Perspective on the Total Market
As marketers, it is critical to move away from the old way of looking at the market by “parts” and focus on the “whole” – without losing sight of key cultural nuances that will unearth forces that shape consumer and shopper mindsets and that will continue to influence market dynamics in the “Total Market.”
- We started writing about the “Total Market” approach in 2011 and have noticed that the shift towards the “Total Market” mindset has gained significant traction over past 4 years, which was inspired by the much expected and materialized Census 2010 figures.
The U.S. is a Cultural mosaic and no longer a melting pot. The U.S. has progressively become more multicultural and leveraging our on-the-ground cultural intelligence is now more important than ever.
- Taking a “Total Market” approach does not mean ignoring ethnic groups – it means having the foresight to strategically and deliberately include segments that are critical to the success of your initiative.
So, what?
Given the growth and influence of multicultural segments in the country, those who apply cultural intelligence when devising “Total Market” strategies will be in a position to dominate their industry today and in years to come.
Now, what?
The early and deliberate inclusion of multicultural segments is essential to enable your teams to develop effective and efficient strategies that will drive business growth.
Here is a simple Culturati 3-I Total Market Framework to follow:
- Inspire – Start with a well calibrated multicultural sample that will ignite creativity and thought leadership
- Illuminate – Integrate cross-cultural insights to inform the entire strategic process
- Influence – Build consumer affinity through meaningful and relevant mass media, in-market and digital executions
Culturati has a proven track record proving expertise to help guide the process in every facet of the endeavor. Contact us to see how we can apply our on-the-ground cultural intelligence to the success of your initiative.
