In case you haven't noticed, the complexion of the American people has undergone significant change over the past several decades. Today, the New Majority--what were once referred to as "minorities" (women, Hispanics, African Americans, Asian Americans, and LBGT)--now comprise the majority of the population. As a result, companies must be prepared to address the wants and needs of these traditionally underserved populations.
According to marketing expert Jeffrey Bowman, who wrote the book REFRAME: The Marketplace, "The New Majority shift today impacts everyone and everything. Brands need help in accelerating their organization to become a Total Market Enterprise."
In his book, Bowman lays out a three step process for becoming a Total Market Enterprise--and reaping the benefits.
1. Lay the foundation
The goal behind laying a foundation for building a Total Market Enterprise is to build awareness among key stakeholders, executives, and high-performing teams. Everyone must understand that all segments of the population must be served and marketed to--not just a select one or two. To accomplish this, first assess your organization's current level, then based on that, lay out your plans and create educational programs for your people. Then align success criteria to Total Market measures and set up a way to measure adoption of Total Market principles.
2. Drive systemic change
Once you have built your foundation, then you can start bringing in an increasing number of people. You can leverage the people in your organization who understand Total Market principles, and enlist them to educate their colleagues about the opportunity that awaits them. Communicate the Total Market message widely as you build discipline within the organization. To ensure the change actually takes place--and that it sticks--make the Total Market approach a part of your business plans and strategies. Use technology to build a Total Market learning and development community.
3. Institutionalize the shift
To ensure that your organization's focus shifts to the Total Market for the long term, continue coaching and leadership while embedding the institutional shift deeply into the enterprise. Build the Total Market into employee career paths and ensure your people are acting on it--not just learning about it. Bake Total Market thinking into the annual business review, and ensure employee annual reviews and compensation are keyed to performance. Recognize individuals and teams that progress more quickly than others, and consider organizing Total Market centers of excellence to continue to drive change.