1001 Startup Ideas - Multicultural marketing for social media. The startup idea is to establish a multicultural marketing agency focused on social media. This company will create social media campaigns targeting various cultures for brands across the globe. This has led to a significant demand for marketing campaigns targeting different cultures that exist in the world. Asia has an abundance of ethnic groups. All these groups have different cultures. This startup will provide marketing strategies for particular cultures across the globe and create engaging content for various social media platforms in different languages. Customised services for every marketing campaign designed targeting specific cultural group; and The company will also start subscription based model providing content on a daily, weekly, bi-monthly or monthly basis targeted towards different cultural groups. Way to market The company would need to create or collect data about cultures existing across countries which would benefit from multicultural marketing. Milestones Once the startup has a few clients and a handful of successful campaigns in a country, it can target other countries and grow the team.
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What is the idea?
The startup idea is to establish a multicultural marketing agency focused on social media. This company will create social media campaigns targeting various cultures for brands across the globe. The world is shrinking, and most of the countries are increasingly inching towards the multicultural population. This has led to a significant demand for marketing campaigns targeting different cultures that exist in the world.
Market Definition
Joinville reports that there are more than 70 million 1st and 2nd generation migrants in Europe, over 50.7 million Hispanics contributing 36.7% multicultural population in the US, and over 10 million foreigners living in Germany.
Asia has an abundance of ethnic groups. All these groups have different cultures. Asia is also home to a lot of religions leading to a different set of beliefs and practices. According to Statista.com, in 2018, it is estimated that there will be around 2.67 billion social media users around the globe, up from 1.91 billion in 2014. It also further states that in 2016, 68.3 percent of Internet users were social media users and these figures are expected to grow.
Brandwatch has given some interesting insights on social media spending:
- Social networks earned an estimated $8.3 billion from advertising in 2015;
- 38% of organisations plan to spend more than 20% of their total advertising budgets on social media channels in 2015, up from 13% in 2014;
- Only 20 Fortune 500 companies engage with their customers on facebook, while 83% have a presence on twitter;
- People aged 55-64 are more than twice as likely to engage with branded content than those 28 or younger;
- 96% of the people that discuss brands online do not follow those brands’ owned profiles; and
- 78 percent of people who complain to a brand via twitter expect a response within an hour.
Competitor Analysis
There is an abundance of social media marketing startups across the globe, but they are concentrating on social media strategy as a whole. There are very few agencies that specialise in cross-cultural marketing.
Pain Point & Target Audience
The targeted customer market for this startup is the “businesses looking to sell products across cultures”. Because of language barriers and cultural nuances, a lot of ad campaigns run a high risk of not connecting with the audience or missing out…
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