4 Benefits of Owning a Race
The use and establishment of specific ethnic groups is the focus of this article and should be the goal of any ethnic marketing program. Having an ethnic market offers the following four advantages:
1. Higher rate like interest rate
2. Customer base
3. Lifetime customer value
4. Low competitiveness (blind competition)
Therefore, ethnic marketing and marketing to Hispanics and African Americans is not a “side issue” but a major strategy affecting the entire industry, and its importance will only increase throughout this century. This type of marketing can turn a nonprofit into a revenue-generating “powerhouse” and a nonprofit into a successful business in the “black” space — no pun intended.
Importance of explicit needs
The first step in finding an ethnic market “market” is to identify the types of ethnic consumers who are underserved or underserved by the products or services the industry offers. A manager, director or business owner must find an ethnic market position with different values and different needs than the general consumer. For example, Hispanics believe family and home health are very important, so products and services from companies that focus on
important aspects of home health have the potential to dominate this space.
The
is a very strong driver of the untapped market for ethnic customers who clearly need it for basic functionality, comfort or entertainment. You could argue that this also applies to the mass market, but a good marketer will understand that this perception of need is different from that of the mass consumer. Latinos and African Americans view the world, products, and services from a very different perspective than white Americans.
Their values, lifestyle, culture and tastes differ from the general style, and this factor becomes a unique way of choosing, purchasing and using certain goods and services. For example, African-American “middle class” cities are eager for high-end retail and design elements, and growth in indoor entertainment should be factors encouraging products and services in this market area.