Your business’ sales are drying up and you don’t know what to do about it.
Here is one of the smartest questions you can ask yourself: Am I leaving big money on the table simply because of my own cultural blind spot?
Answering this question forthrightly can lead to huge breakthroughs in growing your revenues and profits, because multicultural marketing – aiming part of your business development toward racial and ethnic communities – has proven to be particularly effective and cost-efficient.
Diverse Populations are Growing
The percentage of non-Anglos in the United States is growing rapidly. Nonwhites will comprise 55% of the US population by 2050, up from 30% in 2002. And they have hundreds of billions to spend.
Major corporations long ago jumped on the substantial opportunity in multicultural marketing. In the 1990s, Ford’s greatest gains over General Motors came from targeting the African American market. In 2003, McDonald’s launched an ad campaign for Spanish-speaking audiences that led to a whopping 32% increase in sales.
But as successful as corporate giants have been in multicultural marketing, the opportunities are even bigger for small and medium-sized businesses, which are by definition closer to their customers.
What You Should Do
So how can you make your business more relevant to diverse audiences and reap the benefits of doing so? Here are a few ideas:
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