This post is the last in a series of 3. Read Navigating the Pay Gap for Multicultural Influencers: Part 1, for background on the gender, influencer and color pay gap, and Part 2, for context on multicultural campaigns in marketing strategy, first.
SO NOW WHAT?
Looking ahead, and observing brands and agencies that are leading the way, we should operate with the understanding that…
The General Market Is the Multicultural Market.
In 2019, smart marketers recognize that diverse consumers and influencers dominate conversations, set trends, are growing at the fastest pace and wield tremendous spending power.
The way for brands and agencies to leverage this reality is to implement a Total Market approach.
What Does a Total Market Approach Look Like?
There are 5 components to a successful Total Market Approach (TMA). Brands like Coca-Cola, McDonald’s and Wal-mart have demonstrated an ahead-of-the-curve understanding of, and resultant success from, implementing a TMA.
- Leading with a Total Market mindset from the outset. Incorporating diverse audiences cannot be an afterthought, but considered at the very start of a campaign strategy in order to be effective.
- Developing a strategy that embraces a diverse audience. Multicultural audiences are savvy and appreciate marketing that comes from a place of inclusion and doesn’t only involve them as a token or as “other.”
- The main brief should include cultural insights. Spending the resources to obtain relevant and accurate cultural insights is critical and must be a part of the main brief. Adding these in as an afterthought risks turning off consumers.
- The creative needs to authentically reflect cultural nuances. Given the diversity of the U.S. in this day and age, cultural insights will be not only appreciated, but expected. Reach out to experts for help if necessary. It will pay to get it right the first time.
- Internal staff at the brand/agency must be reflective of the Total Market. Having a diverse staff is integral to a successful Total Market Strategy. There have been too many PR nightmares of late that boil down to a simple lack of perspective and diversity of racial, gender and cultural experience in the strategy room.
Does your agency use the segmented market or the Total Market Approach? Do you see a benefit to one of the other?
This post was adapted from a presentation given by Stacey Ferguson, CEO of Blogalicious, at The ME Experience :: Quebec City in partnership with Women In Travel Summit.
Latest posts by Stacey Ferguson (see all)
- Navigating the Pay Gap for Multicultural Influencers: Part 3 - January 18, 2019
- Navigating the Pay Gap for Multicultural Influencers: Part 2 - January 14, 2019
- Navigating the Pay Gap for Multicultural Influencers (Part 1 of a 3 Part Series) - January 9, 2019