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COLORDAO SPRINGS, Colo. -- Growth in the multicultural marketplace will be enormous over the next couple of years, and since these consumers are among the biggest purchasers of general merchandise and health and beauty care products, retailers would do well to prepare for this growth, according to a new report by the General Merchandise Distributors Council Educational Foundation.
The report, called "Multicultural Marketing: a Plan for Growth ion GM and HBC," examines opportunities among various multicultural markets, and how to address them.
GMDC's Multicultural Approach, which is detailed in the report, involved seven key steps to implement:
Be Culturally Relevant -- Address the specific behaviors and expectations that are unique for each ethnic group.
Seek Out Those Who Know -- Take advantage of those suppliers, employees, and customers that can help better understand how to be successful with multicultural marketing efforts.
Have the Right Stuff -- Identify and carry those products that are specifically targeted towards the lifestyles of particular cultures and groups of individuals.
Show That You Care -- Know that caring and sharing about friends and family are what unites people around their own cultures and defines for them a sense of identity. Marketing both to the individual health and the broader community interests of customers is a key to legitimacy and success.
Begin With a Celebration -- Have fun! Those special events that bring people together create many of the most significant opportunities. Knowing the different traditions, customs, and products that are a part of these events are a significant means of building customer loyalty.
Promote With a Purpose -- Set price, merchandising, marketing, and advertising, consistent with the expectations of each individual market. Assumptions based on how the broader market responds do not necessarily suggest the most effective ways of marketing to diverse cultures.
The GMDC report follows this approach and outlines the activities necessary to achieve each of these steps, with the goal of providing a blueprint and plan for growth in GM and HBC.