Everyday businesses across America open for business. Who is walking through the door has changed significantly. We’ve had a decade of rapid multicultural growth, aging whites and housing boom and bust. Is your business ready to serve the needs of the New World Marketplace customers in this transformational decade?
Here are some shocking facts recently released by 2010 census:
- Hispanics now account for more than half of the US population increase over the last decade…a new milestone: 50 million, or 1 in 6 Americans. Among US children, Hispanics are already 1 in 4 of all newborns.
- More than 9 million Americans checked more than one race category…up 32% from 2000…a sign of multiracial growth.
- Hispanics and Asians are the two fastest growing demographic groups, increasing about 42% from 2000…Asians for the first time had the largest numeric gain than African Americans.
- Multiracial Americans are on track to increase by more than 25%.
- What’s even more shocking is that most companies still define “multicultural branding” as African American marketing…or if they are a bit more progressive, African American & Latino event sponsorships with possibly a small percent of ad budget. Really? Think again!!!
Here are a few frameworks to consider:
- Re-evaluate your core target. What is “General Market” afterall?
- Consider business models that capitalizes on motivations and attitudes with multicultural dimensions.
- It is no longer about degree of acculturation and melding with the mainstream culture. It is now about influencing , shaping and defining it!!!
- Dig deeper into the values and beliefs of your new multicultural customers….how they live, love, play…what they fear, resent…why they consume what they do. This goes beyond common held assumptions found in research questionnaires.
- Choose an “emotional space” to create a meaningful relationship with your multicultural customers….choose how you’d like your multiculti customer to feel after walking into your business. It’s an outside/in mindset.
The key to the kingdom is changing hands. Multiculturalism is now the rule, not the exception. Take time to really understand your new customers, who are the potential growth that is walking in your door.