Want the majority of business? Then think minority!(extra credit)

More than one million new immigrants enter the United States every year. Add to that the nearly 80 million multicultural Americans who are already here, and you have a tremendous group of potential customers and clients who can positively impact your business. But do you know how to reach, identify with and sell to these people?

Today, many companies are struggling with the demographic change underway in America. According to the U.S. Census Bureau, by 2045, the population of the United States will grow by 50%, and 90% of that growth will come from the minority community. That means, in order to stay profitable, companies will need to adapt their marketing, their selling style and their product or service offerings in order to appeal to the emerging demographic groups--all of whom have different preferences and buying styles.

So who exactly are these minorities? Namely, they're African-Americans, Hispanics, Asians and women. The key to companies reaching these markets in the future is to hire wisely today. That is, if you want to attract a diverse customer base, then you need to attract a diverse workforce who can effectively identify with the emerging markets and relate to them on their level.

As much as company leaders hate to admit it, the fact is that many people are not comfortable dealing with clients of a diverse background. Yes, we're all "just people," but certain cultures have distinct buying styles. If your salespeople and managers can't effectively sell to those people, then your company is headed for trouble.

For example, as a result of not interacting well with a diverse clientele, your managers may not meet their sales or production goals. When people don't meet goals, frustration sets in. When too much frustration is present, people leave the company for what they perceive as a better opportunity. Now the company has to do a big hiring initiative to replace those who have left. But if they're not hiring people who can effectively interact with the emerging markets, they'll quickly find themselves repeating the same cycle of low production, frustration and ultimately attrition. It's time to stop the cycle now.

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