In the first place, it is probably silly to define Ethnic America as a "niche market," given that 30-35% of the population of the United States considers themselves to be of some ethnicity. Having said this, Trevor Thomas, an associate editor for National Underwriter, has written an engaging article entitled, "Selling to Ethnic America," in the January 16, 2006 issue.
In this piece, he outlines how ethnic attitudes and preferences can have a significant influence on the sale of financial products...and that marketers have discovered that there are a number of principles that hold true, regardless of the specific ethnicity.
- Pay attention to what's important to a given community. As an example, Asian professionals and business owners place a high value on family and education.
- Build relationships within your target group. In other words, don't bother cold calling. Proactive mingling at business meetings and other functions is highly recommended. Relationships are critical, and to build relationships requires one to be in front of people.
- Pay particular attention to identifying, and meeting, the most prominent individuals within a community. In other words, you are as credible as the person who introduces you.
- Get involved. It's one thing to simply attend meetings...it's is quite another to jump in and contribute your time, effort and $$$ to the group.
- Be prepared to educate. Many emigres, especially the first-generation, might need considerable tutoring.
- The family unit is revered. This could be a critical consideration when presenting long-term care to a Hispanic family...where putting the grandparents in a nursing home simply isn't done. A much more desirable solution would be a policy that pays for in-home help.
- Consider multi-generations. Extended families are equally important, and many different generations may reside in the same home. In some cases, the key person to communicate with might be the youngest in the family, e.g. a high school student who acts as a translator-interpreter to parents and grandparents.
What's interesting to note is that much of this advice has equal application to all niche markets...be they construction industry executives, university employees, or pharmacists, e.g. pay attention to what's important to a given community, build relationships, and get involved. Most importantly, don't assume that "one size fits all." It may be convenient to use a single strategy for all niche and/or ethnic groups. Too bad it's not effective.
Have a great weekend!
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