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Casual Articles - How To Gain Monopoly-Like Profits Through Ethnic Marketing
As you know by now, if you have been a long time subscriber to our weekly E-zine, I'm a very big proponent of activity, labor and discipline. In fact I devoted one of the five major pieces to the life puzzle (in my book under the same name) to the subject of activity and labor. But now let me add another key word to the labor equation - skillful. Yes, skillful labor.We need the skills to help build our family's dreams, the skills to stir up an enterprise and make it successful. We need skills to build equities for the future. We need skills of all kinds.How about this - skillful language. If you just talk to your family you can hold them all together, but if you skillfully talk to your children you can help them build dreams for the future. That is why I spend so much time at th
Importance of Perceived Needs
The first step to finding "ownable" ethnic market spaces is to discover which groups of ethnic consumers are underserved or are not actively targeted by an industry's pro
The invasion had begun. It was right out of “War of the Worlds.” Hideous creatures with multi-legged covered torsos with shiny black exteriors and serrated mandibles that would crunch at anything in their path. It was a veritable army that I watched in horror as it moved at will toward all that I held near and dear. They must have been in the thousands, no, make that the millions. They stretched almost to the horizon in their relentless march of death and destruction.I had done what I could to deter the plague. I set up innumerable barriers and obstacles, but they must have laughed in their alien communication at my feeble attempts. I stood helpless as one by one, my various defenses failed to prevent the onslaught. From sprays to swatting to using a vacuum, I tried everything at my di
In today's U.S. marketplace, marketing to various ethnic audiences is vital to consumer-oriented product and service companies. Latinos and African Americans already have a critical mass of buying power of over $1 trillion combined and this total is increasing rapidly. The growth of the Hispanic and African American affluent and middle class is occurring faster than the majority of Caucasian Americans. These ethnic audiences are becoming so large and lucrative that even sub-groups of them command substantial buying power. Becoming the dominate player within a sub-group such as affluent and middle class 2nd generation Latinos would allow a company to make substantial revenue and develop a strong loyal customer base. To "own" an ethnic market space would enable a company to obtain monopoly-like profits!
The 4 Benefits of Owning Ethnic Spaces
Tapping into and creating ethnic space monopolies is at the heart of this article and should be the goal of every ethnic marketing plan. Owning an ethnic market space yields the following 4 critical benefits:
1. High Monopoly-Like Profits
2. Loyal Customer Base
3. High Lifetime Value of Customers
4. Low Competitive Dynamics (Competition Blind Spots)
It is for this reason that ethnic marketing and owning market space in the Hispanic and African American audiences is not a "side" item, but a vital strategy which affects the whole enterprise and will only increase in importance as this century progresses. This kind of marketing can turn a marginally profitable company into a revenue generating "powerhouse" and an unprofitable company into a firm that operates solidly in the "black" - no pun intended.
Importance of Perceived Needs
The first step to finding "ownable" ethnic market spaces is to discover which groups of ethnic consumers are underserved or are not actively targeted by an industry's prod
If it's so simple, why don't managers all over the globe get this right, every time? Well, because it's so simple, it seems too easy, so busy managers squeeze a lot more in, time after time. And that makes things much more complex - just the way a manager should be. NOT. Keep it simple, deliver quality and you will not go far wrong.Here are the three things...They Value their People So what do the best managers do? They are very interested in what they hear their people say and respond accordingly. They are realistic in their expectations and provide support, guidance and coaching to enable their people, willingly and pro-actively. They are honest, truthful, act with integrity and never over-promise. The best managers lear
The 4 Benefits of Owning Ethnic Spaces
Tapping into and creating ethnic space monopolies is at the heart of this article and should be the goal of every ethnic marketing plan. Owning an ethnic market space yields the following 4 critical benefits:
1. High Monopoly-Like Profits
2. Loyal Customer Base
3. High Lifetime Value of Customers
4. Low Competitive Dynamics (Competition Blind Spots)
It is for this reason that ethnic marketing and owning market space in the Hispanic and African American audiences is not a "side" item, but a vital strategy which affects the whole enterprise and will only increase in importance as this century progresses. This kind of marketing can turn a marginally profitable company into a revenue generating "powerhouse" and an unprofitable company into a firm that operates solidly in the "black" - no pun intended.
Importance of Perceived Needs
The first step to finding "ownable" ethnic market spaces is to discover which groups of ethnic consumers are underserved or are not actively targeted by an industry's pro
Many nonprofit organizations and other groups depend on fund raising efforts as their main source of funds. Millions of dollars are spent on jewelry every year in the United States alone, and these groups are getting a piece of that. Fund raising jewelry events can be money rich events. This article will outline some of the best fund raising jewelry ideas.Trinkets Are a Good Fund Raising Jewelry ItemIf you have put together your fund raising plan hopefully you have created a theme for your fund raiser. If you can match the theme with some cute charms you may be able to sell several more trinkets and charms than normal. There are so many choices in charms and trinkets that these are sure to be a big seller.College Bracelets make Goof Fund Raising Jewelry ItemsYou ca
The 4 Benefits of Owning Ethnic Spaces
Tapping into and creating ethnic space monopolies is at the heart of this article and should be the goal of every ethnic marketing plan. Owning an ethnic market space yields the following 4 critical benefits:
1. High Monopoly-Like Profits
2. Loyal Customer Base
3. High Lifetime Value of Customers
4. Low Competitive Dynamics (Competition Blind Spots)
It is for this reason that ethnic marketing and owning market space in the Hispanic and African American audiences is not a "side" item, but a vital strategy which affects the whole enterprise and will only increase in importance as this century progresses. This kind of marketing can turn a marginally profitable company into a revenue generating "powerhouse" and an unprofitable company into a firm that operates solidly in the "black" - no pun intended.
Importance of Perceived Needs
The first step to finding "ownable" ethnic market spaces is to discover which groups of ethnic consumers are underserved or are not actively targeted by an industry's pro
The successful promotional website is a many faceted, never changing entity. One must be prepared to do extra time in seeing that the website is appealing to others as well as the search engine spider of Google.First and foremost, the website needs to be highly informational. Good information about the subject of the website is very important in the production.There need no be flash and fanfare, only information and hyperlinks. If one considers using flash in a website, at the initial glance of the site, the flash may tend to attract the casual surfer, but in fact, that flash is very distracting from the actual information that one is trying to portray.Building a significant meta tag description is very important as well. It will take time to accomplish this as many areas
3. High Lifetime Value of Customers
4. Low Competitive Dynamics (Competition Blind Spots)
It is for this reason that ethnic marketing and owning market space in the Hispanic and African American audiences is not a "side" item, but a vital strategy which affects the whole enterprise and will only increase in importance as this century progresses. This kind of marketing can turn a marginally profitable company into a revenue generating "powerhouse" and an unprofitable company into a firm that operates solidly in the "black" - no pun intended.
Importance of Perceived Needs
The first step to finding "ownable" ethnic market spaces is to discover which groups of ethnic consumers are underserved or are not actively targeted by an industry's pro
How often do you answer your emails? Do you respond to them right away or wait until the end of the day? Depending on the message, I tend to wait until the end of the day to answer emails. They can be time consuming if you stop in the middle of your work to reply right away to each one. It is good customer service but most messages are not urgent and can probably hold off.I find that answering messages at the end of my day gives me more time to gather my thoughts and organize my projects at the same time. I feel the same way about phone calls but you can’t really avoid those during the work day. I keep all of my clients on caller ID so that I can weed out the telemarketers which I do receive calls from at least a few times a week.To keep your customers happy, you can always repl
Importance of Perceived Needs
The first step to finding "ownable" ethnic market spaces is to discover which groups of ethnic consumers are underserved or are not actively targeted by an industry's product or service offerings. An executive, manager, or business owner must find an ethnic market space with a differing set of values, and different perceived needs than mainstream consumers. For example, Hispanics believe that family life and the home are very important, so products and services by a company geared toward key aspects of domestic home life have a chance to dominate niches within that space.
The most powerful driver of finding an untapped market space of ethnic customers is perceived need - whether that is for basic functionality or additional comfort or luxury. One may say that this is also true for the general market but a good marketer will understand that this perception of need differs from mainstream consumers. Latinos and African Americans view the world and products & services from a completely different paradigm than Caucasian Americans. Their values, lifestyle, cultural and taste are all different from the mainstream and this phenomenon translates into unique selection, buying, and usage habits for a given set of goods and services. For example, the urban African American 'middle class' higher desire for stylish and designer brand items and the raised threshold for luxury should be a driving factor in developing products and services for this market space.
Capitalize on Heterogeneous View by Competitors
An additional key factor for locating potential monopoly spaces is to examine ethnic spaces overlooked by the competition. In the multicultural marketing of even the most progressive
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