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Diversity: An Imperative for Business Success The Diversity
Business Imperatives suggest that building in America's new
multicultural century requires that successful companies begin
to include a strategic multicultural perspective into their
overall business planning process, and develop a strategy to
address such pressing questions as:
Diversity Issues: Becoming "Employer of Choice"
How well have we done in recruiting the best and brightest diverse
candidates? Are diverse employees represented at all levels
of our company? How well do we retain our diverse employees?
Marketing Issues: Being a "Preferred Brand"
Are multicultural Americans more or less likely to purchase
in our product categories?
How do they perceive our brands? Does our advertising and overall
marketing communications reflect these consumers in culturally
appropriate ways? How are our competitors addressing these consumers?
What is our business opportunity with the multicultural marketplace?
What are the underlying economics? Specifically who are our
multicultural target customers and why? How unique is the opportunity?
How can we leverage our existing infrastructure? What is the
optimal go-to-market approach? What is the ideal operating model/organizational
design (people, process, systems)? What is my expected ROI?
Did you know that Multicultural Americans are the Fastest
Large and Growing:
Hispanic, African-American, Asian Pacific American populations
are growing at seven times the rate of the general market. They
are almost 30% of the population today and by 2040 will comprise
over 50% of all Americans. In 10 years, about half of the U.S.
population under 21 will be non-white.
Burgeoning Buying Power:
Buying power has increased 50% to about $1 trillion in the past
10 years. According to the New American Market Basket Index,
multicultural consumers are outspending while families on groceries,
personal care products, clothing, entertainment and education.
Family purchases are growing faster than whites in 10 of 13
"market basket" categories including new cars and
Gaining the Means to Prosperity:
According to the Multicultural American Dream Index, ethnic
Americans are accessing the means to prosperity-increasing household
income, obtaining mortgages, owning small businesses, earning
college degrees at a rate that is increasing more than three
times faster than whites.
Easy to Reach, Responsive, Loyal Customers:
Culturally relevant creative running in ethnic media has been
shown to be twice as effective in selling to ethnic Americans.
These customers have greater brand loyalty and are willing to
pay more for the best.