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Niche
Marketing
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Article
6: Niche Market Watch--Ethnicity
Other niche markets that are easy to
identify and potentially lucrative are those
based on ethnicity. And the most intriguing
American ethnic group from a niche marketing
standpoint is the Hispanic market.
More than 33 million Hispanics live in the
United States, an increase of 7.9 million or 35
percent in the past eight years. There are now
more Hispanics in the United States than
Canadians in Canada. The greatest concentrations
of Hispanic populations are in California,
Texas, Florida, New York and Illinois.
According to the U.S. Census Bureau, Hispanics
make up the nation’s fastest growing consumer
segment, and these are consumers with cash. In
2001, Hispanic consumers boasted a disposable
income of $452.4 billion according to Selig
Center for Economic Growth at the University of
Georgia.
The Hispanic market is a rapidly expanding niche
with rapidly expanding purchasing power. But
it’s not an easy niche market to reach. All
Hispanics don’t share the same ethnic
background. In fact, Hispanics in the United
States come from more than 20 different
countries in Central and South America, the
Caribbean and Europe. Marketing that appeals to
a customer from Mexico may not work to reach a
customer from Spain. Services and products that
attract Brazilian Americans may not interest
clients from Colombia.
A few tips about targeting the Hispanic or any
other ethnic niche market: Do your homework and
understand your customers. It’s not enough to
know that a niche market is Hispanic. You need
to understand the different cultures, countries
of origin, purchasing habits and more.
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