Enhancing Your Bottom Line - How Much Multicultural Relational Equity Do You Have?

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By the Gonzales Group

RISMEDIA, Dec. 4, 2008-Since 2000, we have seen a significant shift in the profile of consumers. The multicultural consumer has grown both in population size and in buying power. Multicultural initiatives are often not factored into the overall strategic or business plan of an organization. Organizations often position multicultural initiatives as a “diversity/social advocacy” exercise rather than a marketing or economic one.

To show a measurable return on investment for multicultural programs, these efforts must be factored into any organization’s overall sales and marketing functions. By using broader organizational metrics, organizations can link multicultural business outcomes more effectively.

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 build profitable connections with the multicultural consumer.

For more information, visit http://www.thegonzalesgroup.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

Read more real estate multicultural business development articles on RISMedia.com:

• How to Grow Market Share with Multicultural Business  
  How to Begin Marketing to Hispanic Consumers  
  Understand Your Target Audience

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