Here are some other interesting findings from the latest Census report.

• Between 2000 and 2010 there was a 32% increase of people who check more than one race in the Census survey.
• Around the time the 2020 Census is conducted, more than half of the nation’s children are expected to be part of a minority racial or ethnic group.
• By the 2030 Census all Baby Boomers will have reached age 65, meaning one-in-five Americans will be 65 or older (compared with one-in-seven now).
• The US population will grow more slowly than it has in the past.
• By 2060, the nation’s foreign-born population will reach nearly 19 percent of the total population, up from 13 percent in 2014.

The data is clear; America is becoming more diverse and blended than ever before. As a result, companies will need to review, and likely adapt, their marketing strategies. While all of the statistics about changing demographics are important for marketers to note, it is even perhaps more critical that they remember that demographics are only part of the equation. The other part is culture. Culture is defined as a collective passion for shared experiences. One’s culture is not determined by birth, but instead by the people and areas that surround us. If a company focuses solely on demographics and disregards culture it is likely to miss significant opportunities by failing to properly communicate with potential customer segments or by overlooking them all together. The companies that have the greatest success with future generations will be those that not only recognize the changing demographics of the country, but also design a marketing strategy that reflects the impact the demographic changes will have on the overall culture in the US.

While you couldn’t easily forget this was a sports-focused symposium, (the sports puns alone were a constant reminder) it was amazing how many of the lessons shared could be applied to any business. Perhaps it should not have come as a surprise, sports leagues are after all, very big businesses.

The biggest takeaway from the event is that diversity and inclusion practices are beneficial in all aspects of your business. Diversity among your staff gives you different perspectives and can protect you against major pitfalls that a group of like-minded people may never have seen coming. Diversity among suppliers can provide you with better and more cost effective options that you may have never considered. And diversity among your customers keeps your product relevant and revenues growing.

So what does market research have to do with all this? Glad you asked. Knowing that you want a diverse customer base is the first step, the second step is identifying what groups are most relevant to your business and determining how to most effectively attract them to your product or service. This is where market research can help.

The demographics of the country are rapidly changing and there is no better time than the present to consider how these changes impact your business.  Market research can help you identify a strategy to diversify and grow your customer base.