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Reframe The Marketplace: The Total Market Approach to Reaching the New Majority

Reframe The Marketplace: The Total Market Approach to Reaching the New Majority

Jeffrey L. Bowman, Jeremy Katz (With)

ISBN: 978-1-119-17632-9

Sep 2015

192 pages

Description

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.

Acknowledgments ix

Chapter 1 Separate but Equal 1

Chapter 2 The Source of Growth: The Underserved Consumer 19

Chapter 3 What’s Wrong with General-Market and Multicultural Marketing? 33

Chapter 4 Tales from the Front: Companies Trying to Get It Right 49

Chapter 5 Experimenting with the Total Market Approach 63

Chapter 6 Step One: New Majority Readiness: The Organization Assessment 77

Chapter 7 Step Two: Structuring Your Organization 89

Chapter 8 Step Three: Rethinking Your Consumers and Customers 101

Chapter 9 Step Four: Designing the Right Customer Experience 119

Chapter 10 Step Five: Using Big Data to Measure Total Market Enterprise Results 137

Chapter 11 What Happens in 2040 2020 When Minorities Are the Majority? 145

Chapter 12 Implementing the Total Market Approach around the World 157

Notes 167

About the Author 169

Index 171