abc, food truck marketing, food truck rental, Uncategorized

The Multicultural Marketing Divide: Who Is the Real Mainstream Consumer?

Most years are evolutionary, but few are revolutionary — and honestly, 2013 was hardly transformational. In many ways, a stagnant business landscape was affected by a deadlocked political atmosphere and highly divergent perceptions of critical national issues — such as health care and immigration reform. In other words, some embrace change; some embrace legacy — even to the detriment of their own businesses’ vital signs.

Some of the trepidation seen among business executives revolves around defining their target consumers. Whereas most of America is still made up of white non-Hispanic families, the vast majority of future growth emanates from diverse cultures — such as Hispanic, Asian and African Americans among others. The difficulty lies partly in “marketing science” and partly on corporate legacy and priorities.

There are certainly many corporations who have increased their spending and focus on high-growth groups such as Hispanic, Asian and African American. According to Ad Age’s2013 Hispanic Fact Pack, for example, the top 10 investors in the “new mainstream” consumer spent $1.25 billion on “Hispanic media” during 2012 alone. This is up from $956 million in 2011 — a 31 percent change year over year! At the top of the list are Procter & Gamble, McDonalds and T-Mobile, who each spent more than $100 million on Hispanic targeted advertising.

Overall, media spending growth from 2011 to 2012 was 3.2 percent, yet growth in overall Hispanic ad spending was 11.1 percent — that’s nearly $8 billion and well over three times the growth of ad spending overall. Nonetheless, the ad spending on the Hispanic segment is reportedly far below this segment’s proportion of the population (about 6 percent of total ad spending, compared to 18 percent of total population) and much less than their proportion of population growth, which has been around 60 percent in recent years. As Hispanic media spending increases, will it begin to blend with the overall spend? Or will “Hispanic-focused media” continue its ascent at the current rates?

One emerging theory has been the discussion of “Total Market,” which — although somewhat vague and subject to interpretation — generally refers to addressing multiple cultural segments (including white non-Hispanic) which roll-up into the aggregate consumer population.

The discussion is interesting, but it’s also peculiar. It appears the same proponents of multicultural marketing are promoting the Total Market concept. But those previously charged with addressing the “General Market” (a term used to describe the mainstream consumer) are not participating in the Total Market dialog in any meaningful way. Therefore, despite the recent growth in spending and buying power of multicultural audiences, multicultural marketers and those examining the general market do not appear to be on the same page.

The risk of the Total Market approach is that it’s also too broad — cultural segments get blended in and compromised within the overall milieu of the marketing mix. In some ways, this seems a defensive approach for brands in order to not get left out — “playing not to lose,” if you will.

The political landscape seems to contribute to the ambivalence among marketers. For instance, the fact that immigration reform has been severely stalled in congress seems to reflect that many leaders (and the public at large I suppose) are in denial as to the emerging role that cultural segments are playing and will play in our business economy. Perhaps it’s an excuse for business executives not to get more aggressive and maintain the status quo.As stated in prior blogs, I find the continued delay of immigration reform especially disappointing, given the fact that we have a multicultural individual in the White House and that 71 percent of the Hispanic vote provided a clear mandate to reform outdated immigration laws.

But I have hope for next year. I believe that as businesses and marketers, we can free ourselves of the gridlocked national perspective on immigration to recognize the importance of a multicultural audience. Here are some tangible gains to be made next year:

    • A leading Hispanic or Multicultural agency and their brand representative will dare to bring a legitimately multicultural message into mainstream media. There’s even a chance that the splash will be made during the Super Bowl.

 

    • One or more Latino, Asian or African Americans will be appointed Chief Marketing Officer in Fortune 500 companies next year. I believe that CEO’s and institutional investors get it — they will see the same vision and want someone to lead their company to where the growth is.

 

 

    • Bicultural media will shift into the next gear as “experimental media” proves itself. Next year should see the fruits of companies like Univision/ABC’s Fusion, Nuvo and MTV Tr3s — hopefully with quantitative backing — that lead to further investment in that potentially high-growth space.

 

 

  • Immigration reform (if and when it passes) will spur additional acceptance and momentum within the multicultural/new mainstream marketing and business initiatives.

 

As 2014 takes shape, the question of “who is the mainstream consumer” will be asked more frequently. This New Mainstream consumer is one who increasingly embraces its heritage and chooses to indulge in multiple media within a multicultural context. Whether marketers embrace it or not — held back by legacy and risk aversion if they do not — American consumers will become increasingly diverse in 2014 and will recognize the evolving face of our nation.

The time has come for CMOs to do what chairmen and institutional investors want them to: go for the growth and erode their competitors’ market share — increasingly, that means trade legacy marketing tactics for in-culture targeting.

 

Cesar M. Melgoza

CEO and founder, Geoscape

 

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abc, food truck marketing, food truck rental, Uncategorized

Using Advanced Tech to Measure Customer Experience

Companies that can differentiate themselves will be the ones that can derive value and drive customer engagement based on data analysis of emotional responses. – using-advanced-tech-to-measure-customer-experience.

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By Krishnan Ramanujam

Think for a moment of the last time you shared a negative experience on your social channels, or when you conducted research from your mobile device before making a purchase in a store. More likely than not, these actions are second nature to you as they are for most consumers who consider multiple personalized touch points with a brand or product—including online, social, mobile, in store, etc.—to be the norm.

And it is.

However, for businesses, regardless of industry, this shift in customer communications is transformational. It is compelling companies to redefine traditional business and customer experience (CX) strategies in order to enable faster scaling, real-time engagement, and new innovation models that will retain and build customer loyalty.

 

The key is to identify what makes each individual consumer tick by understanding their personal experience, feedback and preferences, and then standardizing that experience across all touch points to meet that customer’s expectations. It may sound like a daunting task, but, in many ways, the hard work has been done. Consumers are already talking with brands; it’s just a matter of listening to what they say.

Today’s customers are providing businesses with a treasure trove of rich, real-time data, and the latent power of that information is immense. It should be used to inform business strategies and, more importantly, is an opportunity for companies to make educated deductions about how their customers’ needs will evolve in the future so that they can plan accordingly and improve customer retention.

The data that companies are mining is not just objective or transactional. It is emotional and includes highly subjective opinions from customers who are expressing either satisfaction or dissatisfaction with their experience with a company or product. This subjective and emotional feedback is the most critical for companies to note.

In fact, our customers have told us that the “voice of the customer” is ranked highly as both a short- and long-term priority for their businesses because it affects key business goals, including customer retention and revenue growth. It will become even more important in the coming years as brands compete for customer loyalty in an increasingly crowded market. The companies that are able to differentiate themselves will be the ones that are able to derive value and drive customer engagement based on data analysis of both subjective and emotional responses.

In order to do this effectively, companies must first strengthen and refine existing data-mining efforts. Here are two guidelines for achieving that:

· Ensure that the back office is fully integrated with the front office (or the consumer touch-points and interfaces) to provide a seamless customer experience.

· Standardize all data being collected in order to translate subjective (emotional) data to objective (actionable) information.

With these tasks accomplished, a brand can then identify the CX pain points it needs to address. Businesses can leverage this data to predict future responses to situations, products or services, and through sophisticated and automated analysis, can identify ways to deliver improved solutions for their customers.

For example, in the commercial banking sector, customers are faced with a variety of options and opportunities. Banks must aggressively differentiate themselves, and many are adopting CX programs that focus on driving customer loyalty.

Consider this client, a global retail and private bank that wanted to change the overall customer expectation of banking for its more than eight million customers serviced via an extensive branch network, online channels and customer call centers. The bank acknowledged the pressing need to develop a CX strategy that was capable of monitoring the conversations currently occurring, evaluating customer feedback and opinion, and standardizing experiences across platforms and geographies.

By tapping into the advanced technology tools available to them, this global bank created a 360-degree view of the customer that was focused on not only acquiring and engaging new customers, but also on activating, sustaining and retaining existing customers. The bank created a repository of all customer data, which was then mined to create personalized offers and recommendations saved to a customer portal that was available to all bank employees.

This approach ensured that regardless of the point of contact, customers would get the same level of service and receive a consistent message that was tailored specifically to them. The result was an enhanced customer experience, which drove loyalty for the bank’s brand.

This is just one example of how companies can harness the power of technology in order to build customer loyalty through personalized experiences. Looking ahead, it will be increasingly important for companies, regardless of who their customers are, to tap into this data to stay ahead of the competition. When done correctly, the value of a personalized, data-driven approach to customer engagement is immeasurable.

See more at: http://www.baselinemag.com/crm/using-advanced-tech-to-measure-customer-experience.

 

 

 

 

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abc, food truck marketing, food truck rental, Uncategorized

Experiential Marketing Trends 2014

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Experiential marketing is about connecting consumers with brands through live face to face experiences, creating personal and relevant memories.  With consumers bombarded by traditional advertising and becoming more likely to listen to ‘non-stop music’ radio stations, watch ‘on demand’ TV and flick past print adverts, 2013 proved to be a blossoming year for experiential marketing.

For what used to be an afterthought, experiential marketing is swiftly becoming a key tactic in many advertising campaigns.  Budget’s increased by 7.6% in 2013 vs. economic growth of 1.6%, and it’s predicted to skyrocket even further in 2014.

To help you see the big picture, we’ve put together what to expect in 2014:

Trend #1: Big Data vs. Real Data

Experiential marketing is about real conversations and meaningful impressions you can count. On the surface, it looks like experiential produces smaller numbers, but experiential is about quality over quantity, and they’re authentic numbers.

Half a million people could read a newspaper, but does that mean half a million people read the advert inside? No. Traditional has a larger potential reach but experiential gives a realistic impression count based on direct engagements.

With that said, in 2014, these smaller numbers won’t cut it and there’ll likely be an emphasis on increasing them.

Can we achieve this by quickening quality engagements from 60 seconds to 30 seconds? Perhaps. Expectations in the experiential realm are rising and it’s our job as experiential marketers to face this challenge in the upcoming year.

Trend #2: Gen Y Will Continue to Demand Experiential

It’s estimated that Gen Y’s consumer spending will top over 100-billion dollars next year, and as a result, they are a huge target for brands. But they’re finicky. They’ve seen it all, they live in the moment and they’re far more impulsive than any other age group.

But this is good news for the experiential industry. A new stat says 78% of millennials are more inclined to become part of a brand if they have that face-to-face interaction.

This is where a greater emphasis on experiential as a primary (and necessary) marketing tactic comes into play. Gen Y demands it.

Trend #3: Increased Experiential Integration

In 2014 we will see more experiential and PR companies collaborating to create awareness—especially with the evolution of technology and social media. Experiential companies will longer be invited to the party, they are organizing the party.  The Magnum pop-up shop integrated these two strategies superbly in Bloor-Yorkville this summer.

Trend #4: Experiential Will Become a New Form of Market Research

Judging from our own experiences and the way the industry is progressing, we believe experiential marketing will become a new form of market research in 2014.

With the consumer right in front of your brand ambassadors, it’s easy to gather more information in the midst of engagement.  It’s live.  It’s quick. And it goes a long way towards further understanding consumer behavior.

For example, we worked with a company in October distributing promotional materials and talking about their services. Not only did we create meaningful relationships with their target market, but we also conducted a quick survey collating customer impressions of the brand.  Because of the one-on-one interaction, people were more than willing to answer.  It felt normal and natural, and it was easy to get honest information and feedback about both the brand and its programs.

One of the strongest reasons why we think this will be a key trend for 2014 is because leveraging brand ambassadors to collect data in the midst of an existing experiential campaign is a valuable add, and incredibly affordable in comparison to traditional research methods.

Experiential creates so many different opportunities for live market research and we expect to see this grow to a higher level next year.

Trend #5 Evolving Experiential Technology

At the beginning of 2012, we thought using brand ambassadors using iPads was a big deal. By 2013 it was routine.

We still love our iPads (of course!) but we’ve embraced other technological resources, like the use of green screens for fun photo shoots and videos, and social technology for campaign integration.

The increase in marketing function integration will rely on using the right technology. And as new technology evolves, exciting and innovative experiential opportunities will follow suit

Trend #6 Experiential Marketing Will Consolidate Its Identity

Moving into the New Year, it’s important to note that experiential will continue to grow into its own identity.  Forget all the trend words—Buzz marketing, engagement marketing, impact marketing—experiential marketing is the terminology marketing will adopt in 2014.

But this kind of consolidation only happens when experiential itself finally becomes recognized as the most effective and affordable tactic on a person-to-person level out there and this recognition is reflected in experiential’s share of marketing dollar allocation.

We already saw gains in 2013 with larger brands acknowledging that experiential stretches their marketing dollar and gets tangible (and relevant) results.

Original Post by Calum McGuigan

For more information:

sales@experientialfoodtruckrental.com

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Millennials Are The Reason Food Trucks Will Continue To Grow

millennials

Millennials are those ages 19 to 34. Numerous studies are showing that they are buying fewer cars, houses, electronics, and credit cards. Why is this? Being the group hit the hardest by the economy, they have less money than their parents did at the same age. In fact, the average worth of someone from the age 29 to 37  has dropped 21% over the last 30 years. What does this mean for food truck owners owners?

Millennials are eating out less and less. This young generation is watching their wallet, and being more cautious about their spending. However, with this change in spending, also has come a change in what in desirable in food trucks. Millennials want the new, unique, and authentic. Not that this group isn’t eating out, it just means they want something that other generations really haven’t been as worried about.

So what exactly is this group of 80 million prospective customers looking for when deciding where to eat?

Variety and Customization

Millennials demand choices and the ability to personalize their order. Millennials expect variety, more choices, customization and their ability to be able to personalize their food experience.

History and Background

Millennials want some substance behind where they eat. They like to know the story about the places they eat, they think it’s key to feed one’s heart in addition to one’s stomach when going out. This is a place where food trucks can take take advantage by providing the history of how the mobile business came about to be what it is.

Ingredients

Quality ingredients are an absolute must for the this generation. Millennials believe that they deserve the best and will not settle for anything less. Millennials want to know and trust the food they receive in return for their money.

Socially Responsible 

Another new trend with this demographic is connecting with companies and businesses that are socially responsible and trustworthy. The bottom line is if they can’t trust you to take care of the world outside your mobile business, let alone your own workers, then they won’t trust you to serve quality food.

Generation Y is the most dominant demographic today. However, just making your name known won’t guarantee they’ll step up to your service window. As you can see, it takes a lot of factors to grab their attention and their business.

Are you and your food truck appealing to the Millennials? We hope so.

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Elektra Online Team to Advertises it’s Wire Transfer Service to Mexico on Food Trucks, Targeting Hispanics Throughout New York and Atlanta.

Los Angeles CA — 09/29/2013 — This year, Elektra-Online and Western Union cheered on its sponsored Soccer team with advertising, aimed at the male Latino population. The two-month campaign (August to September 2013) included (3) full wrapped food trucks, (3) in New York and (3) in Atlanta also included 30-inch by 60-inch advertising billboards placed on (60) food truck rear’s and serving-side, food trucks also made stops at retail locations like check cashing outlets throughout New York and Atlanta markets.

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Elektra Food Truck Rear and Serving-side Advertising Billboards

Food truck advertising is the best way to reach the Hispanic working population, said Alex Flores Director of  Accounts, at Experiential Food Truck Rental. The largest food truck marketing and promotions company in the US and Canada.

In addition to Coca-ColaFarm Rich FoodsFrito-Lay and Chase Bank (among other notables) Food truck marketing and advertising reach right in-to the working population — on-site. Since their beginnings in 2005, Experiential Food Truck Rental. slowly but surely has executed and validated their medium of advertising and marketing on food trucks by focusing on securing long-term relationships with food truck operators and commissaries and securing national advertisers and their agencies. Promotional food trucks average 25 stops per day, serving breakfast, lunch and dinner to over 1,900 people per day, and securing 881 general impressions a day,” says Mr. Flores. “We have an inventory of over 4,800 food truck billboards nationwide that provide ample inventory for everyone to use in their media arsenal. Advertisers from Verizon to Boost Mobile to Mission Foods have found their niche to reach deep into the Latino working population.”

Experiential Food Truck Rental has ad contracts with 3,500 food truck vehicles in the United States, with New York, California, Florida and Texas boasting the most advertising. Says Flores, “We can target anyone in the working class, regardless of race, but currently we are seeing most campaigns targeting Latino males and females, aged 18–45.” With 2012 annual sales of over 2, 000, 000, Experiential Food Truck Rental, client base boasts automotive, entertainment, pharmaceutical, telecommunications and food and beverage companies. Food truck billboards are printed on four-color, high-impact Flexcon vinyl. At eye level, these signs ranged from 30-inch by 60-inch for serving-side and tailgate billboards to 15-foot broadside. Flores even says, “We have fully wrapped Food trucks. I call it the ‘ULTIMATE WOW-FACTOR’ just like bus-size full wraps, getting branding exposure where billboards and other traditional outdoor mediums are normally prohibited by law.

Del Real FoodsKraft Foods and Fast-Fixin Foods seized the opportunity to give away free samples and coupons, either on “take-one” displays or distributed by truck operators. A suggested minimum campaign is three months, with full wraps on a month-to-month basis. Leafleting, available with or without signage, can be implemented immediately, whereas sampling and take-one campaigns, as well as just general signage, can be implemented within 15 days. From art creation to submission, a full-wrap food truck may take 10 days. Experiential Food Truck Rental executes campaigns National.

Sales Contact:

E-mail: sales@experientialfoodtruckrental.com

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