New Industry Association:
September 10, 2013
Cross-Cultural Marketing & Communications Association
By Bill Duggan, Group EVP, ANA
I attended the opening day of the “The Total Market Conference” from the Cross-Cultural Marketing & Communications Association on Monday in NYC. According to the CCM&CA, the total market is the description of a business vertical emerging within the marketing and communications industry; it describes the converging “general market” and multicultural business verticals. The purpose of the association is to provide total market enterprise and cross-cultural marketplace awareness, education and certification across business, governments and education verticals. Lots of rich information was shared and a half dozen key takeaways for me follow:
- Importance of Millennials: There is no bigger single source of growth today than millennials and multicultural millennials in particular. Over 40 percent of millennials are non-white. (Jeff Yang, The Futures Company)
- Wall Street Loves Multicultural: Multicultural audiences can be the first to demonstrate growth trends that can drive the entire market and also drive financial valuations. (James Dix, Wedbush Securities)
- Brand Value Increases by Total Market Appeal: Having a brand that appeals to the total market increases brand value. Strong cross-cultural brands have meaningful connections across all major ethnic segments – Hispanic, African American, Asian, and White. Subway and McDonald’s were cited as the top brands in the QSR category. (David Burgos, Millward Brown)
- It’s “Cultural Branding” rather than “Multicultural”: Pepsico uses the term cultural branding instead of multicultural. They are not just looking at ethnicity but considering the role of culture in music, sports, and more. The move from multicultural to cultural branding can have a positive impact on funding and the perception of the team within the organization. (Javier Farfan, Pepsico)
- Research is Lacking: The research segment has not caught up to the needs of multicultural marketers. (Lizette Williams, Kimberley-Clark)
- Employees are Vital: Your employees are perhaps your most important consumers and your employee base needs to mirror your consumer base. (Greg Kuczaj, Towers Watson)
Congrats to Jeffrey Bowman, Ogilvy’s Cross-Cultural Practice Lead and founder of the Cross-Cultural Marketing & Communications Association.
ANA’s 2013 Multicultural Marketing & Diversity Conference is November 3-5 in LA and is themed, ““Marketing to a Multicultural Nation,” and recognizes that the multicultural market is increasingly becoming the new general market. Presenters include two marketers noted at the CCM&CA conference – McDonald’s and Pepsico.
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