AgencySpy posted word that Prime Access—a multicultural healthcare agency in New York—flat-lined and fired all its staffers. A tipster claimed the shop filed bankruptcy, boarded up the office and dumped 50-200 people. Actually, it’s probably closer to 50 versus 200, as specialized minority-owned agencies rarely hit triple figures with employee totals. The demise of Prime Access underscores key points regarding multicultural marketing:
1. Multicultural marketing continues its death spiral, fueled by the industry’s disrespect, discrimination and disinterest—and there’s little that AIMM can do to decelerate the descent.
2. An agency focused on healthcare—one of the few growing segments—typically succeeds in today’s marketing marketplace. But qualifying “healthcare agency” with “multicultural” is an unhealthy combination. You can’t cure chronic conditions and create capital with crumbs.
3. You know you’re in trouble when the only source publishing news about your enterprise is AgencySpy.
I've spent my entire career in multicultural markets, and never considered Prime Access a major player.
ReplyDeleteMy few interactions with them left me with the feeling that they were not a part of the ethnic advertising community in any real way, not contributing to it, not actually interested in it, and some kind of shady scam to reroute money to the holding company they eventually ended up with.
It's sad when actual ethnic ad agencies shut down, because the pool is shrinking every day and if any Black ones survive the next five years it's going to be a miracle.
AIMM knows that, but I don't think they can stop the bleeding, the Black agencies are too far gone and the Hispanic and Asian ones are on life support.
But Prime Access was a shady sideline player, if that, at best.