Michael Soon Lee is with EthnoConnect, a company that helps connect firms to consumers of various ethnicities. Lee works with firms to determine what market they are trying to reach, recognize what cultural diversity means in the marketplace and analyze the differences in how the ethnic population needs to be approached for the sale. Using that information companies develop a plan to reach their target audience in both B2B and B2C markets.
Often positioning a product for an ethnic audience requires more than just modifying the marketing message. Sometimes it requires changing formulary, packaging or message.
According to Lee, the growing ethnic population in the US represents a huge opportunity for American firms. Today, 1/3 of all consumers in the US are of ethnic origin and it makes up a $3 trillion buying market. Most US firms have no idea how to relate to minorities in a business environment and most sales people unknowingly offend minority customers within the first 30 seconds of meeting them.
This is not a short term effort or opportunity. According to Lee, it takes time to build relationships and tailor messages to meet the individual needs of each ethnic market.
