I am often asked by financial advisors how they can more effectively prospect in niche multicultural markets. Not only do markets such as Hispanic, African American or LGBT crave more targeted support to help them protect and grow their finances and retirement savings, but these markets are also a growing force in American society. As a result, more financial advisors are interested in finding inroads into multicultural markets. The problem is that they often don’t know how to get started.
It is a common mistake to stereotype and assume that one size fits all when it comes to a specific multicultural market. The truth is that there are many differences and nuances within each multicultural market. This is partly why succeeding in a niche market is easier said than done. While it takes time and energy to understand varying cultural norms and values, gaining that insight can make a huge difference in your ability to succeed. You need to immerse yourself in the culture and be genuinely interested in the market’s specific needs and concerns.
There are a number of steps you can take to help grow your business in multicultural markets. In the end, it’s all about building connections and trust with individuals. Always keep that end goal top of mind.
First, fish where your prospective market swims. Find the right avenues and places that will bring you to the niche market. As an example, if you are interested in prospecting in the Hispanic small business owner market, seek out a local Hispanic Chamber of Commerce. There are over 200 of these organizations in the country and they bring together Hispanic business owners on a regular basis to discuss best practice, explore business opportunities and learn from each other. This is just one example of how you can make sure you are fishing in the right ponds.
Working with multicultural partners, whether they are local ethnic distributors or organizations that cater to a particular group, is another way to be in the right place to take advantage of opportunities. If you partner with distributors who understand and are active in serving multicultural markets, doors will likely open to you.