Expand Your Education with These Courses from
Business Creation – Prospecting: Skills for Sales Success: Part Three.
BPOs: The Agent’s Role in the Valuation Process.
Expand your education through NAR’s REALTOR® University: A Consumer Advocate Approach to Mortgages: Course 2.
Time Management: Skills for Sales Success: Part Two.
Bundle 2: CIPS Elective Courses (US Version).

Building Your Multicultural Relational Equity

Have a comment on this article? Share on Facebook!

By the Gonzales Group

RISMEDIA, Sept. 4, 2008-Studies have shown that it costs up to five times more to acquire a new customer than it does to retain an existing customer.

While language is usually the biggest obstacle to reaching the multicultural consumer, it is not the only solution to the bigger service delivery problem. In accessing company work flow process in customer services, we discovered that customer service representatives often do not speak adequate Spanish and therefore do not understand the inappropriate customer communication that is occurring. The negative impact on organizational and brand reputation from poor customer service can take many years to recover from.

Given that ethnic diversity in the US is far more reflective of a global landscape, it is even more imperative for marketers to fully understand cultural differences, community influence, language treatments and purchase-drivers and to integrate those variations into their everyday marketing strategies and tactics.

Reaching the multicultural consumer requires providing reliable products, prompt and responsive service, front-line staff that are empowered to resolve problems, knowledgeable staff, empathy with the customer, and an organization with a sense of community trusteeship. While these are mainstream “must-do’s,” it is much more profound with the multicultural home buyer.

Multicultural marketing is no different segment in the Specialty Markets in that marketers must research, plan, develop, and execute their campaigns based on feedback from their various audiences. What may be appealing to one culture might have the opposite effect on another. To be effective, multicultural marketing strategy requires understanding the psychographics of these sub-cultures to comprehend in culture nuances and subtleties.

Multicultural marketing is not just about service and products; it is also about community trusteeship. Being perceived as a friend to the multicultural community is just as important as the service you provide. Building relational equity only enhances your bottom line.

At the Gonzales Group we provide the multi-dimensional business development discipline to help you develop and execute an effective multicultural strategy that will build profitable connections with the multicultural consumer.

For more information, visit www.thegonzalesgroup.com.

The Gonzales Group and RISMedia are excited to introduce a ground-breaking White Paper that takes a realistic and practical in-depth look at the changing face of modern-day real estate. In “The New Economic Power Source: Increasing Profitability with Multicultural Home buyers,” the authors will help you unlock the potential of the multicultural market by answering the questions and clarifying the assumptions often associated with this consumer group. To order the White Paper, click here.

Want instant access to great articles like this for your blog or newsletter? Check out our 30-day FREE trial of REsource Licensed Real Estate Content Solutions. Need easy stay-in-touch e-Marketing solutions too? Try Pop-a-Note for 99 cents!
Join RISMedia on Twitter and Facebook to connect with us and share your thoughts on this and other topics.

Categories: Today's Top Story

Copyright© 2014 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.

Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com