Why Your Small Business Should Consider Multi-Cultural Demographics
Here’s some food for thought: according to a 2012 Nielsen report, Hispanic consumers are projected to increase 167% from 2010 to 2050. The number of Hispanic small business owners is also projected to grow rapidly, with the total purchasing power of the Hispanic market projected to increase to $1.5 trillion by 2015. An example of how Hispanic businesses and cross-cultural appreciation are becoming increasingly important in the world of small business can be found in Durham, where Hispanic owned businesses are increasing and local small business owners are busy trying to accommodate this growing demographic of customers. The story was reported by newsobserver.com, which showed how Ramirez Reese, a Hispanic female business owner, was able to consult for her local grocery store and expand their Spanish food section after initially being disappointed by a lack of options. Small business owners should take note of the increasing importance of the Hispanic market, and take steps to improve the services that they are able to offer these consumers, including hiring bilingual salespeople, and doing research, perhaps even undergoing training to better understand Hispanic culture and provide products and services that are able to make Hispanic consumers feel appreciated.
Creating an atmosphere of cultural openness for all demographics is important for small businesses. Identifying the various demographics of consumers in your area and providing the best services for them that you can will ultimately help your small business create a sense of welcoming for all potential customers and help build a positive reputation among the community. Word of mouth referrals and user reviews on service rating websites like Yelp.com are the most trusted forms of promotional media for small businesses, because they are earned. Get started broadening the cultural horizons of your business today.
Photo Credit to Jay Galvin on Flickr