Fostering connections within the diaspora business market is a strategic approach that can facilitate the expansion and bolster the reputation of enterprises from developing nations within developed countries.
The term "diaspora" pertains to individuals who have migrated from their native land to another nation while maintaining a strong tie to their homeland. Diaspora marketing aims to engage these individuals as potential customers, partners, or advocates for a business.
Here are some of the advantages associated with cultivating relationships in the diaspora business market:
1. Access to a substantial and loyal customer base:
In 2013, the United Nations reported 214 million first-generation immigrants worldwide, signifying a 42% increase since 2000. These immigrants often maintain a profound connection to their homeland, including its products, services, culture, and values. They also tend to influence the consumption choices of both their host and home countries' family and friends.
2. Cost-effective and low-risk market entry:
Establishing relationships within the diaspora business market can be a cost-efficient and low-risk method for entering a new market. It doesn't necessitate significant investments in advertising, distribution, or product adaptation. Businesses can leverage existing channels and networks catering to the diaspora, such as ethnic media, community organizations, events, and online platforms. Word-of-mouth and referrals can further spread awareness and trust within the diaspora and beyond.
3. Competitive advantage and distinctiveness:
Building relationships within the diaspora business market enables enterprises to differentiate themselves and create a unique value proposition for their customers. By offering products and services tailored to the specific needs, preferences, and tastes of the diaspora, businesses can establish a niche market and cultivate a dedicated fan base. Additionally, they can capitalize on the cultural and emotional appeal of their homeland.
Here are some tips for nurturing relationships in the diaspora business market:
1. Begin with an exceptional product or service that aligns with diaspora customers' expectations and values.
2. Enhance the customer experience by personalizing it, making it convenient, responsive, and culturally sensitive.
3. Maintain regular communication with key contacts within the diaspora community, including customers, influencers, and organizations.
4. Seek opportunities to contribute value to the diaspora community beyond sales, such as supporting social causes,
sponsoring events, or providing education.
5. Solicit and integrate feedback from diaspora customers and stakeholders to continually improve products, services, and marketing strategies.
6. Act as a consultative and educational resource for the diaspora audience by offering useful information, advice, and solutions that address their needs and problems while promoting the homeland's products and culture.