During the fireside chat at this year’s Digital Marketing Financial Summit, mortgage industry veteran Arlyn Kalinski reinforced why it’s so important for financial institutions to embrace a multicultural marketing strategy. Kalinski, who is SVP, Fair & Equitable Lending Strategies at Guaranteed Rate, shared insights into why institutions can implement multilingual services. With the US Latino GDP of $3.2T being the fifth-largest economy in the world, providing your service in their language is critical to enabling access to a market segment that is growing 2.5 times faster than the non-Latino equivalent.
Here are several tips to help your financial institution build a successful language access program.
1. Management Buy-In for Language Access Programs
Getting your management on board with a language access program is crucial. The success of this endeavour hinges on how well the business presents the total upside. It’s about showcasing the tangible benefits and aligning them with the company’s objectives. Equally important is having the right resources lined up to ensure a seamless execution.
2. Building an Effective Language Program
Building a language access program is not without its challenges. Unexpected hurdles may arise, which is why having the right people, processes, and technology in place is paramount. This, coupled with the appointment of an LEP owner to drive the program, can significantly enhance its chances of success. Consider implementing the program in phases to effectively manage complexity.
3. The Success Equation
A successful multicultural marketing program checks several boxes. It resonates with clients, fostering a deeper connection and trust. It also translates into an increased market share, providing a substantial growth opportunity. Moreover, it plays a pivotal role in recruiting and retaining diverse talent, a vital aspect of any forward-thinking organization. Lastly, it ensures compliance with federal and state regulatory requirements, safeguarding your business’s reputation and standing.
4. Metrics Matter
Metrics are the backbone of any successful marketing strategy. In multicultural marketing, having the right metrics to support your business goals is of utmost importance. They not only help in measuring the effectiveness of your initiatives but also guide future efforts and investments.
5 Communicate and Governance
In larger enterprises, effective communication across channels is vital to maximize strategic opportunities. Ensure that your teams are aligned and well-informed to make the most of your multicultural marketing efforts.
6. Leverage your Partners
Your partners can bring synergies together when connected. Leverage any prior collaborations or integrations to streamline your multicultural marketing efforts.
The Bottom Line
If your business operates in financial services, and you’re not developing a multicultural marketing strategy, you’re essentially missing out on a significant portion of your target audience. Embracing diversity and tailoring your marketing efforts to meet the unique needs of various cultural groups can not only boost your brand’s appeal but also drive growth and success in today’s global marketplace.
TransPerfect is the partner of choice for 90% of America’s financial services companies. We assist you at every step of your multicultural marketing journey, from planning and execution to measuring success. Our insights and language solutions are tailored to help you navigate the diverse landscape of national and global markets.
Contact us today to learn more!