Article originally published on Orlando Business Journal
The United States’ population is evolving. Multicultural consumers now are driving the growth in the nation. This means companies and their brands have new opportunities, but only if they are willing to embrace the nation we are becoming. It’s inevitable; if you don’t get on board, you will miss out a huge new revenue stream and growth moving forward.
This year, for the first time in the history of the NFL, the Super Bowl will have two Latina performers: Jennifer Lopez and Shakira. This shows the strong Hispanic influence already emerging here. In fact, earlier this year, Latin music’s popularity increased so much that it surpassed country music in album consumption numbers.
National brands such as Target (NYSE: TGT) and Walmart (NYSE: WMT) already have started to add Hispanic and multicultural flavors to their English commercials on national networks, proving that it’s not just the marker of a new era in the NFL, but it is also a reflection of the multicultural nation we are becoming. Any business that wants to survive must acknowledge that and reflect it in their marketing efforts. They must learn about cultural relevancy and how to implement it with these influential new consumers.
Here are 3 helpful tips that will give you a sense of where your company is right now and how you might be able to become a stronger corporation:
- Embrace culture: Create and surround yourself with a workforce composed of individuals from different backgrounds, cultures and experiences. Listen to them, let them be part of your trusted advisory. Give them the chance to be part of key executive positions within your organization. An inclusive workforce actively involves every employee’s ideas, knowledge, perspectives, approaches and styles that will help you maximize your business success.
- Get to know the market you serve across all demographics: Qualitative and quantitative market researches are a key component for business success. Corporate America has a tendency to have all this fancy software with charts and analytics that help executives forecast and understand the financial aspect of their businesses. However, in many situations they do not apply the same methodology to understand the source that produces the income and revenue in their businesses: consumers. Invest in research, analyze the reports, master them and take action upon the findings. It will help you create new business opportunities in the markets you currently serve or in those you haven’t reached in the past or where you haven’t been so proactive.
- Be committed: Make a pledge not only to the success of your company, but also to the community you serve. I have encountered many companies and non-profit organizations that lost track of their mission and vision. Basically, they lost purpose. The moment they started growing, they become fixated on how they can make a quick buck, turning their corporation into just a revenue-driven machine. This is one of the main reasons why companies go under. Because of technology, consumers are more product savvy. They engage with brands that understand their needs, and they support the things they truly believe in. If you don’t have purpose, you won’t have success.
According to Claritas, there are 133,211,770 multicultural Americans in the U.S. and they account for 37.5% of the U.S. population as of 2019. This is a huge business opportunity you can’t overlook. Remember, it is important to know where you are now, where you want to be tomorrow, and how you are going to get there.