Rise of Multicultural Marketing Bodes Well for Bazargan

It was only a matter of time and it’s now finally happening: Mainstream marketers in Western countries are increasingly turning their attention to the tremendous purchasing authority of rapidly growing minorities, both in the consumer and business arenas. And this is great news for Bazargan, the first and only business journal covering the vast commercial activities of Iranian expats.

rise of m/c marketing“Just this past May, it was widely reported that for the first time, racial and ethnic minorities now make up more than half the children born in the US,” says the New York-based Association of National Advertisers (ANA). “While this shift was expected, the official announcement was nonetheless a landmark as the multicultural market is increasingly becoming the new general market.

Today‚Äôs multicultural market is rapidly growing and evolving into a new type of customer, influencing overall culture more than ever in music, fashion, food, dance and more. Members of this market are younger, more acculturated, more tech-savvy and most importantly, have tremendous buying power that cannot be ignored. Diversity has also become a key business imperative that is driving not only the internal workforce, but also community outreach and product development,” adds ANA. The association will hold its annual conference on multicultural marketing and diversity Oct. 28-30 in Miami.

Another indicator that Bazargan is entering the fray at the right time comes in the form of a report by Robert W. Fairlie, a professor of economics at the University of California-Santa Cruz. Published in August, “Open For Business: How Immigrants Are Driving Small Business Creation In The United States” analyzes the increasing importance of foreign-born entrepreneurs on US economic growth and job creation.

“Picking up and moving to another country is brave and risky so perhaps it is not surprising that immigrants are venturing out and starting new businesses at a rate that far outpaces their share of the population,” the new study states. “From local neighborhood shops to America’s largest companies, immigrant business owners contribute more than $775 billion in revenue to our annual Gross Domestic Product and employ one out of every 10 American workers at privately-owned companies across the country.”

The report finds that immigrants are now more than twice as likely to start a business as the native-born: “They started 28% of all new US businesses in 2011, despite accounting for just 12.9% of the US population. And, over the last 15 years, immigrants have increased the rate by which they start businesses by more than 50% while the native-born have seen their business generation rate decline by 10%.”

Bazargan representatives begin a series of meetings and presentations to national-brand marketers and advertising agencies, starting Oct. 25. Please visit again for updates on our marketing campaigns.