Their spending power is now more than $1 trillion, yet they are the most overlooked market in America. They live the American Dream at rates that outpace "mainstream" whites—yet they can be reached for less.
They are ethnic Americans—and by the year 2005, they will represent one in three Americans. African Americans, Hispanic Americans and Asian Americans are increasing in population, and Alfred L. Schreiber, author of Multicultural Marketing: Selling to the New America, says it is time for marketers to capitalize on this lucrative expansion.
In fact, if marketers strengthen their advertising presence in ethnic media vehicles, such as cable TV channels Telemundo and Black Entertainment Television, and magazines like Latina, Vibe and A, they stand to gain both recognition and brand loyalty from a new, deep-pocketed source.
Schreiber champions a broader approach to marketing and advertising, offering eight steps to becoming a 21st century marketer. He suggests a wide range of subject matter to achieve that goal—from getting expert help to targeting urban teens.
Multicultural Marketing provides readers with the strategic value of diversity while highlighting the importance of communicating in culturally relevant terms. It also cites examples of successful ethnic-marketing efforts. In short, with a trillion-dollar market to tap, enlightened self-interest translates into smart business.
Schreiber is president and co-founder of the U.S. Alliance Group, a New York-based management search firm providing staffing solutions to corporations sourcing from nontraditional populations, including minorities, women and military personnel.
From Multicultural Marketing by Alfred L. Schreiber with Barry Lenson. Copyright © 2001 by NTC/Contemporary Publishing Group. Published by arrangement with NTC Business Books, a division of NTC/ Contemporary Publishing Group.