Multicultural,Markets--The,Tri marketing Multicultural Markets--The Trillion Dollar Markets You Never
Automation technologies represent a fundamental aspect of any modern industry. The major types of industrial automation solutions, such as DCS, PLC, SCADA, and MES, are used on a large-scale in process and discrete industries.DCS technologie Awhile ago, I got an email from one of the "gurus" I follow and it shocked me. The gist of it was this person wanted to trade services for a household item.To say it floored me would be an understatement.What was worse was a few days later t
What would you do if you discovered a virtually untapped marketwith a buying power of over a trillion dollars? You would try tomarket to them, right? Of course you would!This trillion dollar market segment that has been overlooked forso long is composed of America's minorities.Multicultural marketing is fast becoming, not the trend, but thenorm in America. You see more ads featuring African-Americanfamilies, commercials in Spanish with English subtitles orcommercials that celebrate a minority culture.Many advertisers who wish to tap into this market think thatreplacing a Caucasian actor or model with a minority is goodenough. Wrong! Anyone can spot such a disingenuous act a mileaway.So if equal representation doesn't do the trick, then what does?In many ways, multicultural marketing is no different than anyother kind of marketing. The first thing you must do isunderstand who your target market is.Here is a breakdown of your largest target demographics:*The Hispanic Market--This market has seen explosive growth inits population size. Hispanic market spending power has reached$350 billion. The U.S. Hispanic population now numbers more than30 million, comprising 11% if the total U.S. population. By 2050,Hispanics will make up over 25% of the total U.S. population.Today's Hispanics are living a different reality than those ofprevious generations. They have higher levels of education, aremore affluent and consume a variety of different media.*The Asian Market--This fast-growing market of 10.2 millioncommands an annual purchasing power of $101 billion. This marketis younger than the general market at an average age of 30.Asians have the highest average household incomes of any group inthe U.S. and also have the highest levels of education ascompared to all other consumers. The average household size islarger than that of other groups, because of the Asian preferencefor multi-generational family households, further magnified bythe immigrant experience.*The African-American Market--The African American population isestimated to reach 45 million by 2020. They have a collectivepurchasing power of $450 billion, and spend more on luxury itemslike cars, clothing and furniture than their white counterparts.The Internet is the hot new medium for reaching this targetpopulation. Web sites such as www.netnoir and www.afronet.comattract thousands of African-American surfers with news,information, entertainment and products that are of interest totheir specific audiences, as well as advertisers who wish toreach this specific audience.Now you know a little about the target demographics, but youstill don't know enough to market to these cultures. The problemis, there is so much to know, so many intricacies of eachculture. And there are cultures within cultures. Never forgetthat.What I suggest is that you do what it takes to become familiarwith the cultures. It is difficult to go out and immerse yourselfin a culture that is so different from yours, so I won't demandthat you experience everything first hand. Although that is themost educational experience.Consider taking a college or community education classon diversity. I took one of these classes during my own collegeeducation and I couldn't believe how much it changed myperspective on minority culture. The most important thing you canlearn in a diversity class is how to see things from theperspective of another culture--how to shift your paradigm. Thisis exaclty what you need to do when marketing to a differentculture.There are also plenty of publications out there dealing with thebusiness and marketing trends in Hispanic, Asian and African-American culture. Reading the ads in ethnic publications tellsyou what your competitors are doing, as well as what appeals todifferent groups. Don't hesitate to watch BET or Univision to getmore ideas on what appeals to African Americans and LatinAmericans.What you are looking to do is understand the basiccharacteristics of the three groups. Learn to appreciate thesubtleties of each group so you can know how they think, and alsoavoid marketing errors that could cost you potential customers.Learn to Tailor ad messages to the specific needs, wants andvalues of a group, and you will be able to break into thattrillion dollar market. Article Tags: Trillion Dollar
Multicultural,Markets--The,Tri