The Asian American community is the fastest growing minority in the United States and has a very significant impact on the U.S. economy. This means that as a business owner or C-level executive, you cannot afford to ignore this growing community, and more importantly, you should start thinking about positioning your marketing efforts in a way to attract potential customers in this segment of the whole American Market. Here are some of the main reasons why you should start creating tailor-made marketing campaigns to Asian Americans.
1. Fast Demographic Growth
Asian Americans are extremely diverse, coming from around 40 Asian countries, resulting in close to 6% of the entire American Population. From 2000 to 2010, the population of Asian Americans grew by roughly 46%, and that continues to grow. As they become a significant percentage of the entire U.S. population, there’s no reasons for businesses not to engage in marketing activities especially targeted at this group of individuals.
2. Entrepreneurs and Business Owners
22% of the American startups valued at over $1 billion were founded by Asian Americans. They are entrepreneurs, inventors, and create jobs for other Americans in fast-growing companies and industries. According to the U.S. Census, between 2007 and 2012, businesses owned and operated by Asian Americans, grew by nearly 25%, and registered the highest growth of sales revenue (nearly 40%).
3. Highly Educated
Asian Americans tend to have a very high level of education. By norm, the Asian culture has work ethic and formal education as two very important pillars. 42% of all adults in this segment of the population have at a minimum a college degree, which is higher than any other group of the American population. Not to mention that they tend to score the highest GPAs both in high school and college.
4. Purchasing Power
According to the U.S. Census Bureau, in 2014 the median Asian American wage was about $74,000 per year, this is over 30% more than that of a White American. They have the greatest purchasing power of the whole American Population, which means that they’ll most definitely consume more, spend more money, invest more, this is all good for business.
If you’re not tailoring your message to this hugely important segment of the American population you’re definitely missing out. Asian Americans have the lowest rate of unemployment, great education and high purchasing power.