Reaching new markets: opportunities abound for small business owners in a multicultural region.

Author:Muley, Miriam
 
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Few companies are untouched by the power of diverse consumers. The growing popuLatinos, education, affluence and professional attainment of diverse consumers-Latinos, African-American, Asians, Middle Eastern consumers and more-have a direct and disproportionate impact on the revenue and profiled of several firms, no matter how as diverse consumers gradually displace the "general market" as the dominate group, both at the national level and in major geographic markets, like Michigan, companies will become increasingly more dependent upon these audiences to not only grow, but to achieve total corporate sales projections.

Consider the following supporting facts and role of diversity in driving sales:

Home and Family Care

Latina and Black women are significantly more likely than non-Hispanic Whites to cook and eat at home versus to go out and dine at restaurant. Food is regarded as more than just an eating pleasure; it is a way to pass on the culture, maintain the closeness of the family unit and preserver important meal traditions. It is no surprise that Latina African American women spend $64 billion dollars $57 billion dollars, respectively, on food and food-related items and skew higher in the use of cookware, utensils and baking items due to the more frequent use of at-home meal preparation. If you are in this line of business, you have an opportunity to generate incremental sales by targeting these diverse audiences through adversity and web images that include diversity, and through product development efforts that identify potential gaps in special cookware and baking utensils used by Latina and Black women for traditional ethnic mea, preparation.

Personal Care

Black, Latina, Middle Eastern (non-Muslim) and Asian women are heavy users of cosmetics, hair care, hair coloring, fragrances, jewelry and toiletry products; they use more, spend more and are introduced to personal care products as essential grooming aids at an earlier age than their non-Hispanic counterparts. According to Progressive Grocer, the personal care industry is estimated at $60 billion dollars; diverse women account for a minimum of 12.5 percent of these sales, or $7.5 billion dollars in retail volume. Companies need to understand how the diverse customer's physiology, ethnicity, cultural values and language affects their purchase of beauty products. Understanding how she expects to be greeted (with a smile, wit entering your store, making sure your product line...

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