By the Gonzales Group
RISMEDIA, Oct. 16, 2008-It is critically important to understand the new economic powerbase that is the multicultural consumer. If you have a large Hispanic, Asian, Russian, etc., population in your community, find out if they are Mexican or Cuban, Chinese or Vietnamese, and examine their age segments and median household income to develop a sound marketing plan.
Understanding and interpreting local demographic data is critically important to avoid costly marketing and recruiting missteps. More importantly, as the profile of the market changes, missing out on the new home buying population that is emerging from this societal change can be costly from a market share and profitability standpoint.
For example, in examining the Albuquerque, New Mexico market, we find a market that is 44% Hispanic (Census 2007). An organizations first assumption would be:
• They are Spanish language dependent
• First-time homebuyers
• Possess a lower than average median income
• Have no credit history
To capitalize on the changing profile of your home buying market, you must lose the preconceived notions about a particular customer segment and examine valid generalizations rather than societal assumptions.
Here is how to strategically examine a market if a Hispanic outreach is in your business plan and strategy. Begin by examining the population of your market. In Albuquerque for example, the Hispanic population is concentrated on the West, Northwest and Southwest sections of the city. Upon further examination, you may find that the median age is between 18-24 years of age and maybe not quite ready to buy a home.
Closely examining the median income of Albuquerque, you find a markedly different dynamic. The highest Hispanic median income is located in the 87122 zip code located on the Northeast side of the city. The second tier of median income ($56K-$66K) on both the East and West sides of the city is where the highest potential of Hispanic homebuyers may be located.
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.
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.