The Strong Buying Power of the Asian American Consumer & The Luxury Market
UNTAPPED OPPORTUNITIES IN ASIAN MARKETING
In the dynamic realm of marketing and advertising, understanding and effectively engaging with diverse consumer demographics are imperative for success. Nowhere is this more evident than in the Asian American consumer market, a vibrant and multifaceted landscape shaped by cultural nuances, technological proficiency, and unique buying behaviors.
Welcome to the white paper crafted by Sparkle Insights, a comprehensive distillation of the insights and strategies shared at the 3AF: Asian American Advertising Federation’s 2023 Asian Marketing Summit, held on May 23-24, 2023. With contributions from industry luminaries, marketers, and advertisers, this paper serves as a beacon for brands seeking to navigate and excel in the Asian American consumer market.
The Strong Buying Power of the Asian American Consumer & The Luxury Market
Speakers: Angie Byun (CEO and Founder, AB WORLD), Edwin H Wong (SVP Insights, Innovation & Research, Vox Media), Michelle Lee (Founder and Principal, Michelle Lee Brand Advisory)
- Festive Events Promotion and Marketing: Highlight products during key Asian holidays and cultural moments like Lunar New Year, Diwali, weddings, and milestone birthdays.
- Showcase Asian Faces: Incorporate more Asian talent and brand ambassadors in campaigns to authentically represent your consumer base.
- Cultivate Cultural Relevance: Campaigns with cultural depth can forge a deeper emotional connection and long-term loyalty by addressing specific Asian needs. For instance, campaigns like #StopAsianHate.
- Engage Subject-Matter Experts: Seek guidance and collaboration from DEI (Diversity, Equity, and Inclusion) and industry professionals to enhance your initiatives.
- Embrace Data-Driven Approaches and Test the Market: Initiate pilot campaigns to gather invaluable insights. Experiment with in-language advertising in key markets to refine your approach.
Best in Class Asian Marketing Speakers: Howard Lichtman (3AF Vice President, Co-Founder Ethnicity Matters)
- Produce Content in the Native Language: Creating content in the native language of the target audience is crucial for effective communication and engagement.
- Targeted Media Boosting: Conduct media boosting on influencer campaigns tailored to specific demographics and locations to ensure the content reaches the intended audience effectively.
- Leverage Short-Format Videos: Short videos tend to garner higher engagement, impressions, and reach, making them an ideal format for influencer campaigns.
- Engage Ethnic Micro-Influencers: Collaborating with micro-influencers from the specific ethnic community can result in more audience-specific and relatable content, thereby enhancing the campaign’s impact and resonance.
Sports and Engaging the Asian Audience Speakers: Bobby Sahni, MBA (Partner & Co-founder, Ethnicity Matters), Sreesha Vaman (Partner, Tulsea Sports Marketing
- Sports serve as a powerful platform for amplifying Asian and South Asian voices, fostering a sense of belonging, and serving as a unifying force.
- The Asian and South Asian demographic exhibits significant population growth, over-representation of affluence, and higher educational attainment, making them an attractive target audience for sports properties.
- Geographic distribution offers a unique opportunity for targeted engagement, with sports acting as a bridge between different demographics within these communities.
- The growing representation of Asian athletes in American sports contributes to a diverse and inclusive sports landscape.
- Notable sports teams like the Dallas Stars, L.A. Kings, New Jersey Devils, and Sacramento Kings have recognized the importance of reaching out to the growing Asian fan base.
- Challenges in bridging gaps, particularly in unfamiliar sports like hockey among newcomers, are addressed with a focus on creating accessible pathways and providing information.
- Cricket, especially the Indian Premier League (IPL), presents valuable opportunities for engagement given its global appeal and resonance with the affluent South Asian community.
- Exciting opportunities exist for brands and marketers to engage diverse Asian communities through sports, fostering meaningful connections and partnerships beyond individual games or seasons.
Campaign with 360 Media Touchpoints
Speakers: Maria Zavala (Manager, Media Marketing Strategy, McDonald’s), Suvi Liu (Media Supervisor, Admerasia)
- Prioritize a digital-first approach in fueling World Cup efforts to engage Asian soccer fans effectively.
- Craft culturally relevant messages by understanding and embracing the diverse language spectrum within the target audience.
- Segment the campaign into distinct phases targeting specific age segments for optimal engagement and impact.
- Utilize streaming audio placements and innovative ad formats to capture the attention of young Asian listeners and drive conversions.
- Achieve high behavioral lift, view completion rate, and click-through rate through culturally relevant and engaging content.
- Seize the opportunity to harness the power of cultural relevance, authenticity, and data-driven strategies to unlock the full potential of the Asian American consumer market.