Describing how firms know so much about consumers and how they use it to their advantage
In the contemporary world, it has been revealed that organizations contain adequate customer knowledge. The management of the company uses this customer knowledge to shape active product and customer strategies. Even the product development process is based on consumer knowledge in the competitive landscape. In this modern business era, companies know customers by conducting marketing research. A comprehensive customer analysis, including customer trends, buying patterns, behavior, and satisfaction levels, are to be navigated to shape strategies. However, marketing or customer research have become traditional ways to enhance the visibility of knowledge. Now, marketers or companies are looking to apply and improve intelligent customer engagement. Corporations engage customers in real-time to derive several customer insights. Apart from it, the most appropriate way to know or understand the customer is to maintain the customer lifecycle. The customer lifecycle can help marketers take customers on a journey that can mutually provide an advantage to both customer and marketers (Fallon, 2013). The most important thing is to retain customer interest in the brand, and the customer lifecycle is a relevant source in this regard. Importantly, knowing customers in a competitive market is possible by evaluating past purchases. It is one of the best ways to derive customer insights. For Instance, management can understand customer motives, satisfaction levels, and buying behavior. In short, by examining past purchases, customer needs and wants are to be obtained. In market research, the appropriate method to know customers is to use the available data. Many organizations have adopted significant data technology. In different cultures or regions, information is one of the most appropriate sources for management. In the business world, digital channels are growing. Thus, through these digital channels, the company can take information in no time and make effective strategies. Data regarding customers is accessible on different digital channels, and companies can use this chapter way to understand and target customers. Generating data from customer analytics is one of the most vital tools for companies. Companies are using user behavioral tracking tools on the website to assess the needs and behavior of customers. Customer analytics can also help to know the customer conversion rate and different motives associated with it. Knowing customers in a competitive landscape can lead to a competitive advantage in the competitive market. For Instance, based on the customer data, the company will be able to develop the product, which can fulfill customer needs and wants practically, even better the competitors. Customer understanding is also an essential source for the company to differentiate both products and customer strategies. If the company knows a particular need of the customer, it can shape the product which has never been experienced before in the market. Of course, it can drive the competitive advantage, as customer loyalty and satisfaction can be retained in a better way. A competitive advantage always triggers the customer knowledge. For instance, if the company management acquires more understanding than other rivals in the market, it can deal with both product development and customer adequately. Customer trends and behavior in the market are changing with time, and it seems an excellent opportunity for the company to set a foundation to enable incredible customer integration. By making customer-oriented strategies in the market, which are based on the customer data, the firm can improve customer traffic, sales, market share, and overall financial outcomes. Many organizations intend to shape the brand image in the competitive market. They use multicultural marketing processes to create and sustain the brand image. The brand image is also to be sustained by successful knowledge integration. Thus, these are all competitive factors for any organization (Das, 2018).
Discussing how multicultural marketing is manifesting locally (in Canada)
Multicultural marketing has become an essential aspect of the business. In the global business environment, the management has to make effective marketing strategies, which can help to integrate with the local culture. Doing business in Canada is not complicated. However, cultural integration seems imperative to contain emotional and sentimental attachments with customers. A company cannot implement the marketing strategy which has been implemented in the home country. Due to cultural differences, some changes in the marketing strategy must be ensured to sustain the business in the new market. Multicultural marketing is manifesting locally (Canada). Canada is one of the most prominent, culturally diverse countries. The diverse society provided a motive for corporations to shape and implement multicultural strategies. For Instance, it has been observed that one out of five Canadians is born outside of the country. Thus, people coming from different countries contain different cultural values. In the marketing strategy, the firm must integrate with local cultural norms, including customer spending, religious beliefs, buying behavior, and buying patterns. Of course, it seems harsh to position better in the minds of customers with the same marketing strategy. Now, multiculturalism is manifesting in this region by making different customer segments. Based on different cultural traits, segments are shaped by the companies. In a diverse marketplace like Canada, there is a need for specific targeting. According to the revelations, different multicultural groups are tech-savvy. Therefore, marketers with multicultural intent must reach these customers with adequate communication. One of the most prominent reasons for multicultural manifesting is the intent of minorities in Canada. They can accept any brands communicating with them in their native language. Multicultural groups feel more comfortable due to multicultural marketing, as they can understand the brand and make buying decisions effectively. Targeting and positioning by using a native language in Canada is just the first step. For each customer segment or group, which is culturally diverse, pertinent marketing content and design is to be shaped (Bhaskaran, 2017). Interestingly, In Canada, similar strategies can be designed, which are used in home countries or people who are now living in Canada. Of course, the purpose is to align with several cultural backgrounds and make the customer emotionally attached. People in Canada are living in different communities, and these are also culturally diverse. Now, multicultural marketing is increasing due to advanced technology. For Instance, companies are interacting with several digital channels and other technological tools to reach a diverse audience. The cost of reaching different customers is quite less than before, and it is also a principal motive for companies to show this strategic intent in Canada. Multicultural marketing is improving in Canada without assumptions. Marketers are restrained from making assumptions regarding their target audience. Multicultural marketing should be executed without assuming something, which is against a particular community, to avoid any harm or racial difference. The significant advantage that multinational corporations gained is the empowerment of multicultural communities. From language to religious beliefs, behaviors and traits have been encouraged, which enables emotional and sentimental attachments with brands. Multicultural marketing became an integral part of the business, primarily when operating in different countries. People make buying decisions due to their association with brands or products. Brands in Canada are associated with diverse cultures, and it facilitated corporations to enhance targeting and positioning. From the perspective of customers, diverse groups can have products and services according to their needs and want in a new region. Thus, it can be said that multicultural marketing is beneficial to both customers and marketers (Montgomery, 2018).
Discussing how multicultural marketing is manifesting globally
Globalization created an impact on the business, and marketing strategies are to be shaped accordingly. Globalization needs cultural sensitivity, and corporations are intending to develop marketing strategies subsequently. In the global world, people’s mobility is increasing, which creates culturally diverse societies or communities in countries. On the other hand, organizations are expanding in several regions to improve sales and profitability. Therefore, the importance of multicultural marketing has emerged with time. In short, it can be said that the marketing process evolved with the evolution of globalization. The multinational marketing is manifesting globally. From the business perspective, the term globalization has been converted into globalization. This term is derived from localization, which is to be executed by global markets to target natives or the local population. In every country, the company can find minorities. However, multicultural marketing or localization can be embraced in those countries which are more culturally diverse such as Australia, Canada, the United States, and the United Kingdom. Consequently, marketing stratify is growing in countries due to the needs and wants of people. Of course, people are associated with their cultural norms and values (Burton, 2008). By using related brands and integrating them with a meaningful message, they feel good about their culture and norms. Multicultural marketing in the global business environment can be perceived with different perspectives. First, regarding the business perspective, the marketing team can assess the local culture in the marketing research intending to expand in the new market. Apart from the marketing research, cultural research is also mandatory for the company to demonstrate successful cultural integration. Therefore, internalization and localization are some critical strategic intents for companies or global corporations to justify multicultural marketing. The most important thing is to increase customer traffic and increase sales and market share in the worldwide market. Globally, multicultural marketing is helping marketers or organizations to interact with customers according to their levels. In the global business environment, companies are executing multicultural marketing strategies to meet two purposes. First, they can add more customers to the target segment, which are from different cultural backgrounds. Second, when operating away from the home country, the company can give a voice to diverse communities. Of course, people can suggest things to better interact with the community. Some examples can be presented to justify the existence of the multicultural marketing process. For Instance, many e-commerce platforms use multiple languages on their websites to interact with customers. For example, a Spanish firm, which is operating in the United States, can launch an additional site, which is in the Spanish language. The purpose is to facilitate the Spanish community in the United States. With the perspective of customers, multicultural marketing can enhance customer facilitation. Customers away from home countries can understand their needs and brand in a new community. Therefore, the overall impact of multicultural marketing seems positive, and it can drive effective marketing outcomes for the business. Due to globalization, marketers also learned how to engage people in different regions and create value for them. Attraction and positioning, which are prominent objectives or marketing, can be achieved by multicultural marketing. It can be referred to as localization or internalization, which can make the brand more meaningful for customers. In a diverse society, multicultural marketing has also become a pivotal source to make changes in the brand strategy. The brand strategy can be different in every country, and multinational marketing is a pertinent way to communicate accordingly. Marketers have to evolve with time due to changing trends or globalization. Global marketing strategies must be associated with culture to enable better customer engagement and business sustainability (Rao, 2012).
References
Bhaskaran, A. (2017, December 1). Marketing across Canada’s multicultural landscape? Read new research from MediaCom Canada.
Burton, D. (2008). Cross-Cultural Marketing: Theory, practice and relevance. Routledge.
Das, T. K. (2018). Behavioral Strategy for Competitive Advantage. IAP.
Fallon, N. (2013, August 7). 7 Ways to (Really) Know Your Customers.
Montgomery, E. (2018, December 8). Multicultural Marketing and Its Significance For Your Brand.
Rao, C. P. (2012). Marketing and Multicultural Diversity. Gower Publishing.
