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THE TOTAL MARKET CONFERENCE RECAP AND SUMMARY
 

THE TOTAL MARKET CONFERENCE RECAP AND SUMMARY

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September 9th and 10th was the launch of the Cross-Cultural Marketing and Communications Association and Total Market Conference. We've taken the time to compile a summary of the event and provide ...

September 9th and 10th was the launch of the Cross-Cultural Marketing and Communications Association and Total Market Conference. We've taken the time to compile a summary of the event and provide highlights from the day.

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    THE TOTAL MARKET CONFERENCE RECAP AND SUMMARY THE TOTAL MARKET CONFERENCE RECAP AND SUMMARY Document Transcript

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    • 2 I. THANK YOU Once again I’d like to thank you, our partners, the planning committee and our board of advisors for believing in the mission of building an association dedicated to the development of a Total Market industry vertical and Total Market Enterprise™ (TME). Creating an industry vertical that accurately reflects the marketplace is a passion and a once in a lifetime opportunity. At the beginning of the year, a group of us came together to craft the early vision of a member-driven organization focused on providing enterprise transformation thought leadership, education and training on the implications of the new marketplace. Our intent is to partner with existing associations, enterprise organizations, brands and agencies for this new innovative approach to marketing and communications. Below is a recap of the inaugural Total Market Conference and the launch of the Cross-Cultural Marketing and Communications Association (The CCMCA). After reviewing the conference recap, please provide your thoughts or questions to contact@theccmca.org, or our Facebook and Twitter pages. I welcome your feedback, and will continue to look for opportunities that help members navigate their enterprise organization during this dynamic shift within the marketing and communications industries. Last, many have asked how you can help. It starts with joining The CCMCA and becoming a member http://www.theccmca.org/?page_id=3409 . Your voice matters in making this a resource for your enterprise and the industry. II. CONFERENCE RECAP The conference promptly kicked-off at 9:00AM with the Welcome and Purpose. There were three themes of the day: The purpose of the Total Market Conference was to provide clarity, introduce innovative approaches and provide an environment for collaboration. THEME #1: CLARITY Clarity was the first theme, given all of the language in the marketplace around “Total Market”. I’ve shared a version of the deck: http://www.slideshare.net/THECCMCA . The framework is sourced from the Ogilvy Cross-Cultural Practice. I often use the framework to start a conversation communicating the differences in the industry category verticals. The Total Market industry vertical is an emerging segment within the marketing and communications industry. The General Market (GM) and Multicultural (MC) industry verticals represent over $300B US. The GM and MC industry verticals are not disappearing. The reframing of the industry categorization to a Total Market vertical we believe is an accurate reflection of services and products moving forward for the New Marketplace. After sharing the point of view on the definition of a Total Market vertical, the idea of a Total Market Enterprise™ (TME) was shared. A TME can be achieved through a brand enterprise transformation. There are few brands that qualify to be a TME. In order to be a TME, four parts of the enterprise have to be aligned on the marketplace opportunity (market valuation, organization design & partnerships, experience & engagement and Big Data & effectiveness). The Total Market Enterprise™ (TME) model was critical to introduce as the foundation for the discussion. The mission of the Cross-Cultural Marketing and Communications Association (The CCMCA) is to become the go-to resource for Total Market Enterprise™ awareness, education training and certification.
    • 3 The certification is critical because it is our belief that readiness of brands and enterprise organizations equates to greater brand and marketplace value. LOOKING BACKWARDS BEFORE MOVING FORWARD Given the set-up with clarity in defining the Total Market industry vertical and a Total Market Enterprise™ (TME), it was proper to introduce Mr. Jeff Yang, Senior Vice President, The Futures Company. We discussed what’s happened since the taping of the Cross-Cultural Roundtable. Mr. Yang recounted that Fall day when an esteemed panel of guests (www.theccmca.org ) gathered to discuss the cross- cultural approach. Mr. Yang’s main point during our discussion was that brands continue to underestimate the impact and sheer numbers of Millennial, and especially multicultural Millennial, consumers making or influencing purchase decisions. Some categories will be significantly impacted by the shift in consumption share where as much as 40% of the Millennial population is multicultural. WHAT DOES THIS MEAN FOR WALL STREET AND MARKET VALUATION OF BRANDS GIVEN THE SHIFT? What is not always discussed at many general market (GM) and multicultural (MC) conferences and discussion groups is the impact the marketplace shift will have on brands and shareholder value. Mr. James Dix, Senior Research Analyst, Wedbush Securities, gave his perspective on what the shift could mean for CFO and CEO reporting. Financial reporting historically is reported based on regional and geographic growth (e.g. BRIC, North America and APAC). Given the growth of the multicultural segments, should analysts review estimates based on how brands are penetrating growth segments like the multicultural segments within the US where the spending power of Hispanic, Black and Asian segments is larger than some emerging geographic regions cited as growth markets? This discussion opened a discussion and questions around brand valuation models. Are brands and research organization methodologies moving as quickly as the growth of the multicultural segment? THE CROSS-CULTURAL INDEX POWERED BY BRANDZ The conversation with Mr. Dix was a great set-up for the introduction of a new-to- market Total Market assessment tool. Mr. David Burgos, Vice President of Cultural Strategy, Millward Brown, and I introduced the marketing and communications’ industry first Cross-Cultural Index Powered by BrandZ. Both Millward Brown and Ogilvy & Mather came together to refine one of world’s largest consumer databases. For the first time in the marketing and communications industry, there is now a tool that has the ability to assess, rank and track brands to determine how they appeal to the general market and multicultural segments (Total Market). Our hypothesis for developing the Cross-Cultural Index Powered by BrandZ was that having a brand that appeals to the Total Market increases brand ‘power’ or equity. Mr. Burgos and I shared the methodology and the results of the ‘beta’ version, reporting the results of three categories: Quick Service Restaurant Category, Beverage: Beer Category and Banking. The Cross-Cultural Index Powered by BrandZ is going to be published in early October by Millward Brown and Ogilvy & Mather. Brands and enterprise organizations will be able to use this tool to understand how their brands appeal to the new marketplace. In addition to the three categories for the October publication, we will present the results of more than 30+ additional categories in early 2014.
    • 4 THEME #2: INNOVATION The morning session was about establishing the foundation. We were able to provide clarity on the definition of Total Market, the benefits of the new industry vertical and what the value means to shareholders and brands. After a lunch break, we gathered everyone together for the afternoon innovation track. Below is a summary of the panelist insight, best practices and thought leadership for building a TME: TME™: WHAT IS A TOTAL MARKET ENTERPRISE™? Mr. Javier Farfan, Senior Director of Cultural Branding, PepsiCo and Lizette Williams, Senior Brand Manager, Kimberly-Clark shared a panel discussion about the innovative ways they are approaching building a Total Market Enterprise™ organization. Both admitted they are on two different enterprise journeys. For PepsiCo, there is a rich history of understanding consumer lifestyles and marketing to the multicultural audience. Mr. Farfan cited examples of how he is shifting the enterprise, for instance, changing his title and group to Cultural Branding. He also sees himself in the education business for brands in helping them understand the new marketplace. In terms of talent, he’s opting to make his group a destination for ‘high potential’ talent rotation versus a secondary or third talent level option. With this talent approach, embedding cultural leadership, training and learnings organically grows brands within the organization because of the talent education. Ms. Williams currently manages the Huggies brand multicultural efforts, and most recently she was asked to lead all advertising for the brand. What is significant about this announcement is the recognition of the multicultural segment driving the brand. The fact is, the baby population 0-5 will be +51% multicultural from this day forward. Transforming her brand and the enterprise is not a strategic option if they want to be relevant as a brand within the next five years. TME™: ORGANIZATION DESIGN AND PARTNERSHIPS Ms. Tanya Odom, Director of Innovation, The FutureWork Institute and Mr. Greg Kuczaj, Senior Consultant, Towers Watson shared their perspectives on the Total Market Enterprise™ approach as well as what it means to most large enterprise clients. They both opened the session presenting data on what motivates employees, and the perception of employers as to what motivates employees. There’s a disconnect on leadership, attracting and retaining talent, and sustainable engagement. Ms. Odom shared her view as to the cause and case studies on ways to connect with the different generational leadership styles. Mr. Kuczaj cited ways enterprise organizations could embed rewards and incentive structures within the organization for the right behaviors in building a Total Market Enterprise™ (TME). TME™: EXPERIENCE AND ENGAGEMENT On Monday (9/9), by the afternoon, many attendees were feeling fatigue because of travel for some, the first week of school in the New York region, end of summer vacation and the beginning of Fashion Week.
    • 5 The conversation between Mr. Victor Paredes, Senior Vice President of Strategic Business Development, LatinWorks and Ms. Carree Syrek, Chief Strategy Officer, Kinetic Social, about engagement and experience strategy for the Total Market was timely and relevant. Mr. Paredes shared his point of view on the industry and reframing targeted audience segments based on cultural insights versus ethnic insights. Ms. Syrek took the approach of looking to understand truths that are macro and behavior based. She brought a view of understanding media and consumption of content that is based on a human truth. Ms. Syrek referenced her time spent living outside the US and how the industry is working backwards, meaning, going from focusing only on the differences (general market and multicultural) to focusing on the similarities amongst consumer segments. Her point of view was initially taken with some push back from the audience. The push back was valid given the difficulty multicultural marketers and media professionals have in securing media buys. TME™: BIG DATA AND EFFECTIVENESS Where many thought the Big Data and effectiveness conversation would be a distant conversation, Mr. Tom Hannigan, Vice President of Senior Director of CRM, Ogilvy & Mather did a great job in framing the role Big Data and technology plays within the TME model. I’ve attached a copy of his presentation for reference. Many Chief Marketing Officers (CMOs) are partnering with Chief Technology Officers (CTOs) to enable the enterprise to become smarter about the marketplace, customer intelligence, their best customers and their best consumers. Brands looking to become a TME cannot achieve the ambition without having enterprise technology systems that not only capture data but can also be optimized for building relevant brand experiences. THEME #3: COLLABORATION There were a number of questions at the close of the afternoon around the understanding of what the cross-cultural and Total Market approach means to brands and enterprise organizations. It was a great set-up for the day-two session. Ms. Vita Harris, Senior Vice President and Chief Strategy Officer, DraftFCB, facilitated the discussion. Everyone had a chance to provide feedback on the day and articulate gaps of information to be closed during the workshop session. Following the facilitated collaboration session, the group was asked to choose a work session group. We divided the attendees into four groups based on the Total Market Enterprise™ framework: Total Market Valuation, Organization Design and Partners, Experience and Engagement, and Big Data and Effectiveness. Last, we closed the day thanking everyone for his or her travels, investments and contributions. We went to the rooftop to enjoy libations and open dialogue about the future of the marketing and communications industry.
    • 6 III. THE CROSS-CULTURAL MARKETING AND COMMUNICATIONS ASSOCIATION GOALS The goal for the organization over the next year aligns with our mission of becoming the go-to organization for all things Total Market and Cross-Cultural Marketing. Our intent is to accomplish the following within the next 12 months: 1. Finalize the board and staff agenda 2. Establish and announce the Total Market Enterprise™ (TME) criteria and standards 3. Launch educational services based on the four TME™ pillars 4. Provide certification for brands looking to establish a TME™ IV. NEXT STEPS 1. Provide a day two recap of the work session with founding members and partners 2. Over the next couple of weeks, gain alignment on the Association’s operating plan and staff recommendations with the board of advisors 3. Last, as part of our awareness and education efforts moving forward, we will start posting new content on the web site, www.theccmca.org, moving from alpha stage to beta phase. Thank you for a great launch event for the Cross-Cultural Marketing and Communications Association (The CCMCA). We ask for your continued support and engagement as we move from a start-up to a scalable organization, providing Total Market Enterprise™ and Cross-Cultural awareness, training, education and certification. If you have any questions, please email us at contact@theccmca.org, join: http://www.theccmca.org/?page_id=3409 or call us at 1-347-471-0607.
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