Marketing to Myriad Groups

NJBIZ, Jan 19, 2004 by Ruth, Joao-Pierre S

Businesses increasingly find clients by reaching out to diverse groups within the ever-changing U.S. population. Companies like Merrill Lynch and Fleet have established divisions focused on meeting the needs of a variety of ethnic groups. At Merrill Lynch, Jyoti Chopra directs marketing to South Asians for the Hopewell-based multicultural and diversified business development group, which operates nationwide.

"The group was formed in fall 2001 with a specific mandate from senior management to begin developing a platform and business model that would effectively capitalize on the changing face of America," says Chopra.

The first new faces Merrill focused on were South Asians. "It was a community rapidly growing in affluence and had very distinct financial needs," says Chopra. The firm has since connected with organizations like the American Association of Physicians of Indian Origin.

"We made a program on health, wealth and wisdom specifically targeting and catering to physicians and health care providers," Chopra says. For example, Merrill Lynch hosts a series of business forums and wealth-management workshops at the annual convention of the Indian physician group.

The effort to connect with the South Asian community gave Merrill Lynch a framework for marketing to other constituencies. "We have rolled out similar initiatives focused on the Hispanic community and the women's market, as well as the African-American community," says Chopra.

Such contacts include the National Hispanic Bar Association and the Women's Presidents Organization. Chopra says Merrill Lynch hopes to make strides into the East Asian market, including Chinese-Americans and perhaps Korean-Americans as well.

Fleet Bank, too, has turned its attention to cultural groups. "We build partnerships with community organizations, religious, educational, philanthropic and charitable groups to establish banking relationships with individual members and organizations," says Sy Henderson, division executive for Fleet's affinity markets group in Cranford.

The 5-year-old unit has reached out to groups like the parents of students at Hua Xia Chinese Schools, a nonprofit organization that offers classes on Chinese language and culture. Fleet also supports the annual Newark Black Film Festival and is developing affinity programs to roll out to organizations regardless of gender or ethnicity.

Chopra sees Merrill Lynch and others stepping up multicultural marketing. "We actively do market research to better understand the community in order to provide the best possible wealth-management platform," she says.

"Our diversity activities have resulted in new business and increased recruitment of diverse job candidates to the firm. It's also increased good will and relationships with many more community-based organizations. It's really tying diversity to very concrete business activities and goals."

| email jpruth@njbiz.com