Marketing to Asian-Americans For Growth Today And Tomorrow
With the Immigration Reform Act of 1965, the gates of America opened wide for Asians and other non-Europeans.
Today, Asians are arriving in record numbers with dreams for their future and hopes of economic opportunity. A significant number of these newcomers are young, highly educated and upwardly mobile.
Although many want to maintain their Asian identity and preserve their heritage, they are also very receptive to products that help make their new life in the United States more secure. This makes many Asians enthusiastic first-time life insurance purchasers.
This fact is, of course, no secret to the handful of life insurance companies that are experiencing levels of success and sales growth in the Asian-American market that far outpace results in their traditional markets.
But, Asians willingness to accept an American means of security–life insurance–does not translate to a shedding of a steadfast cultural belief. Namely, that education provides the most promising path to success and financial independence.
These values, when transplanted in a country abundant with economic opportunity, bode well for the next wave of career opportunities in the Asian market–financial planning.
Life insurance companies that have established relationships with this emerging market segment will be well positioned to manage their financial planning needs as they evolve into one of Americas most affluent ethnic groups.
The 2000 census reveals that Asian-Americans represent the fastest growing ethnic segment in the United States with a nearly 20% growth rate over Hispanics, the next fastest growing group. The Asian-American market will reach an estimated 35 million, or 10% of the total U.S. population, by 2050.
Companies entering the Asian market should consider their ability to deliver three key things that Asians tend to place great emphasis upon in the buying process: financial strength and stability; unwavering commitment from the top; solid field marketing strategy.