Terry J. Soto, Author and President & CEO, About Marketing Solutions, Inc.
Much talk has surfaced lately about the whether it makes sense to have a total market strategy. Some contend that the intent of a “total market” strategy—to recognize all potential consumers’ needs, culture and behavioral characteristics within a company’s marketing strategy—is too often misunderstood or not understood at all. This assertion has resulted in approaches that homogenize how organizations communicate with consumers, and it underemphasizes and even ignores cultural nuances that work to powerfully connect consumers and brands.
This is occurring, in part, as a result of agency work consolidation. Marketers are naively taking work from specialty agencies with the required market expertise, and under the guise of a “total market” strategy, are re-assigning the work to general market agencies who are as naïve and even indifferent to the country’s diverse cultural differences as their clients.
I contend that the problem is based on two dynamics: 1) Said marketers lack understanding of consumer differences. Intuitively, I find this problem very hard to believe, as knowing one’s consumer and leveraging the right tools and resources to do so is at the heart of being an effective marketer. 2) Said marketers are looking for ways to make their jobs easier by streamlining processes, vendors and budgets. But one has to ask, at what cost?
Under any circumstances, marketers’ actions are catastrophic. I believe the crux of this problem is marketers, who remain ill-prepared to effectively see and consider today’s consumer market for what it is, and who aren’t sufficiently capable or competent to effectively create a “total market” strategy. By this I mean a strategy which effectively considers all consumers’ cultural insights: Hispanic, Asian, African American and non-Hispanic white consumers.
More than ever in our country’s history, marketers are challenged to “step up” their competence in an environment that 1) is ever more multicultural or multiculturally influenced, 2) is ever more digitally driven, and 3) requires a greater command of big data usage and analysis to optimize spending and maximize ROI. It’s true. This is a tall order. So why, at a time when marketers actually need to leverage expertise are they choosing to ignore and minimize the very vendor relationships that can support and even accelerate their success?
Our job as marketers is to optimize our companies’ growth platforms and business strategies by planning and implementing complementary marketing strategies. Doing so effectively has always meant leading with competence AND hiring the right expertise for the job.
Terry Soto is President and CEO of About Marketing Solutions, Inc., a Burbank, California – based strategy consulting firm specializing in transformative business readiness and strategy consulting for profitable and enduring total market success. She helps her clients dramatically improve overall business performance by optimizing their strategies to succeed in the Hispanic market. firstname.lastname@example.org