FAIRFAX, Va., Sept. 2, 2014 /PRNewswire-HISPANIC PR WIRE/ — Multicultural populations are driving 84 percent of the population growth, fueling 81 percent of U.S. job growth and accounting for 43 percent of buying power in top 10 markets – with statistics like these, marketing practices are evolving and, until now, have been lumped into the umbrella term “Total Market.[1]” For the last year, AHAA: The Voice of Hispanic Marketing, in collaboration with the Association of National Advertisers (ANA), and the Asian American Advertising Federation (3AF) assembled a broad coalition of clients, agencies and associations to define an integrated strategy for driving growth. Together, this coalition studied various models to develop the following industry-sanctioned Total Market definition:
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.
“Our consensus is that a Total Market Approach (TMA) must feature a carefully crafted cross-cultural message, based on a universal truth relevant to the main segments of brand growth,” clarified AHAA Research Chair/Santiago Solutions Group Chief Strategist, Carlos Santiago. “To optimize effective growth, however, marketers also need dedicated segment strategies that create relevance and address distinct belief systems and triggers.“
“Total Market is a growth strategy that should be considered by just about every marketer,” said Bill Duggan, Group Executive Vice President, ANA. “However, great care must be taken in terms of both strategy and execution as total market is equally simple and complex.”
“We are pleased to join AHAA and the ANA in providing an industry definition of Total Market. This is a critical step in helping marketers define and use TMA as a process to create smart and effective communications,” said Edward Chang, 3AF President.
Total Market is neither a “one size fits all” cost reduction plan nor a short-term test of project, according to the coalition. Total Market is marketing at its best, grounded in extensive consumer research and seamlessly implemented by a team of experts. Three models of implementation were identified:
- The client leads and includes all agencies simultaneously
- A selected agency leads a multi-agency team
- One agency responsible for “general market” and segment work
In each model, the business problem is tackled by both the general market and multicultural experts, identifying the main source of growth for the brand and ensuring the brand DNA pervades throughout all marketing platforms. Then, the teams develop an overarching campaign, coupled with individual segment approaches that address cultural nuances and barriers. This multi-strategic approach should complement each other fluidly, capitalizing on efficiency without sacrificing effectiveness.
“As Millennials come of age, we are at a critical juncture in the Total Market process,” said ANA Multicultural & Diversity Committee Chair/Davila Multicultural Insights President & CEO, Gilbert Davila. “This joint effort with AHAA provides clarity and direction to ensure that brands correctly implement Total Market to achieve results.”
The coalition received extensive input on the definition from The Kellogg Company, The Clorox Company, Kimberly-Clark, Dunkin Brands and leaders from top general market, Hispanic, African American and Asian agencies including, Acento, Alma, Burrell, FCB, IW Group, GlobalHue, Lopez Negrete and Sensis.
On September 24 at 2:00pm (ET), AHAA will host a webinar, Will the Real Total Market Please Stand Up? And, this November, at the ANA Multicultural Marketing & Diversity Conference in Miami, AHAA will reveal the results of the first study looking at how Hispanic ROI measurements and modeling are evolving to properly establish the impact and value of this segment within a Total Market approach. For more information or to sign up for upcoming Total Market webinars, please visit http://ahaa.org. To get involved in the Total Market discussion, please email [email protected].
About AHAA:
Founded in 1996, AHAA: The Voice of Hispanic Marketing is the national trade organization of all marketing, communications and media firms with trusted Hispanic expertise.
About ANA:
The Association of National Advertisers provides leadership that advances marketing excellence and shapes the future of the industry. Founded in 1910, ANA’s membership includes more than 600 companies with 10,000 brands that collectively spend over $250 billion in marketing and advertising.
About 3AF:
The Asian American Advertising Federation (3AF) is a national trade organization of Asian American advertising agencies, Asian market advertisers, Asian media companies and other industry specialists. Its mission is to grow the Asian American advertising and marketing industry, raise public awareness of the importance of the Asian American community and further professionalism in the industry.
[1] SSG Total Market ROI Watch; Analysis of BLS Quarterly Census of Employment and Wages Q1 2014 v 2013; Selig 2010-2013; SSG 10 Most Influential TM States model