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.
It’s common for many of us to feel as if we have no biases. To make that assumption, however, would be woefully incorrect and naive. The hard truth is that we are human, and our cultural biases make their way into every aspect of our lives, including our work. If you’re doing market research, that’s a bitter pill to swallow. We like to think of ourselves as some of the least biased people in business. We are more aware of consumer behaviors and the psychological implications of marketing messages. Nonetheless, unconscious bias often creeps into our research design. It’s not all doom and gloom, though.
September 15th marks the start of National Hispanic Heritage Month. During this month-long celebration, the contributions and culture of Hispanic and Latino Americans are thrust into the national spotlight and inspire a steady flow of well-intended marketing campaigns. U.S. Hispanics, however, are often treated as a homogenous group by media, leading to poorly executed campaigns that miss the mark and squander opportunities for brands. Far from fitting the one-size-fits-all formula, the 60 million Americans of Latino/Hispanic origin represent over 20 Latin American countries. Each with their unique heritage and cultural backgrounds.
Forty percent of American consumers are ethnically diverse, yet only five percent of advertising dollars are allocated to environments that are contextually relevant to these audiences.As racial injustice protests accelerate conversations about inclusion marketing, brands must contend with the fact that fielding multicultural data is no longer optional. It is now necessary to create equity with these communities, extending far beyond sales to corporate social responsibility. This week, Latoya Chrisitian, Marketing Partner at GroupM, joins us to discuss multicultural marketing strategy and how to use multicultural data to quantify opportunities and create culturally relevant content on the right platforms.
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.”
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.