CMOs, Follow The Growth: It's Time To Review Resource Allocation Toward Hispanic Marketing
The Forbes article, “CMOs, Follow The Growth: It's Time To Review Resource Allocation Toward Hispanic Marketing,” featured the firm's research, "The Emergence of the Chief Growth Officer in Consumer Packaged Goods." The article is excerpted below.
Several months ago, The Coca-Cola Company—one of the benchmarks of the marketing discipline around the world—was the latest corporation to announce the revamping of the CMO position into Chief Growth Officer (CGO). This trend was well documented by the Russell Reynolds Associates report, “The Emergence of the Chief Growth Officer in Consumer Packaged Goods” in February 2016, where the move was described as “a powerful role charged with finding new pathways to growth.”
Interestingly enough, here in the U.S., several companies starving for any meaningful growth are ignoring one of the best opportunities available in the market: leveraging multicultural segments’ insights, mainly from the large Hispanic segment, to deliver relevant ways to sell their products and services.
This dichotomy can be observed by a number of brands that decided to reduce or eliminate their segment-specific efforts to adopt the myopic version of “Total Market,” where a top-down “one-size-fits-all” strategy, developed mostly by non-experts in multicultural marketing, is adopted.
But something has been changing over the past few months. There’s a movement of brands that took the “Total Market” approach and are suddenly revamping their Hispanic marketing programs by rehiring experts and dusting off old Hispanic marketing plans. The reason? They simply failed in securing growth on their search for efficiencies and synergies and want to grow again.
To read the full article, click here.