As a market research company with a robust multicultural practice, we’re often asked about how to market to Asian Americans. Often, clients have heard that Asian Americans are wealthier and better educated than other groups and they want to tap into these appealing consumers. However, when we walk them through the different country of origin groups and languages spoken, they’re often surprised by the variety and complexity within this market. One way to simplify the discussion is to look at shared cultural values and craft messages that can be adapted to various subgroups within the Asian American community.
With the success of Crazy Rich Asians many brand managers will decide that it’s finally time to start paying attention to this often-overlooked segment. They will find, however, that unlike the U.S. Hispanic or African American markets, there is little consensus as to how to market to Asian Americans. The problem begins with the moniker. Asian Americans are less likely to identify with a pan-Asian identity & more likely to identify with their countries of origin. This is partly due to the more recent immigration status of the majority of Asian Americans (59% are foreign born as compared to 34% for Hispanics) and the dearth of Asian American role models and cultural touchstones in popular media.
ThinkNow conducted a national survey of 1,291 Americans aged 18-64 across various ethnic groups. We asked them about their interest in starting businesses, industries chosen, revenue goals, motivations, barriers and utilization of support services. The results are both eye-opening and potentially concerning. Overall, we found that the desire to start new businesses, revenue goals for those businesses and challenges experienced by their founders are not evenly distributed by gender and ethnicity.
Every entrepreneur has his or her reasons for starting a business. As noted in our recent Entrepreneurship In America 2018 report, the “why” ranges from the pursuit of greater independence to leaving behind a family legacy. For me, as co-founder of ThinkNow, I knew there was a better way to gather meaningful insights on hard-to-reach audiences but needed the freedom to do it. The challenges I faced in starting a business, however, are specific to me. It would be a mistake to assume that my experience is reflective of those had by entrepreneurs of different social, ethnic, gender or geographic groups.
Women and Minorities Report Greater Obstacles to Starting Businesses Historically, small businesses in the U.S. have fueled the economic engine by supplying a steady stream of new jobs. However, in recent years, new business birth rates have slowed prompting the Kaufman Foundation to declare that startup rates are “half of what they were a decade ago.” This is surprising because the U.S. is seen as a global leader in entrepreneurship. Americans have created whole new industries from scratch through the courage, determination and skill of generations of risk takers. Is America at risk of losing this status? Perhaps, but why? It’s difficult to pinpoint the exact reasons for the overall decline in entrepreneurship in America.
But opinions about early childhood and HPV vaccines contradict. Why the difference? Whenever there is an outbreak of the measles, mumps or some other vaccine preventable infectious disease, we hear a lot about herd immunity – the notion that if 90%-95% of a population is vaccinated infectious diseases cannot get a toehold in a population. This idea, however, may be providing us a false sense of security because for herd immunity to work, vaccinated individuals need to be distributed evenly among a population to act as buffers against transmission and, it turns out, they’re not.
Innovations In Technology Expected To Ignite A Boon For Retailers This Holiday Season On the heels of startling news of declining in-store sales earlier this year by popular brands and an overall sluggish retail environment, new research reveals that the current situation may not be as dire as it seems. Now in its fifth year, ThinkNow Retail™ in partnership with JElena Group, suggests that the adoption of mobile shopping among the Total Market, especially Hispanic consumers, has changed the dynamic of the consumer shopping experience, but not consumers desire to shop.