Farnaz on Uncategorized
You have heard quite a bit about multiculturalism recently from me, and other media sources in light of the recent 2010 census data. But are you leading your businesses and personal lives with the New World Marketplace mindset?
And I’m not just talking about how companies leverage the power of social network or provide latest tools and technologies. This framework should use this emerging technology with new ways of working, relating and engaging with people across all generations and demographics. Without a deep meaningful understanding of this New World Marketplace, the greatest technological tools can misfire your messages.
Work place of the future is being morphed and shaped today. Family dynamics and gender roles are changing. What is “personal” is also changing – but it still mirrors human dynamics and the multi-dimensions of each individual’s life. So, yes, leverage the digital world to help connect and drive higher levels of engagement and motivation, but do it in a personal way. You have to be and act personal. Whether you are talking to your customer, your stakeholder, or your family and friends, responding to concerns, needs and aspirations drive engagement and emotional connection with each experience. So, perhaps the good old saying of “think global, act local”, should really be “think global, act personal.”
Today’s leadership should have the ability to influence and lead through persuasion and attraction, by co-opting people through commonalities, rather than coercing them through power differentiation. The New World Marketplace leaders breed trust, set the pace and shape the new path. Today’s Gen Y is learning to become our future leaders by experiencing the world through travel and cultural understandings. What a great way to start bridging the cultural gap.
In keeping with my commitment to share latest trends, here are a few facts that support “women” are the next global emerging market:
- Women control 65% of global spending, more than 80% of US spending
- By 2014, the World Bank predicts that the global income of women will grow by more then $5 trillion
- Globally, women consumers control $20 trillion in consumer spending. They make the final decision for buying 91% of home purchases, 65% of the new cars, 80% of health care choices, and 66% of computers
….and yet, women continue to represent such a small percent of C-executives and board seats, where all the decisions are being made. I can’t figure this one out, can you? (also read Women Are Entrepreneurs, Working Women, Working Force and Economic Impact of Women Owned Businesses)
As always, please forward to anyone on your list who may benefit from my content. And, if you are seeing micro or macro trends in your business that you would like to discuss, I’d love to hear from you.
Everyday businesses across America open for business. Who is walking through the door has changed significantly. We’ve had a decade of rapid multicultural growth, aging whites and housing boom and bust. Is your business ready to serve the needs of the New World Marketplace customers in this transformational decade?
Here are some shocking facts recently released by 2010 census:
- Hispanics now account for more than half of the US population increase over the last decade…a new milestone: 50 million, or 1 in 6 Americans. Among US children, Hispanics are already 1 in 4 of all newborns.
- More than 9 million Americans checked more than one race category…up 32% from 2000…a sign of multiracial growth.
- Hispanics and Asians are the two fastest growing demographic groups, increasing about 42% from 2000…Asians for the first time had the largest numeric gain than African Americans.
- Multiracial Americans are on track to increase by more than 25%.
- What’s even more shocking is that most companies still define “multicultural branding” as African American marketing…or if they are a bit more progressive, African American & Latino event sponsorships with possibly a small percent of ad budget. Really? Think again!!!
Here are a few frameworks to consider:
- Re-evaluate your core target. What is “General Market” afterall?
- Consider business models that capitalizes on motivations and attitudes with multicultural dimensions.
- It is no longer about degree of acculturation and melding with the mainstream culture. It is now about influencing , shaping and defining it!!!
- Dig deeper into the values and beliefs of your new multicultural customers….how they live, love, play…what they fear, resent…why they consume what they do. This goes beyond common held assumptions found in research questionnaires.
- Choose an “emotional space” to create a meaningful relationship with your multicultural customers….choose how you’d like your multiculti customer to feel after walking into your business. It’s an outside/in mindset.
The key to the kingdom is changing hands. Multiculturalism is now the rule, not the exception. Take time to really understand your new customers, who are the potential growth that is walking in your door.
Happy New Year. There is something truly exciting and profound about the start of a new year. A sense of new found energy to channel emotional, creative and ethical intelligence….our sense of bigger purpose, causes and beliefs. Like it or not, recent economic changes have had strong effect on all cultures and businesses. This is a great time to ask your team, “where are the gaps in your current strategy and delivery systems in this New World Marketplace?”
I am starting my 2011 blog series with “New World Strategies” to help you and your team examine your strategy in terms of what your brand offers and how to align values with the New world customers.
Let’s first start with text book definition of “Strategy”: Which customers, which needs and at what relative price. It’s not about competing to be the“best”, it’s about being “different”. It’s just as much about what-not-to-do, as it is about what-to-do. A combination of benefits and trade-offs your brand offers. A mutually profitable value proposition between you and your customers, that differentiates you from all other alternatives and competitors.
How is the “New World Strategy” any different? Think about how “which customers” and “which needs” are constantly changing. Women are now majority of the work force…for every 2 men that get a college degree, 3 women do the same….1/3 of US population is non-white….1 out of 3 kids being born in the US will have a parent who is an immigrant….If you haven’t read my blog on “What is the New World Marketplace”, click and read now. There is shocking statistics. Today, it is all about organizations and leaders embracing the velocity of this transformation to achieve future profitability.
Critical demographic and cultural shifts are changing the faces and needs of the New World customers. The way your brand’s shifts and changes your customers experiences and lives, versus the alternatives and competitors, will define your success. Examine your current strategy. This means a new mindset of becoming your own future rival and forsaking your past prejudices and orthodoxies that exist in most organizations today. Think about understanding what is changing in the New World Marketplace and why ~ within emotional and cultural frameworks ~ not our traditional rational frameworks…. features, facts and figures do not define behavior. It’s really a lot more fluid than that.
Cultural and emotional frameworks are critical touchstones for future profitability. People don’t buy what you do, but why you do it. Most organizations know what and how to sell, but do they know why? This means aligning your values with those of your New World customers, believing in what they believe ~ and vice versa. Today’s shared reality is far more authentic and intuitive than ever before. We’ve got an exciting, yet evolving year ahead. I’ll be sharing new data points and case studies throughout the year. If you are seeing micro or macro trends in your business that you would like to discuss, I’d love to hear from you.