It already has! The GOP has already excepted that they must run a minority candidate in 2016. They know they have to make inroads into the Hispanic, Black, and Asian communities and with women and lower income groups. The message of small government conservatism must be crafted so that these groups will see the advantage of this type of government for them. The GOP will not likely make the unforced errors in the next election, that it made in this one, IE. the 47% comments, the self deportation comments etc... .
I don't think conservatives need to compromise their message or change their policy, but they must let these before mentioned groups know that their welcomed in the GOP and their voice counts. I believe the GOP is already working towards this goal.