Are you taking advantage of the great opportunities to expand our business success within emarging Asian,Hispanic,African-American and women’s markets? The marketplace for all product and service is growing at warp speed. In the last decade,minority-buying power has nearly doubled,growing at a faster rate than the overall U.S. buying power.African-American consumers comprise the largest buying power group as of the last census at $572.1billion,followed by latinoe at $452.4billion. Regardless of what product or service you offer,no longer is it enough to be an expert in your field. The most successful businesses and entrepreneurs recognize that they must also understand today’s diverse markets,and utilize creative marketing strategies and techniques to connect to them.
It is important to build your knowledge and understanding of different groups,so that you do not rely on biases or stereotypes that exist due to lack of information.Additionally,you don’t want to offened people simply because you were not aware of multicultural behaviors.Do your homework by conducting research on the internet,talking to people in the group you which to reach,and getting involved in organizations whose members are representative of the group with whom you wish to do business.Utilize the following resources to expand your knowledge and then explore ways to promote your business:
The most effective marketing techniques help you build a lasting relationship with your propects and clients.
This is especially true for emerging markets. Your clients are interested in knowing whether you are interested in them as people or if you just want their dollars. Developing relationships is a long-term process,and has big payoffs.
Suggestions for Promotion to Emerging Markets
Hire a marketing intern to identify segments you want to reach.
Sponsor events,hire interns,place ad banners and videos on their websites etc.
Become a guest lecturer at local educational institutions,libraries,and civic organizations whose attendees are your target market.
Offer your own course through community college and programs for non-traditional students.
Sponsor quarterly or yearly”champagne teas”,held in an intriguing location to target women for your product or service.
Sponsor/support athletic and student group events(eg.ethnic sororities and fraternities).
Join specialized chambers of Commerce:African-American,Hispanic,Asian,and women.
Create an award/list,patterned after the fortune 500 list that relate to your product or service,i.e America’s 50 Best Companies for Minorities.Develop process for nominations,and selection,including a media event to announce the winner.
Offer or sponsor a free tele-class to discuss aspects of your product or service and market it to specific target margets.
Put free information on your website that will draw new market segments.
Sponsor segments of conference and conventions held for your target marget.(Contact your local convention and visitors bureau for information).