Multicultural Priorities in the C-Suite
Key Takeaways
Geoscape provides market intelligence including data, systems, research, and analytics for companies seeking growth in a culturally diverse economy. Cesar Melgoza, Founder and CEO, presented the results of a study from the first quarter of 2015. Geoscape asked 150 senior marketing leaders key questions about multicultural priorities.
Multicultural Priorities
- Approximately 50 percent of executives had a specific multicultural initiative in place.
- 80 percent of B-to-B marketers did not have a multicultural initiative.
- More than one-third of respondents who did not have a multicultural initiative indicated that it wasn’t a priority for the business.
- One-third of respondents with a multicultural program indicated that the program was strategic or mission-critical.
- More than half of respondents indicated that they were deploying a total market approach, where all cultures were integrated and resources were pooled.
Program Funding
- Of companies that had multicultural marketing programs in place, only 23 percent were allocating funds based on anticipated future growth.
- More than three quarters of companies allocated less than 15 percent of the marketing budget to multicultural. This is less than companies should be spending.
- A majority of respondents indicated that multicultural programs faced too many competing priorities or insufficient buy-in among colleagues.
- More than half of respondents expected multicultural budgets to increase going forward.
Conclusions
- Adoption of multicultural initiatives has increased over the years.
- Compared to growth in multicultural populations and spending power, multicultural programs still lag behind opportunities.
- C-suite executives need to be educated about the importance of multicultural programs.
Source
"Multicultural Priorities in the C-Suite." Cesar Melgoza, Founder and CEO of Geoscape. MediaPost Engage: Hispanics Conference, 9/17/15.