Companies and businesses often grapple with the correct way to market to consumers of different ethnic and cultural backgrounds. As the demographics of American consumers are shifting, and will continue to change dramatically, smart businesses will realize that these changes can either offer an opportunity for growth or will result in eventual decline. Minorities make up a huge part of the consumer population, but the challenge lies in how to best reach these groups.
As more consumer markets are made up of millennials, smart businesses will note that almost 50 percent of that generation is non-white. The opportunities to grow by marketing to a multicultural customer base should not be dismissed, but businesses should approach this carefully and thoughtfully.
Multicultural marketing should be centered on demand, not necessarily demographics. This is based on the simple fact that consumers purchase products based on what they need or want, not necessarily their ethnic or cultural identity. For instance, many non-Hispanics buy salsa and many Hispanic consumers enjoy French wine. These are just oversimplified examples of how businesses sometimes miss opportunities by approaching multicultural marketing from the wrong angle.
This is not to say that marketing plans should not attempt to focus on a certain demographic, culture or ethnicity. However, when focusing on a niche market, it is always best to work with an individual who is knowledgeable with the nuances of a successful, hyper-focused marketing plan. For business owners looking to expand their operations, increase profits or engage a currently unreached demographic, it is best to approach this by focusing on demand, not necessarily cultural distinctions.
Reach new customers by being smart and intentional. Break into multicultural markets with a strategy developed specifically for your business and your brand. We can help you navigate these complicated factors and develop a plan that will propel you toward increased profitability and new customer volume.