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Reframe The Marketplace The Total Market Approach to Reaching the New Majority von Bowman, Jeffrey L. (eBook)

  • Erscheinungsdatum: 11.09.2015
  • Verlag: Wiley
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Reframe The Marketplace

Most businesses are ignoring the more than $4 Trillion new majority market. Is your business one them? Learn how to REFRAME your business for the Total Market Sometime around 2040, ethnic minorities will become the majority of the US population. Brands and businesses are not prepared. REFRAME: The Marketplace is the first guide for businesses eager to take advantage of the New Majority opportunity. Author Jeffrey L. Bowman is considered the pioneering thought leader and practitioner of the Total Market approach. He is a senior partner and managing director at Ogilvy & Mather, one of the world's largest advertising and communications agencies.Within four years, Bowman's practice was able to deliver more than $5 million in incremental fees and win industry awards for strategy, creativity, and brand effectiveness. In this forward-looking and invaluable resource, Bowman shows you how to recognize this huge, underserved market. He then teaches you how to reorganize your enterprise to reap the rewards of this burgeoning segment. New majorities have already emerged in the top ten US cities. You'll learn how this market came about, why they've been ignored for the last fifty years, and, most importantly, how you can engage them so that they become your customers for life. The new majority consumer segments are the primary drivers of contemporary social and cultural change, and they influence the behaviors of those to whom brands cater-not the other way around. Bowman teaches you to flip the script and start targeting those who start trends, speak up, and push for progress in all aspects of life. That's the way to see your brand take off and develop the following you have been chasing from the wrong perspective. Women, non-Christians, blacks, Hispanics, Asians, the LGBT customer segments, among others, are the faces-and deep pockets-of the New Majority. The minority will soon become the majority, and all of them want to be represented in advertising, catered to in the marketplace, and seen, not as individual outliers, but as prominent members of our diverse society. The New Majority wants your company to talk to them. They want to buy from you, but you're not reaching them yet. This book shows you how. You'll learn how to: Right size your organization and business planning practices Tap into a historically underserved market Effectively reach the other half of the population Engage the market segment now worth more than $4 Trillion globally
The New Majority: They make money. They make decisions. They make an impact. They are smart, aware, and willing to evangelize when a brand targets their wants and needs. They are the future of your business. REFRAME: The Marketplace shows you how to capture them.

Produktinformationen

    Format: ePUB
    Kopierschutz: AdobeDRM
    Seitenzahl: 192
    Erscheinungsdatum: 11.09.2015
    Sprache: Englisch
    ISBN: 9781119100270
    Verlag: Wiley
    Größe: 2874 kBytes
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Reframe The Marketplace

Chapter 1
Separate but Equal

The World's Worst Marketing Challenge

Here's a business and marketing challenge for you: You have a product that's intangible and expensive. It requires monthly payments. If things go well, the money your customer spends on it will be wasted. Both the purchase process and every single payment moment require that your customer confront some of the most uncomfortable truths a person can face. There is no possibility that your customer will ever see any personal, direct benefit from your product.

Sounds a lot harder than selling soda, right?

If you haven't already guessed, the product is term life insurance-the stuff that has no cash value and evaporates once the term is over. Its benefits, however, are significant. It can provide a safety net to your beneficiaries in the event of your death-a safety net that is much larger than you'd be able to afford via a whole life policy (the kind with a defined cash value).

But tens of millions of people in the United States have term life-so it can't be that hard to sell. Although this is true, those existing customers have a culturally mediated understanding of term life insurance and the disposable income needed to make it accessible. For them, it's a plus, not a trade-off.

Naturally, the life insurance industry has long targeted this segment. They're affluent and, for the most part, white. They're a great market, except for one major problem: Because they're already well served, the market isn't growing much now or in the future. This poses a problem for the growth-oriented, publically traded life insurance industry.

There is a woefully underserved market out there, one that has a real need for life insurance and is on a demographic growth spurt. But, naturally, there's a problem there, too. This market has little resemblance to the old stalwarts the industry has long relied on. It is less affluent, more ethnically diverse, and often unfamiliar with-even intimidated by-the concept of life insurance. Reaching this audience means staring that marketing challenge right in the face.

The costs of ignoring this audience are high and growing every day. The challenges in reaching them are vast-and expensive to solve. What's an insurer to do?

The answer is simple. To continue to thrive, life insurance companies must reframe their view of the market for their products, going from a narrow focus on the general market to a broad approach to the Total Market. One company, MetLife, did exactly that, and enjoyed extraordinary results. During the course of a one-year campaign, MetLife saw a 60 percent increase in premiums, fully 40 percent more than its already ambitious goal.

Impressive? Yes.

Easy? No.

Essential? Absolutely.

From the middle of the last century until now, advertising and marketing has divided itself into two big groupings: the general market and the multicultural market. Or, to be blunt, we split ourselves into white and nonwhite agencies. Sound familiar?

The white, general-market agencies (GMA) spoke to the mass market-which was and still is predominantly white. The nonwhite, multicultural agencies focused on individual ethnic groups. Hispanic agencies spoke to the Hispanic population, black agencies spoke to the black population, Asian agencies spoke to the Asian population...you get the picture. Given that advertising and marketing is a business of emotional and rational understanding and persuasion, this approach made sense. If you imbue your advertising with a deep cultural understanding, you're likely to connect better to your audience.

For decades, the system worked to a certain extent. The multicultural agencies really did do a better job of selling to their target consumers than GMAs would have done. The whole system might have continued to thrive were it not for human nature. As you've p

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