Farnaz on New World Strategies, Uncategorized, Women, Emerging Power
Happy New Year! Yes, I know….I am late for both my happy new year wishes and bimonthly blogs. Truth is, I’ve been busy finalizing production details with my publisher and gearing up for a busy season of consulting and speaking. But I wanted you to be the first to see the layout of my book cover: “The New World Marketplace – how women, youth and multiculturalism are shaping our future.”
I am super excited and will be rebranding my social media platform once the book is in the market in a month or so. I will also provide updates on book signing events and speaking gigs, and hope to see you in my travels.
In keeping with my commitment to share a New World Marketplace update in each blog, I’d like to tell you a bit about how constant cost cutting during economic challenges can drive new product innovation and quality of service into the ground. While cost cutting is an important discipline in any business model, it should never be at the expense of quality and service—which are the revenue drivers. You can choose to drive profits from the front end, or the back end. Your call. But if you choose the latter, remember your competition is putting new products out in the market faster, and offering better quality and service. At the very best, you’ll end up as a mediocre company with mediocre products and services.
And how long do you think that will sustain you during a recession?
Earlier this month, I decided to end my 7 year love affair with my Audi TT and get a hybrid car. So you can just imagine the pushy sales tactics that I had to overcome online, and by phone just minutes after a click, before I even entered a car lot. I ended up with a Lexus hybrid CT 200h. Sure the product and price was the best fit for me, but it was the service that sealed the deal. Lexus products and prices are not that different than other high-end competitors, it is the service that is their strategic differentiation. Think about this: what type of price or cost do you allocate toward great service? OK, Audi didn’t have a hybrid, but I left because of their inferior service to begin with. Do you think I’m really that unique? And what if low-mid price brands offered luxury service? Wow…that will be one recession-proof brand….!!!
Gen Y’s strong affiniy for hybrid cars are leading us away from traditional vehicles. They also prefer cars that are an extension of their social media and digital lifestyle…and willing to pay for it. This is good to know regardless of what products you sell. It’s about keeping up with the pace of the New World Marketplace.
It doesn’t take a visionary to know that the world is different from the way it was only a decade ago. And it will be even more different a decade from now. It’s the pace and complexity of the cultural shifts that has brought on the degree of change that is shaking up society as we see it today. Walk through any retail store or business office today, and you will see how “we” is getting trickier to define in terms of image, race, ethnicity, lifestyle and culture.
Image by definition means a representation of the external form of a person or thing – the opinion or concept of something that is held by the public. When you think of an Asian, Muslim, Hispanic or African American person or customer, what images come to mind? What type of stereotypes, biases and prejudices are holding you and your organizations back from relating and engaging cross-culturally?
When I was a CMO, I was an Iranian woman at an American company. I had tattoos and multi-colored hair. Sure, I wore my Prada suits, and dressed differently at work than at the beach or a visit to an ashram. But I projected an image that traditional business wasn’t comfortable with. And guess what? I drove five consecutive years of sales growth, something that more conventional CMOs in that role had never done. People ask me how I did it. Simple. I brought forth my passion, built a great team of multi-and-cross-cultural talent, and looked inside the multicultural target customers. I avoided all stereotypes.
The new millennium has marked a change from traditional business practices and stereotypical views of gender and ethnic roles in a society. More and more everyday, companies and agencies are aiming cross-cultural marketing towards general market. The automotive industry, as an example, has done a great job in multicultural branding. But despite dollars and efforts spent, a study showed that a multicultural customer going to a car dealer is kept waiting 27% longer. How many times does a sales person judge what the customers can spend just by looking at them? Isn’t everyone looking for value these days?
Yes, I am an evangelist for 3 major macro trends: Women, Youth and Multi-and-Cross-Cultural. But by no means do I intend to imply that it should be a woman’s world where White or older men should not be valued. I believe in an androgynous mind and a color blind society – a world where performance and ethical values meet. As Seth Godin puts it, companies we think of as ethical got that way because ethical people made it so.
Next time you are re-evaluating your Value Proposition, and conducting marketing research, don’t get lost in the pile of facts and data. Consider tapping into internal motivators and values, and communicate your marketing messages accordingly. More importantly, make sure your customer experience delivers on your brand promise. You must be willing to forsake all your past biases and prejudices to succeed in the New World Marketplace. And it is time to market and engage customers from their inside, not their outside image.
Atlanta (June 29, 2011) – Walk through the mall, a school or a business office today, and in nearly any city in the country, it will be obvious that “we” is getting trickier to define in terms of race, ethnicity and collective identity. Within relationships, cross-cultural is becoming the norm rather than the exception. This shift from a similar-looking status quo to one that incorporates a plethora of faces, has been referred to as “multiculturalism,” and this typically means both celebrating the uniqueness of each culture and navigating relationships with cultural differences. That might sound nice in an employee handbook, but what does it mean at the bank, at a PTA meeting, on a date or even at a wedding?
Farnaz Wallace, Founder of Farnaz Global and expert in multiculturalism and social and cultural change, has developed strategies and frameworks to help people and organizations find success in forming relationships across all kinds of cultural boundaries. “Multiculturalism should neither be a demand for special rights for minorities, nor a threat to protecting one’s own cultural identity and safety,” she says. “It is a phenomenon of resolving differences and building on commonalities based on values of trust, freedom, respect, equality, justice, dignity, open mindedness and mutual happiness.” (more…)
I use a unique emotional and cultural framework in my consulting and speaking business that revolve around beliefs and values. I thought it’d be a good idea to share a short blog on this topic with my loyal readers.
Beliefs are the assumptions we make about ourselves and others. Convictions and concepts we hold to be true, with or without evidence. How we expect things to be, what we think is true and real. Our beliefs grow from what we see, hear, experience and think about. And beliefs manifest in what we say and do. They are the basis for decision-making and drive consumption behavior for businesses, as well as how we communicate and relate with others.
Our values stem from our beliefs. Values are about how we think things or people ought to be in terms of qualities and guiding principles that are important to us – such as honesty, integrity, loyalty, trust, openness, freedom, peace, happiness, empathy, compassion, equality, faithfulness, etc. While some values are universal in unanimous global agreement – such as honesty, integrity, peace – many values vary based on culture, religion, and beliefs that are widely shared and rarely questioned.
I’ve seen many companies post their values on their web site. Some even mark leadership, innovation and customer focus as values. And why not. They are beliefs that are widely shared and rarely questioned. But I’d ask….are your values aligned with those of your customers and relationships that are important to you?
If you have any intentions to grab a piece of the $2 trillion marketplace that is multicultural and youthful where women have become key players, you may want to consider these values as thought starters in your cultural and emotional frameworks for marketing messages :
- Multicultural: Trust, Acceptance, Respect, Understanding
- Women: Trust, Equality, Thoughtfulness, Service
- Youth: Inspiration, Creativity, Freedom, Adventure
Yes, there are more…and with commonalities. Find them, communicate them, but most importantly, be honest and authentic about them. Your fans will know the difference.