Customers in different cultures have different values, experiences, expectations, and ways of interacting.
Even within a culture, such differences will be apparent between different subgroups—not just ethnicity, but also age, gender, profession, religion, family size, physical environment, and more. SORO acknowledges that marketing and advertising must offer alternative ways of communicating to these diverse groups. With that knowledge, SORO aims to develop a mix of different communication methods, in order to reach people in each of the diverse groups present in the market.
Reaching the Multicultural Markets and its ever growing population will be imperative for any business whether it’s B2C or B2B. Nationally the number of Hispanic-owned businesses is expected to grow 49% in the next ix years to 4.3 million businesses. A recent report read that from 2000 to 2010 entrepreneurship among non-Hispanics dropped while Hispanic entrepreneurs grew by 71% and continue to outpace others in starting new businesses.
The Asian community’s growth is just as impressive. According to Nielsen, the Asian American population is approximately 18.2 million and has increased over 50% since 2000, the highest growth rate of any multicultural segment in the U.S over the past decade, the Asian American population has grown at double-digit rates in 49 out of the 50 states. African-Americans who are often overlooked, are increasing in annual household incomes of $75,000 or more. Their size and influence is growing faster than non-Hispanic whites across all income segments above $60,000, a story worth sharing. These larger incomes are attributed to a number of factors including youthfulness, immigration, advanced educational attainment and increased digital acumen.
Multicultural consumers are transforming the U.S. mainstream. Propelled by the twin engines of population growth and expanding buying power, they are at the leading edge of converging demographic and social trends that are reshaping how marketers and advertisers use culture to connect with increasingly diverse customers.