- Non-Traditional Growth Strategies During Slow Economic Times
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Non-Traditional Growth Strategies During Slow Economic Times
During this time of economic uncertainty, we marketers immediately start to strategize. We ask “What are the most recession-proof industries to target?” and “How can I enable my clients to not only stabilize, but actually thrive in this environment?”
It is up to us, as the marketing experts, to answer these questions, and find real life viable solutions for our customers. In these tough times, we all need to think outside of the box and go beyond traditional multicultural marketing (which is) to Hispanic and African American groups.
This means targeting the influential and educated Asian American market.
Asian Americans have the highest income, best education and are the fastest growing racial group, now exceeding Latinos. They are more likely than any other racial or ethnic group in America to live in mixed neighborhoods and to marry across racial lines. Asians have surpassed Hispanics as the largest wave of new immigrants to the United States, pushing the population of Asian descent to a record 18.2 million and helping to make Asians the fastest-growing racial group in the country, according to a study released Tuesday by the Pew Research Center.
According to the 2010 U.S. Census Community Survey – of the 4.27 million increase in the U.S. population from 2006 to 2010, 2.08 million can be attributed to South Asian and Asian Americans. They are also the fastest growing segment in the state of New Jersey, and 36% of the people in San Francisco County are of this ethnicity. According to the 2010 Census Figures, the median household income of the South Asian population is $78,315 and the Filipino population is $72,548. These numbers are rather elevated in comparison to the mainstream white population, which is estimated at $51,429.
Consider the following:
With over $300 billion in spending power, Asian Americans are a powerful force in the USA consumer market today. Over 36% of Asian Internet users have made more than 5 purchases using the internet over a period of 12 months, compared to 13.6% of Hispanics and 12.4% of African Americans — the two largest of the ethnic populations in the U.S. Over 74% of Asian American Internet users access the net each day. Therefore, they are more likely to have a college degree and a higher average income than any other ethnic group. Media preferences for Asian Males between the ages of 25-54 are the Internet and online ethnic newspapers. Asian Males spend 58% more time on the Internet than any other ethnic group of males in the same age range. About 38% of Asian Americans read their daily news online, over 26% seek financial information on a typical day and 30% of them seek political news and information on a daily basis. These percentages are much higher than any other ethnic group including Caucasians in the U.S. and Canada. The language preferences during Asian Americans online visits list English as the most popular at over 37% (this may be attributed to their higher education levels and income status). Chinese is second at 14%, Japanese is 9% and Korean is 4%.
These numbers are hard proof that there are new and different opportunities for multicultural marketing in 2012 and beyond. Reaching previously overlooked populations, who are thriving even in the current economic climate, can greatly increase your ROI. These diverse and growing ethnic groups offer tremendous potential to virtually every marketer and every brand out there.
Ethnic Technologies, LLC – Asian Insight
Ethnic Technologies, LLC is the gold standard in multicultural marketing. The result of over 40 years of continuous ethnic, religious and language preference research, E-Tech allows clients to segment their database by ethnicity, religion, language preference and Hispanic country of origin more accurately and comprehensively than any other approach. The EthniCenter® offers an Assimilation Index, which distinguishes Asian individuals based on their ability to speak their Native Language or understand the language of their prevailing culture. E-Tech incorporates a unique approach for the different Asian cultures. After identifying their specific names, E-Tech does an enhanced neighborhood analysis using multi-sourced information compiled from our research team. From that data, E-Tech is able to accurately identify the Asian individuals’ ethnicity and language preference. The name John Lee, for example could be Chinese, Korean, African American, or a number of other ethnicities. By using this neighborhood analysis E-Tech can accurately identify his ethnicity.Read More
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