As we hit the half-way point of 2017, we think it’s as good a time as any to look into our crystal ball and predict what the future might hold for all things multicultural in Australia. Here is our big 3…
Yes, I know Valentine’s Day has come and gone but I promise this blog is not about actual love. Those who consider the prospect of finding the perfect present a challenge should be glad they don’t live in China – which has not one, not two, not three… but FOUR love-centred holidays that come with the expectation of gifts. Whether you love or hate these traditions, brands are embracing the notion of love in marketing and reaping the rewards. Why? Because love means big business!
Let me break it down.
Little Red Book – the go-to online retailer for overseas luxury goods
Little Red Book – Xiao Hong Shu in Chinese – is an app that has attracted over 17 million consumers and $200 million in annual merchandise sales in just 3 years. Things don’t look to be slowing down, with the company recently having raised $120 million from major investors such as TenCent and ZhenFund.
This weekend, I spent a day at Sydney’s iconic Blue Mountains with an old friend. The changing colours of the autumn leaves drew us there, and the reds and yellows were truly beautiful. I was busily snapping pictures on my phone and posting the beautiful scenes on WeChat, and receiving lovely comments and likes instantly from my friends all over the world. The weather was beautiful, the air was crisp, and it was a very memorable day.
As we filled our hands with fallen leaves and pine cones, we felt lucky that we had visited at the right time to experience the beauty above us, around us, and under our feet.
It was a packed house this morning at Doltone House, Sydney for the ‘Diversity Delivers’ IAA Thought Leadership Breakfast Forum hosted by Mumbrella, where leading diversity/ industry experts were in agreement for the incontestable business case for diversity. Ipsos Australia research indicates that organisations with ethnic and gender diversity at senior levels are financially outperforming their competitors – this is sometimes referred to as ‘The Diversity Dividend’.
During the lively and fascinating panel discussion, which touched on ‘how leading brands are leveraging diversity to deliver better ROI, improved creative outcomes and meaningful insights’, MultiConnexions Director of Strategy and Insights, Kaiyu Li highlighted a phenomenon he called, ‘visiting auntie syndrome’.
With belief in the resurrection of Christ being so central to Christianity, Easter (falling on April 16 this year), and its lead-up, is a very meaningful time for Christians all around the world, with many attending church services even if they wouldn’t ordinarily do so. For the close to two thirds of Australia’s population identifying as Christian (according to Census, 2011) Easter also tends to bring to mind images of hot cross buns, chocolate eggs, baby animals, Easter egg hunts, and – of course – the Easter bunny.
But in the melting pot of Australia, cultural differences abound among various multicultural audiences celebrating Easter. The Greek Orthodox faith – for one – has some particularly noteworthy traditions around Easter.
Why should brands invest in speaking to the new audiences in Australia? This is a question often asked by marketers. And there can be no better answer than what I see outside Emporium Melbourne at 5:00 am this fairly chilly morning. There are more than 60 young Asians already waiting patiently in the queue to purchase the Yeezy Boost 350 V2 –new Kanye West sneakers.
They look pretty well settled in their light fold up chairs, and look like they may have been there all night. A $250 pair can be sold online I am told by one informed youngster for $600 – a tidy profit. I take a quick walk before heading to the airport and watch a deal being done. One young guy sold his place in the queue for $200 to another punter.
Australia’s multicultural environment is no secret, and marketers cannot afford to ignore the spending power of ‘new audience’ Diasporas.
This Festive Season, connect with ‘new audience’ Diasporas and tap into their enormous marketing potential by tying in with cultural festivities.
Since launching in July, 2016, Confluence Festival of India, the most significant showcase of Indian art and culture ever in Australia, has drawn huge crowds and unprecedented levels of interest in the Australian community and among Indian Diaspora.
In his festival message, Mr. Navdeep Suri, the High Commissioner of India in Australia described the festival as, “Some of the finest elements from the rich tapestry of Indian culture and civilisation for our friends in Australia.”
It’s not B2B, it’s P2P (People to People).
A critical piece in the missing puzzle while doing business with India or China is cultural understanding.
Relationship matters in building trust and only when there is trust will the Asians do business with Australians. Yet how often do we hear Australian business leaders say – ‘let’s cut to the chase’. Impatience can often blow a great business opportunity out of the window in seconds.