strategy, including market research – from panel recruitment and survey design to selecting moderators who foster open and honest conversations. Understanding diverse consumer perspectives requires more than just surface-level representation.

One crucial aspect of fostering authenticity in market research is the composition of research teams. Selecting moderators, for example, that reflect the demographics of the survey participants helps ensure authenticity in their responses. The psychological safety that the environment presents reduces the need for codeswitching, liberating respondents to be their authentic selves.

Beyond focus groups, greater diversity is needed across the market research industry. Often, diverse teammates doing the work—running the data tables and visualizing the data—aren’t the ones presenting the work, and that needs to change. There’s value in bringing those in the back of the house to the front to create equal opportunity for advancement. 

By prioritizing inclusivity and authenticity internally, companies can forge deeper connections with consumers externally and drive meaningful change in the marketplace.

In this episode of The New Mainstream podcast, Kai Fuentes, President and CEO of Ebony Marketing Systems, discusses how the market research industry can benefit from intentionally cultivating and championing diversity and inclusion.

Today's consumers are confidently embracing their authentic identities, and forward-thinking brands are following suit. Inclusive beauty giants like Ulta Beauty proudly defy gender norms, while others prominently feature same-sex couples and individuals with disabilities and promote body positivity in their advertising campaigns. On the flip side, some brands are succumbing to the fear of appearing overly “woke.” The increasing backlash against diversity, equity and inclusion has prompted a few to backtrack on commitments made during the peak of social unrest in 2020, leaving consumers feeling angered and confused.

Multicultural consumers, who represent almost 100% of the population growth in the U.S. and are on track to become the majority by 2050, seek genuine connections with brands. Central to this is a brand's ability to authentically understand its audience and allow that authenticity to drive consumer engagement.

Brands that bridge cultural divides are the ones that thrive. By genuinely connecting cross-culturally, companies seamlessly align DEI with their bottom line. Inclusivity isn't optional – it's the fuel for long-term success. From diverse workforces to inclusive marketing campaigns, a focus on inclusion strengthens every aspect of a brand.

Understanding multicultural consumers means appreciating their commitment to holistic well-being. Black women prioritize mental health, while Gen Z seeks a shift from the “grind” to self-care and mindful living. Brands that tap into these trends resonate with a broader audience.

In this episode of The New Mainstream podcast, Will Campbell, Co-founder and CEO of Quantasy, shares his perspective on the state of multicultural marketing and how young, diverse generations are driving wellness trends.

In the dynamic landscape of sports fandom, one demographic stands out for its potential to reshape the future: young bilingual Latino fans. These individuals bring a unique perspective to sports, craving innovative ways to express their passion for the game. But that passion goes beyond the field to the experience, whether tailgating or engaging with brand activations. For brands to truly connect with these fans, they must seek to understand and cater to their needs, redesigning the fan experience to create a more inclusive and engaging community.

But what does that look like? Traditionally, sports fandom has been defined by loyalty to teams and players. But that’s evolving as bilingual Latinos navigate between cultures and languages. Understanding cultural nuances and generational differences within the Latino community can translate into higher ticket sales, greater demand for merchandise, and overall fan engagement for leagues.

Because of this, major sports leagues, such as the NFL and MLB, are increasingly embracing the importance of diverse narratives and communities within their fan base. Aside from drafting Latino players and sponsoring Spanish-language simulcasts, leagues and franchises successful at leveraging Latino fandom understand the elements of their sports entertainment offering that appeal to Latinos and invest in supporting those features.

Tapping into this demographic represents a substantial economic opportunity. With nearly 20% of the US population identifying as Latino and 40% considering themselves avid sports fans, there's immense potential for growth and innovation. However, capturing the attention and loyalty of young bilingual fans requires more than gestures like heritage nights, which can be perceived as performative if not integrated into a broader engagement strategy. Engagement demands a deep understanding of Latinos' cultural backgrounds and preferences and a commitment to authentic representation. Sports leagues must incorporate these insights into their growth strategies, ensuring the fan experience reflects the diverse communities supporting them.

In this episode of The New Mainstream podcast, Jesus Chavez, co-founder and CEO of CABRA Sports, delves into Latino sports fandom, exploring the strategies and cultural insights driving the industry’s evolution.

As Women's History Month approaches each year, the remarkable strides women have made in business become increasingly clear. However, despite these advancements, certain industries, such as the insights industry, continue to struggle with leadership inequities and a lack of workforce diversity.

While the insights industry prides itself on understanding and reflecting diversity in consumer populations, this awareness often stops short within its own workforce. This creates a troubling gap: the voices informing strategies may be representative, but the decision-makers interpreting and implementing those insights remain predominantly homogenous.

This lack of diversity leads to blind spots and missed opportunities, potentially limiting strategy effectiveness and perpetuating biases. Closing the gap between measured and internal diversity unlocks the full potential of insights, creating more opportunities across the board.

In this episode of The New Mainstream podcast, Ali Henriques, Global Director of Research Services at Qualtrics, delves deeper into leadership diversity and its impact on recruiting and retaining diverse talent.

The evolution of financial technology, commonly referred to as 'fintech,' has undergone a remarkable surge in recent years, empowering consumers to conduct their banking activities on their terms from any location. So high is the demand for online financial tools that banks like Bank of America, which started shuttering its drive-through teller lanes in 2013 due to low usage, have pivoted to establish robust digital solutions. These solutions are tailored to help consumers manage their personal finances exclusively through online channels. This shift is not limited to central banks, however. Online banks like Ally Bank and neobanks like Chime are also vying for consumers' attention, offering both traditional and non-traditional banking services and greater flexibility than their brick-and-mortar counterparts.

Among the consumers embracing fintech are Latinos, who do so at a higher rate than other demographic groups. This trend can be attributed to a few factors. The Latino population in the U.S. skews younger, and as younger consumers are generally more predisposed to adopting new technologies, fintech becomes a natural choice. Additionally, Latinos may face language barriers and systemic challenges such as discrimination, making fintech options more attractive and accessible.

Regardless of how consumers choose to bank, most agree that understanding and managing one’s finances is essential to building wealth and economic self-sufficiency. For Gen Z, especially those subscribing to the concept of 200%, where individuals embrace their dual identity as both American and Latino and whose motivations for wealth-building differ from their parents and grandparents, using an in-culture digital-first financial platform to demystify complex financial concepts is key to engaging them.

In this episode of The New Mainstream podcast, Beatriz Acevedo, CEO and Founder of Suma Wealth, underscores the importance of developing culturally relevant fintech tools to increase financial literacy in the Hispanic community. To download the SUMA App, click here.

While diversity and inclusion have recently come under fire in several industries, the expectation consumers set in 2020 for brands to be more inclusive stands. A ThinkNow study revealed that over 45% of consumers are willing to go out of their way to shop at a store they've never frequented if the brand has made a public commitment to D&I. Forty-seven percent of consumers are willing to spend more in a store.  This demonstrates a significant shift in consumer priorities, with many placing a high value on brands that align with their beliefs.

While different, D&I and multicultural marketing often converge in practice, creating a powerful synergy for reaching and engaging diverse audiences. The growing multicultural majority in the U.S. has shifted consumer behavior, with individuals increasingly seeking brands that reflect their own diverse identities and values. As a result, multicultural marketing has become an essential tool for brands. A fundamental understanding of D&I and how it integrates into multicultural marketing, from representation to authenticity and cultural competency, helps brands realize the full potential of this synergy.

However, the challenge with multicultural marketing often lies in the limitations imposed on it. Often, multicultural marketing is viewed as separate from mainstream marketing strategies, leading to limited budgets and resources that can negatively impact campaign performance and jeopardize relationship-building efforts with diverse audiences.

In this episode of The New Mainstream podcast, Javier Farfan, Culture Marketing Strategist at the National Football League (NFL), delves into various multicultural campaigns the NFL has launched to effectively reach and engage multicultural audiences and how the league overcomes multicultural marketing pitfalls.