Follow the Money: Selling to the New Majority
Minority groups are the fastest growing (and soon to be largest) segment of the U.S. population. As you look for ways to transform your business in the changing economy and explore new market opportunities, this is one area that deserves a deeper look.
Step One: Do your homework
Your first step in tackling a new target market should always be research. Learn as much as you can about the characteristics, market size, and unique perspective of your new audience. In this case, you’ll need to understand cultural differences and values that drive purchasing decisions among these minority populations. Product preferences and value can be very different depending on culture and background.
It’s important to not only look at what motivates this group, but also to understand the best ways to connect and communicate. Who do they trust? Where do they typically get information or referrals for products? Uncover the answers to these questions and you’ll know where to direct your marketing and outreach efforts.
Step Two: Speak the language
It isn’t enough to translate your offering—although this is sometimes helpful. You also need to tailor your products to meet a specific cultural need.
Do you have a unique feature that would appeal to a specific group? Hopefully the cultural nuances that you uncovered when you were doing your research in step one will help you uncover your unique positioning.
Step Three: See things from your client’s perspective
I had a great conversation with a Vancouver installer who had a new experience with a Chinese buyer. The installer quickly learned that his buyer had a very different negotiating process, and it was important for the installer to understand those cultural differences in order to be successful.
When it comes to embracing the new majority minority, putting yourself in your client’s shoes and understanding the cultural values that are driving their personal and business decisions can be the key to your business success.