Article contributed by Charles Dearing
In recent times, the influence of the minority groups on the economic markets has been on an upward trajectory. And as expected, many businesses are starting to take notice. According to a study by the Selig Center for Economic Growth at the University of Georgia, the minority groups’ share of $10 trillion U.S. consumer market is growing steadily.
To break into this lucrative market, you will need to understand the needs of your target audience. Make sure that you capture this trending audience by following these tips.
- Define a market that suits your product
Many businesses make the mistake of venturing into a minority market from the simple fact that it exists. Before stepping in, make sure the minorities fit the profile that defines your best customers.
- Build relationships and trust.
In any form of business, connection with a client is what leads to repeat business. This is a struggle for any business but it’s even more of a challenge cross-culturally. But is it achievable? Absolutely. All you have to do is factor in the preferences of the target market and you will have yourself a tremendous asset.
- Market directly to the target market
It is paramount to ensure that your team has sufficient knowledge on the expectations, experiences, and values of customers in each and every minority market you tap into. Clients are more likely to associate with companies that are willing to go an extra mile for their community. Face-to-face networking and ethnic level efforts along with publications in local and regional newspapers will help get your brand to your potential customers.
- Aim to make customers comfortable
When marketing to the non-English speaking consumer, the native language should be factored. This is not only in the preparation of an advert but also in the creation of brochures and newsletters. That said, it is advisable that you hire people who have a near-native understanding of both English and the native language. Most of the minority population are conversant in either English, French or Spanish. In a French speaking market, for example, recruiting bilingual/multilingual employees will save you extra translation costs while increasing your relevance in the market.
- Connect with local businesses or professional organizations.
Prioritize networking or partnering with individuals, vendors, and retailer who share your business ethos and vision. But more than that, it is a great advantage if they a relevant in/with the target market. With a partner who knows the lifestyle and purchasing trends of a specific minority market, it will be easier to enter and exert your influence in the market.
- In person marketing
Being rooted in the ground will allow you to initiate, plan and supervise programs and campaigns efficiently. And to achieve this, you will need to invest and interact socially with customers and their communities.
- Hiring ethnic staff
Although training staff particularly front-line staff about the cultural background of the community increases the ability of staff to sufficiently respond and interact with minority customers, getting in more ethnic staff members will make your company better placed to know and address any major concerns. This will also further serve as a marketing tool. Word-of-mouth recommendations are often how minorities especially those with limited English proficiency decide where to obtain services and as such hiring members of the community will help rank your products and services higher.
- Community outreach
Providing support to the local community on entry to the market will help foster the profile of your organization. This can be, for instance, through collaborating with community organizations to deliver educational programs and neighborhood development. Again, taking part in events such as festivals and supporting substantive to longer-term initiatives signifies lasting commitment to the community.
The minority market around the globe is increasing becoming hard to ignore as a source of retail growth. And with the market on expected to improve economically in the coming years, implementing these strategies will help you draw in new customers and increase your revenue base.