How Niche Marketing Worked

Small business is alive and well, despite the gloomy, reports we read about the weak national economy. To be more specific, small businesses started by ethnic minorities is booming. The niche where we have first-hand experience with this phenomenon is the Hispanic marketplace. But this phenomenon is apparent with almost any ethnic group.

Despite the negativity that many business owners are expressing, first-generation immigrants still believe in the American Dream. They believe with hard work and a little luck, they can start a company with limited resources and grow their company into something extraordinary.

Opportunities sometimes define strategy, and independent insurance agencies need to be open to opportunities. Speculative activities are also sometimes needed in any business. When we decided to pursue the Hispanic market, we were not sure if this was a prudent decision. Often, ethnic minorities live in and set up business in “stressed” areas, sometimes more susceptible to crime and other perils than the more homogeneous bedroom communities where our agency traditionally sought new business.

Agencies like ours sometimes have to think ahead. We must ask ourselves, “What will the market demand of us in the future?” We made a business decision several years back to target the fastest growing community in America to grow our business within this community and establish ourselves as leaders in the Hispanic marketplace.

There are six practices you can do right now to enhance your presence in the ethnic marketplace.

What strategy is your agency following to ensure continual growth and progress? Today, stagnation is not an option: you need to grow.