It’s the age-old question for any B2C organisation…... “How can we improve market share and increase revenue?”.
The answer is on your doorstep…
Every 2 minutes a new migrant arrives in Australia.
In order to establish themselves they need phones, power, water, insurance, bank accounts, internet – everything. Just imagine how daunting that would be if English wasn’t your first language and you had no idea who to contact. So, it’s a safe assumption that if they’ve never heard of you, they will not know they can buy from you.
Let’s call this opportunity #1 (Multicultural Advertising).
Fun Fact: Migrants represent almost $175B in annual household spend within Australia.
In addition to new migrants arriving every 2 minutes, there’s already more than 6 Million Australians who speak a language other than English (that’s more than a quarter of our population). Of those 6 million, its fair to assume that they are now established in their community.
Have you done the numbers to work out how many of those 6 million are currently your customers? Which leads to the next question - what’s driving Non-English-speaking consumers to choose a competitor’s brand over yours?
Let’s call this opportunity #2 (Multicultural Marketing & Communications)
Fun Fact: There are now 300 different languages spoken in Australia
How many languages does your organisation speak?
Now that you’re thinking about how you can engage with Non-English-speaking Australians and increase your share of that $175B market (and let’s be honest, it’s growing rapidly!!), you now need to think about how you will directly communicate and service these new clients from a customer experience point of view and it needs to be inline with your current customer engagement strategy. Not only does it need to follow your current customer journey, you’ll also need to reduce your costs in servicing them – because what’s the point in onboarding new clients if its not profitable?
Let’s call this opportunity #3 (Interpreting and Customer Experience).
Australia’s multicultural market represents a huge untapped opportunity for B2C organisations wanting to increase market share within a consumer segment which experiences low churn and long-term loyalty. If you would like to discuss any or all the above opportunities for your organisation, please feel free to touch base and we can organise a more in-depth discussion around a bespoke solution and strategy.