I wish I was surprised that I’m not hearing more about this in marketing/consumer strategy circles, but I’m not. Most topics given microphones in business, are focused on the popular (i.e. hot-button) issues, not those that are emerging.
I remember reading this information earlier this year on the changing data of immigration and I was surprised to find the first article I’ve seen about it on my news feed. Not looking into any magic ball that I have, but putting on my possibilities hat I began thinking of what this means and how this could change the landscape of business. (Business geek I is, tank you very much!) As I’m having this brainstorm of one, I wondered about how many people have been exposed to this info. From a pop media perspective, I could be missing something, but I haven’t seen it yet. Not to mention the fact that I found this in the CS Monitor!! Who woulda thunk it? (Thank goodness for content curation sites)
Then it hit me....this could be something that is unraveling in many companies’ blind spots and no one is going to be prepared until popular media outlets puts it in the limelight. *le sigh*
Why is it that we bank on being able to capture space after someone has already created it vs. being the first one there? Being competitive means being one step ahead and/or doing it better than anyone else in your space. (Usually the prior is a lot cheaper than the latter) The CS Monitor article points out that Asian-Americans are more educated have higher incomes among many other fascinating attributes. This could be called a lot of different things in business jargon, but in my own personal lingo I say, opportunity is knocking. (Like in the old Denis Leary of the 90‘s commerical way) As the fastest-growing minority group, you’d think that some brands would be lacing up their running shoes to join the race.
Of course, if I had my druthers, multicultural marketing strategy would be integrated as much as everything else and not seen as a revenue channel. Deep in my core I know as more multi-racial people stand up and say I’m not one, but I am all, it will eventually get there. Until then, we marketers have to check our blind spots. Take what you know and more importantly take the time to learn what you don’t know, and question possibilities before you move in one direction.