|The Promise And Reality Of 'Total Market' And How CMOs Need To Address It
Total Market strategy is defined by the Association of Hispanic Advertising Agencies as “a marketing approach followed by corporations with their trusted internal and external partners which proactively integrates diverse segment considerations. This is done from inception, through the entire strategic process and execution, with the goal of enhancing value and growth effectiveness. In marketing communications this could lead to either one fully integrated cross-cultural approach, individual segment approaches, or both in many cases, but always aligned under one overarching strategy.”
Proponents of the approach promised a new, innovative and inclusive approach for reaching The New America. However, despite articles, white papers and presentations, many marketers are still confused about what Total Market strategy is. The truth about Total Market strategy is the elephant in the room: It’s not working.
In reality, it’s business as usual, with multicultural segments being addressed via casting and work that is often stereotypical. And many marketers are now realizing that multicultural market share and customer-satisfaction gains made when ethnic agencies were used are evaporating.
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This article originally appeared on Forbes.com. You'll find a link to the original after the post.
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