Basically, all brands should consider investing in the Asian American market, especially the businesses that:
Target immigrants
- Immigrants are the core customers of money transfer. Asians transfer hundreds of millions to their home country every year. Western Union has been advertising to the group actively. So are some local/community banks. But MoneyGram is not. Neither are the national banks. Are they not seeing the potential?
- The phone giants like Verizon has been promoting their international call package to the Asian American market. Couple other calling cards and VoIP companies are testing the market now. None of them has established as leader yet. Anyone ready for full launch?
Number 1 in Asia but not in the US
- Most people may be surprised to hear that KFC is the no.1 preferred American fast food restaurant in China -- not McDonald’s. Knowing there are so many recent Chinese immigrants in New York, San Francisco, and Philadelphia, would KFC do something to reinforce the no.1 preference status? Bear in mind, McDonald’s is actively hitting the market right now.
- Believe it or not, Buick is the number 1 luxury car in China. People really rank it at the same level as Mercedes Benz. Yet Buick suffers in the US badly. If it has to focus in one segment to make a come back, would it be easier to start with Chinese?
Very big in US, but relatively unknown to Asian
- Cereal is a new food category to Asian. In Asia, you could probably only find Kellogg’s corn flake (the basic one with the chicken on the box) in 7-eleven and maybe two more varieties in big supermarkets. It is classified as American food. When Asian move to the US, their kids have cereal at school all the time. They then introduce the product to their parents. But most adults think it is not nutritious enough (or some even believe it is just another kind of potato chips). Similar case for oatmeal. Kellogg’s and Quaker, do you get the message?
- Most of the retail stores in the US are new to Asian immigrants. In their home countries, there are no Macy’s, JC Penney, Target, Sears, BJ’s, Costco, Home Depot, Lowe’s, Best Buy, Circuit City, Staples, Office Depot, A&P, CVS… and the list goes on. These are all big brands but Asians do not know what they are and what they stand for. Are these stores ready for more Asian foot traffic and sales?
The number 2 in the US
- In his book "Then We Set His Hair on Fire", Phil Dusenberry suggested Reebok not to fight with Nike, but to "take market share away from all the small brands behind it". I agree and I would add: instead of battle with Nike in the general market, make an effort to conquer the diversity markets. Just one question, are you ready?
- Pepsi has great campaigns in Asia. Have they ever thought about sponsoring their endorser/artists for a concert in the US? Asians are big in home country entertainment. Korean artist Rain had 2 concerts at MSG in NY last year. Tickets were sold out within hours. Think about the cost efficiency of securing a small segment of the population and gain more market share to get closer to the no.1 guy. How about that?
Have competitors in the market already
- With the new management and marketing team, Wal-Mart is getting more aggressive in the diversity market. Target, are you listening?
- Kraft is in the Asian American market now. Would General Mills do anything?
- Even if your direct competitors are not in the market yet, you want to get in and establish the industry leadership role before the followers come. So why wait?
Perhaps we should ask who do not need to do Asian American marketing. Kosher food and maybe Big And Tall are the only ones I can think of. Anyone interested in bottom line should take a closer look at the affluent Asian American market.
Technorati Tags:
Asian American
, Asian Marketing
, Multicultural Marketing
, Diversity Advertising
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