It is a New World Marketplace. What is your company doing about it?
Business has a new face, and society is ready for it. In fact, the western world created this new face. Society has evolved. The marketplace is changing drastically, and so are the old cultural paradigms and expectations with them. The new millennium has marked a change from traditional business practices and stereotypical views of gender roles in society to a New World Marketplace with an all-inclusive worldview.
These cultural shifts can be defined in terms of three macro trends: Women, Youth and Multiculturalism. The combination of these three macro trends has not only shaped the way western society is today, it has created a completely new market for businesses. What were once considered small niches are now general market target demographics that business must cater to in order to stay relevant
Did you know ….
- 1 out of 4 kids being born here in the US has a parent who is an immigrant.
- 1 in 6 Americans is a Hispanic
- More than 9 million people are multi-racial, a category that grew 32% since 2000 and on track to grow another 25%.
- Hispanics and Asians are the two fastest growing demographic groups, increasing about 42% since 2000….Asians for the first time had the largest numeric gain than African Americans
- Women own 40% of privately held companies and control more than 80% of US spending
- Women make final decision for buying 91% of home purchases, 65% of the new cars, 80% of health care choices, and 66% of computer
- Number of text messages sent and received every day is exceeding the population of this planet, and cell phones will become the primary means of communication
Can you get your arms around it?
In today’s economy, many companies struggle to deliver mutually profitable Value Propositions to their target customers mainly because they are not aware of how the target customers are changing. The new faces in our marketplace are more likely to come from multi-and-cross-cultural backgrounds or live in a world where multicultural lifestyle is the rule, not the exception.
The keys to the kingdom are changing hands, and “we” is getting trickier to define. Now more than ever, companies must find ways to stay relevant in a world that is fundamentally different than the one that is being taught in textbooks. Without a clear understanding of these critical cultural and demographic shifts, your Value Proposition and Delivery Systems may be misfiring through your current communication strategies.
Many companies leverage the power of social network and provide the latest tools, but the emerging technologies should be used with new ways of working, relating and engaging with people across all social, gender and cultural lines. Companies must learn how to use and align values and beliefs as the blueprint for growth.
It is time to re-evaluate your core target. It is time to re-think whether your Value Proposition reflect the new, global and multicultural values and beliefs. Sell a story these new faces want to believe. You have to be willing to become your own future rival.