Tenzo ama multi c w11.17
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Multicultural Marketing requires more than insights to action, organizations need to understand the critical factors necessary to create winning platforms for servicing this underserved consumer population
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Tenzo ama multi c w11.17
- 4. What)we)do) • It’s!all!about!selling)more)stuff!to!more!people.!!! – Shopper)Marke$ng!and!the!path!to!purchase!are!powering!breakthrough!marke8ng! solu8ons!) – Mul$cultural)consumers)fueling!US!growth!and!challenging!broadscale!marke$ng)and) sales!strategies.!!! • Marke8ng!is!not)just)about)new)TV)adver$sing.!!! – Innova8on,!digital/mobile,!effec8ve!sponsorships,!inAstore!promo8onal!material!and! beBer!sales!tools!are!cri8cal!to!a!comprehensive!go!to!market!solu8on!that!helps! accelerate)sales.!!! • Marke$ng)and)sales)need)to)be)linked) – Comprehensive!solu8ons!need!to!align!strategy,!programs,!and!tracking!tools!across!the! commercial!enterprise!
- 5. WHAT)WE)DO)…) • Commercial!solu8ons!that! fit!with!the!level!of! organiza8onal! development! – Corporate!Solu8ons! – Marke8ng!Solu8ons! – Sales!Solu8ons!
- 6. ‘La8nos!will!deliver!all!the!popula8on!growth!over! the!next!decade.!!Reaching!them!with!culturally! relevant!solu8ons!at!the!local!and!store!level!is!the! answer!and!nobody!knows!that!world!like!Steve! Medina.’!! ! Andy)England) Execu$ve)Vice)President,)Chief)Marke$ng)Officer) ) The image cannot be displayed. Your computer may not have enough memory to open the image, or the image may have been corrupted. Restart your computer, and then open the file again. If the red x still appears, you may have to delete the image and then insert it again.
- 7. Marke$ng’s)Goal) • Sell! – more!things!! – to!more!people! – more!oKen!! – for!more!profit!
- 8. A)smart)man)once)said…) “If!I!had!an!hour!to!solve!a!problem!I'd!spend! 55!minutes!thinking!about!the!problem!and! 5!minutes!thinking!about!solu8ons.”!
- 9. But…)
- 12. The)future)in)the)US) 250! 200! 150! 100! 50! 0! 2015! 2020! 2025! 2030! 2035! 2040! 2045! 2050! 2055! 2060! Popula$on)in))Millions) White! Black! AIAN! Asian! HISPANIC! Source:!US!Census!
- 14. Births)fuel)growth) 38.0%! Hispanic!Pop! Hispanic!Birth! 21.0%! 38.0%! 16.0%! 50.5%! 29.0%! 49.0%! 24.0%! California! Colorado! Texas! US! Source:!Pew!Hispanic!
- 15. Minori$es)will)be)majority)by)2040) 35%! 40%! Minority! White!(nonAHispanic)! 45%! 49%! 54%! 65%! 60%! 56%! 51%! 46%! 2010! 2020! 2030! 2040! 2050! Source:!US!Census!
- 17. Mul$cultural)Buying)power) 1! 0.95! 0.599! 0.083! 1.2! 1! 0.713! 0.096! 1.6! 1.3! 0.962! 0.12! Hispanic! Black! Asian! Na8ve!Am! 2010! 2013! 2018! In!Trillions! Source:!The!Mul8cultural!Economy!2013!–!Selig!Center!for!Economic!Growth!
- 18. Buying)power)accelera$on) 70%! 142%! 78%! 160%! 139%! NatAm! Asian! Black! Hispanic! Total! Percentage)growth)from)2000)to)2013) Source:!The!Mul8cultural!Economy!2013!–!Selig!Center!for!Economic!Growth!
- 19. But,)buying)power)under)indexes) 17.0%! Popula8on! Buying!Power! 13.1%! 5.4%! 1.2%! 9.6%! 8.6%! 5.7%! 0.8%! Hispanic! Black! Asian! NatAm! Source:!The!Mul8cultural!Economy!2013!–!Selig!Center!for!Economic!Growth!
- 21. What)is)your)opportunity?) 2015)Popula$on) Black! 13%! AIAN! 1%! Asian! 5%! Hispanic! White! 18%! 63%! Major!Factors!for!determining!opportunity! • Total!market!value!and!share! • CDI!vs!BDI!for!consumer!segments! !
- 22. Category)Development) Black!Consumers!! Asian!Consumers!! Hispanic!Consumers!! u8li8es!! used!vehicles!! alcohol!and!tobacco!! health!care!! entertainment!! electronics!! u8li8es!! groceries!! footwear!! groceries!! phone!services!! apparel!and!footwear!! used!vehicles!! tobacco!! health!care!! entertainment!! new!vehicles!! personal!insurance! Spend!More!! Spend!Less!! new!cars!! alcohol!! health!care!! entertainment!! pensions!! food!&!clothing! Housing!! educa8on!! personal!insurance!! Black!Consumers!! Asian!Consumers!! Hispanic!Consumers!! Source:!The!Mul8cultural!Economy!2013!–!Selig!Center!for!Economic!Growth!
- 23. Simple)Fair)Share) Na8onal!Share!=!Fair!Share! 15! Mul8cultural!Share!=!Base!share! 4! Opportunity!share! 11! Share!Pt!value! X! Fair!Share!opportunity! 11X!
- 24. Auto)Insurance)Example) Average)Auto) insurance)spend) #)Hispanic)HH)that) have)Auto)Insurance) Revenue)Pool) Hispanic)Share)Pt) Current)Hispanic)) Market)Share) Current)Total)) Market)Share) Fair)Share) Hispanic)Share)OPP) Source!2009!Nat!Assoc!of!Insurance!Commissioners!&!Scarborough!2009!Release! Ave!Ins!spend!($743!per!car*2.17!ave!per!Hispanic!HH)!
- 28. WHAT)MATTERS?)
- 29. Speaks)Spanish?) James! Roday! (Rodriquez)! Selena!! Gomez! Jessica!! Alba! Mayor!! Julian!Castro! Mark!! Consuelos! Cameron!! Diaz! Emilio!! Estevez!! Demi! Lovato! Carlos! Pena!Jr! Naya!! Rivera! America!! Ferrera! Gwyneth! Paltrow! Chris8na! Aguilera! Jack! Black! Will! Selena!! Smith! Jeb! Bush! Ben! Affleck!
- 30. Speaks)Spanish?) James! Roday! (Rodriquez)! Selena!! Gomez! Jessica!! Alba! Mayor!! Julian!Castro! Mark!! Consuelos! Cameron!! Diaz! Emilio!! Estevez!! Demi! Lovato! Carlos! Pena!Jr! Naya!! Rivera! Chris8na! Aguilera! America!! Ferrera! Selena!!
- 31. Speaks)Spanish?) Gwyneth! Paltrow! Jack! Black! Will! Smith! Jeb! Bush! Ben! Affleck!
- 32. CULTURE)MATTERS)
- 34. Cultural)competency) • Cultural!competence!comprises!four!components:!! – Awareness!of!one's!own!cultural!worldview! – Astude!towards!cultural!differences! – Knowledge!of!different!cultural!prac8ces!and!worldviews! – CrossAcultural!skills! • Developing!cultural!competence!results!in!an!ability!to! understand,!communicate!with,!and!effec8vely! interact!with!people!across!cultures.!
- 36. Some)defini$ons) • Stereotype!–!Percep8on! • Race!–!Categoriza8on! • Culture!–!Beliefs,!values!&!norms! • Ethnicity!–!Heritage!and!lineage!
- 37. Zulu)Coconut)
- 38. Chinese)wedding)
- 39. Seven)deadly)sins) 1. Ignorance! 2. Arrogance! 3. Denial! 4. Ra8onalizing! 5. Fear! 6. Ethnocentrism! 7. Intolerance! Wallet,!heart!&!head! • Educa8on! • Reward!&!Opportunity! • Honest!&!Genuine! • Curious!&!conscien8ous! • Adventurous! • Respecuul!
- 43. Mul$cultural)Progression)Green)House) Germina8on! • Commercial!valua8on! • BoBom!up!or!top!down!interest! and!ac8vity! • Mul8cultural!s8ll!an!aKer! thought!to!most! • Develop!some!capabili8es!base! on!internal!understanding! • Ini8al!program!pilots!to!“try! some!things”! • Ren8ng!effort!manpower,!! programming!or!execu8on! • Investment!high,!ROI!difficult!to! measure! ! Growth! • Leadership!and!broader!org! seeing!value! • Resourcing!ring!fenced! • Programs!and!structures!to! develop!exper8se! • Brands!and!services!showing! growth!with!consumer!base! • Tracking!and!monitoring! systems!established! • Considering!the!rent!vs.!buy!! • Investment!s8ll!high,!but!seeing! stronger!posi8ve!ROI!changes! ! Matura8on! • Organiza8on!fully!engaged! • Funding!first!for!opportunity! • Centers!of!excellence!for! consumer,!channel!and! execu8on! • Brands!and!services!gaining! significant!growth! • Own!cultural!future!vs.!rent! • Cultural!marke8ng!and!sales! part!of!doing!business! • ROI!on!growth!paying!out! posi8vely! ! Denial! • No!understanding!of! opportunity! • No!skill!or!will! • No!spending!or! structure! • Ra8onalized!excuses! • No!funding! • Already!gesng! customers! • No!8me!to!examine! • No!one!else!doing!it! • No!investment! ! Developmental!accelera8on!!
- 44. KEYS)TO)WINNING)
- 46. Key)ini$a$ve)
- 50. Add)wisdom)
- 52. Innova$on)
- 53. Walk)the)talk)
- 54. Long)term)view)
- 57. Brand)Stewards)
- 62. Avoid!pain!&!maximize!gain! Avoid)Pain) • Out!of!date!capability! • Hit!ceiling!for!advancement! • Work!in!declining!segment! • Figh8ng!for!share! Maximize)Gain) • Expansive!capability! • Get!promoted! • Work!in!a!growth!segment! • Grow!by!gesng!fair!share!