Posted by Ken Muench, SVP, Director of Multicultural Planning, Draftfcb Chicago
So if you've been paying attention to shifting demographics you'll have noticed: there's a battle brewing. A big one. And it's going to affect every single facet of life in the US for the next 20 years and beyond.
The defenders: Older White Folks. The challengers: Young Multiculturals. In the long run, demographers agree--the multiculturals will "win" (if for no other reason than for the simple fact that they'll outlive the older folk). But for the next few decades, it's going to get ugly--it already has, in fact (think Arizona or the controversy with the Texas Board of Education).
And now it's complicating the hell out of marketing too.
Here's the issue: Seniors are white; young folk are far less so (see chart).
And this disparity is scheduled to get even bigger:
But here's the part that might interest marketers: who do you build a brand for? The older white folk, or the young multiculturals? It's a major decision. Brands that sit on the fence are likely to miss both targets. There's just not a lot of common ground. I'm sure you can argue there is, but if you're honest...there isn't. How many white seniors you know couldn't wait to download the latest Fat Joe album? And how many Latino teens tuned in last night to TV Land's broadcast of Gunsmoke?
So what about your brand? You seem to have 3 options: go conservative and whiter, young and more multicultural, or live in a bland middle road: same 'ol work you've been doing but a little non-white casting randomly sprinkled in (which if the laws of marketing are correct, will simply be a slow death)?
Some brands are no brainers. Depends Adult Diapers, for instance. Or Adidas. But what about financial products? Do you become younger, hipper, browner and risk alienating the crowd that has money today? Or do you stay White and conservative and become increasingly irrelevant to the crowd that's going to continue increasing dramatically?
My prediction: some brands will stay white and more conservative and stay afloat by winning with that crowd, but more and more brands will break out a'la Old Spice and reap the benefits of realigning themselves with the changing demographics.
In the end, the right solution will vary by brand, but marketers that heed the change and make wise decisions will avoid riding away into the sunset... with Doc, Kitty, Festus and Mat to keep them company.