Multicultural customers are the fastest growing segment of the US population. So why do many US corporations continue to either ignore, misread, fumble or just give lip service in their attempts to get this important demographic representing 38 percent of the country and $3.5 trillion in buying power — one quarter of the country’s buying power — to purchase their products? In her new book, The $3.5 Trillion Advantage: A Marketer’s Guide to Revenue Growth in Today’s America. Terry Soto, lays out why the current methods for targeting multicultural markets are not working and what needs to be done instead.
Soto, who was born in Ecuador and raised in Los Angeles, has been one of the country’s most foremost experts on growth strategy and business development for more than three decades. Soto’s expertise has been featured in Forbes, MarketWatch, the Huffington Post and American Banker.
In an interview, Soto can discuss why:
- Companies do not need to change their strategies and business models to target multicultural consumers—but they do need to demonstrate an understanding and appreciation for their wants and needs in their implementation.
- Multicultural targeting efforts can only be effective when they are part of corporate objectives, strategies, implementation, budgets, communications and accountability metrics.
- Leaders must ensure non-multicultural employees develop their cultural intelligence and fluency to benefit their brands from the greatest demographic and cultural changes of the 21st century.
- Accelerating revenue growth requires tapping as many sources of revenue as possible and passing the multicultural ball around like a hot potato can actually set companies behind.
Praise for The $35 Trillion Advantage
“Terry makes the case that businesses don’t need to change their value proposition, but rather to extend their offering to the growing and thriving multicultural consumer, and to integrate those diverse consumers into every aspect of the business, from marketing to delivery and service. She provides simple and straightforward advice for business leaders planning to grow their companies on a solid footing.”— Russell Bennet, past VP of strategy and Latino initiatives, United Healthcare Group
“Soto’s new book offers a clear roadmap to help business leaders tap into the fast-growing multicultural market. I love that this book doesn’t just tell you the ‘why,’ but also goes deeper into ‘how’ successful companies are capitalizing on the big demographic shifts in the country.” — Johanna Marolf, past director of multicultural, H&R Block
“Soto’s book encourages the hard conversations, facing what is wrong and misunderstood and focuses on constructive results.” — Mark Stockdale, past director, Hispanic marketing, T-Mobile