TOTAL MARKET: Everyone Is Included
- July 16, 2014
- No Comments
In 2012, the US Census identified 37% of our country as multicultural – that’s over 116 million African Americans, Hispanics and Asians. As we all probably know by now, these demographic groups are mostly younger and growing much faster than their White counterparts. Years ago, when we started looking into these growing trends, we realized multicultural would become the way of the future. There is no denying it: that future is now.
For those of us who want to grow our businesses, targeting multicultural groups – and embedding a multicultural perspective into all of our efforts – is not a choice. It’s a necessity. Simply put, if we want to enjoy growth, we must target these growing populations.
So, as marketers we find ourselves asking questions like: how can we reach millennials without targeting multicultural? We can’t. How do we target members of generation Z without embedding a multicultural perspective? We don’t. Today’s reality is the emergence of a multicultural nation. Tomorrow’s reality is its definitive growth.
Our job as marketers is to inspire our customers to open their minds and try new things. Our challenge is to present today’s multicultural nation as the norm. In doing this, many companies have moved from a siloed multicultural market approach, to a total market approach in our business strategies. We’ve begun embedding a multicultural perspective and representation in our general market efforts.
The greatest challenge is that if we are indeed committed to a total market approach, we have to do a better job of mirroring our country today at all levels of the corporate ladder – including our CMO’s and CEO’s so that these executives can, in turn, inspire and attract up and coming multicultural talent into our corporations. Without multicultural representation in our corporate corridors, it’s hard to effectively target diverse populations. Without a total market approach – total multicultural representation in our advertising and marketing efforts – we have to be aware that we’re leaving a huge population behind.
It’s time to not only lead with multicultural insights, but with multicultural leaders as well. It’s time our companies finally reflect today’s multicultural America. It’s time we invest accordingly into these groups – not as a small percentage of the overall budget, but as a budget comparable to their contributions and full potential. It’s time for us to embrace a total market approach, while still targeting individual demographics. In this plan, everyone is included. Everyone is represented. Every single time.
Have you created your total market and inclusion plan yet? If not, DMI can help.