t's interesting combing through the notes from readers that I get in my inbox as a journalist, especially with the topics that I cover. I get a lot of “You know what you should report?” and “That was great, but…” or “I couldn't have put it better myself.”
About a week and a half ago I got a particularly interesting note. It was from the president of a company that sold powerboats. When I opened the note, I thought that I'd get the usual critique, comment, or praise letter. But this one was different. It read:
Natasha,
I just saw your article on American Express and diversity marketing. I am on the board of [a boating association], and we are interested in learning more about the changing demographics in our country and the best way to market to the new consumers. I was wondering if you can [help] in this area?
So I gave him a call, and we chatted. And I asked him for more details. He candidly explained to me that the association was beginning to recognize that if their industry was to remain relevant—and grow—then they would have to do a couple of things. One: Acknowledge the changing landscape of American consumers—one that's the more racially diverse, female, and younger. Two: If companies in that industry wanted to grow their revenues, they would have to begin to market to communities that, traditionally, have been ignored.
I did some research, and about a week later I give him several reports on consumer spending and income—broken down by age, gender, racial groups, and sexual orientation. I want to stress that marketers should recognize today's shift in who might be an ideal or target consumer. Marketers need to cast a much wider and more diverse net for their products and services because if they don't, they stand to lose a lot of revenue, market share, and respect from potential or current customers.
It's important for marketers to understand this: One of the best ways to market to a particular group—whether minorities, females, young adults, or perhaps the LGBT community—is to hire people who are either in that group and have a true understanding of the subculture and its needs. Or hire people who have a desire to meet the needs of that community. That's what the reader who I mentioned earlier saw in my Amex article. Amex has an internal team of employees who are part of the LGBT community, so they brought their natural interests—and business needs—to Amex.