In the Jan. 3 edition of News & Views, we shared information on the business case for diversity and inclusion in your client base, highlighting the $3.4 trillion of buying power held by three U.S. minority groups: African Americans, Asian Americans and Hispanic Americans. But how can you translate that spending power into your business?
The first step is to see what multicultural markets are already represented in your current customer base. Perhaps you notice you have quite a few Vietnamese or Dominican customers. If so, keep that group top of mind and explore how you can expand your reach in those diverse market segments.
Next, find out which multicultural groups have the greatest influence in your area. Start by checking the U.S. Census Bureau or diversitydata.org, which break down population data by county and city, respectively.
You can also pay attention to which religious centers, such as churches, temples and mosques, are located in your area. These are a great indicator of key multicultural groups in your community.
Finally, remember that we are all creatures of habit. In order to diversify your customer base, you need to strategically place yourself in rooms with groups of people that look nothing like you. That might include attending a local Korean church event, the Hispanic Chamber of Commerce meet and greet, or perhaps a community service project sponsored by an African-American sorority.
Meetup is a great social media outlet that specializes in making your city a little smaller and more welcoming. The platform enables you to find groups in almost any city focused on a shared interest, whether it's race and ethnicity, gender, age, religion, hobby, profession, music preferences or travel.
Keep an eye on upcoming editions of the News & Views e-newsletter for more insights on diversity and inclusion at your organization. Also, check out the Big “I" Diversity Council's training series How to Market to People Not Like You.