The trends are clear: As the landscape of America becomes more ethnically diverse, so does the landscape of entrepreneurship in the US. And that can have big implications for Internet marketers. Above all, it means you need to use survey research to collect data on the ethnic makeup of your customer base.
Survey research from the census bureau, estimating the changes in the US population between the 2000 census and the year 2007, show big increases in the proportion of the population that is Hispanic. To a lesser degree, they also show an expansion of the Asian segment of the population.
When we combine these survey data with information on the face of entrepreneurial activity, a picture of opportunity for business-to-business marketers emerges.
According to the Kaufmann Foundation, immigrants were more likely to found businesses than those who were native born in the past–now, their “lead” in founding businesses has grown.
And it’s particularly interesting to note that the rate of entrepreneurship among Hispanics–the fastest-growing immigrant group in the US–is increasing faster than that of any other ethnic or racial group. And Asians, another ethnic group with increasing visibility, are well known for their high rates of entrepreneurship.
What does this mean for Internet marketers? It clearly spells opportunity. As ethnic groups become an increasing proportion of the American population and those groups increasingly found businesses, Internet marketers need to think carefully about how they can market to these burgeoning entrepreneurs.
These trends also highlight the need for Internet marketers to understand the ethnic makeup of both their customer bases and their target markets. Do you know what percentage of your target market belongs to an immigrant or ethnic group? Are you exploring opportunities to sell to these growing markets?
One fact is clear: As the diversity of the American population grows and the face of entrepreneurship changes, Internet marketers need to harness the power of survey research to explore these growing markets.
Here at My Survey Expert, we believe in the power of Market Research!
Find Out How Market Research Can Improve Your Business.