Besides having a social responsibility, the bottom-line for any organization is to attain greater profits and productivity. That is why it is important to target the growing multicultural markets, particularly in major cities such as Toronto, Vancouver and Montreal.
One of the main reasons is that the multicultural markets will continue to flourish in the coming years as more immigrants come into the country. According to Statistics Canada by 2031, the number of visible minorities will comprise more than 50 per cent of the population in Metro Vancouver. And in Toronto, it will be over 60 per cent. This is a clear sign that all businesses, small and large, cannot afford not to market their services and goods to these affluent communities.
Although some businesses are beginning to make a greater effort, but not fast enough. If they want to penetrate these growing markets, then they need to start with full force instead half-heartily. Perhaps they are not sure how to market because what works in the Chinese community does not necessarily work in the Caribbean or South Asian.
Here is a prime example of missed opportunity for many mainstream media outlets in Metro Vancouver. When they had the opportunity about fifteen or twenty years ago they shied away from many any concrete efforts to reach the Chinese and Indian community. Now it seems a little too late, as the saying goes “the carriage the horses have left the barn”.
Now these two communities have their own newspapers, radio stations to get their messages across to their respected audience, and are financially viable.
A lesson to be learned, any company that wants to survive and thrive must learn quickly to adapt to the changing market not only at home but also abroad.