The article above is suggesting multicultural marketing is about to go away. At least, from looking at the responses on social media, some people took the report that way. Not sure what prompted the writer to suggest that, but the report certainly has a few flaws, to say the least.
That corporate America is cutting costs and is attacking the “smaller” budgets first, is as normal as it is wrong. While on a cost cutting fury, long term decision are mostly not very well thought through. It is also nothing new, that the marketing experts are certainly not to find in the corporate world (with exceptions of course). I claim all that on the simple fact, you operate in a country where you can find every culture of the world, in pretty high numbers. If, in such a case, you proclaim multicultural marketing is out, or you cut the budget for it, you are in for a big surprise down the road.
I would even go a step further, multicultural marketing will be the most important part of marketing overall. It will change the hierarchy of leading products, services and companies/organizations and what is going to draw the big dollars in the future. Focusing marketing on the “current season” like football season or many other reasons to come up with special efforts, will not be enough to cut the deal down the road. Marketing, in order to be good and giving you a decent ROI, will be much more diversified than it is. What is in today as the big bringer will fade out slowly as the big money maker. The major driver for that, multicultural marketing with underlying drivers for change in marketing efforts and budget. It is more right to say, marketing will be multicultural marketing in the future and it will change what we will see on the billboards and other advertising, on and offline. I will leave you with two examples to think about: Soccer and Lady Gaga.