In this episode of the Change Podcast, host Jeffrey L. Bowman speaks with Lewis Goldman, a seasoned marketing professional with over 35 years of experience, particularly in cross-cultural marketing and financial services. They discuss Lewis's journey from consumer packaged goods to the financial sector, the challenges of marketing life insurance, and the importance of understanding underserved markets. The conversation highlights innovative product development for diverse communities and the critical role of family in life insurance marketing. In this conversation, Lewis and Jeffrey discuss the evolution of marketing strategies, particularly in the life insurance sector, emphasizing the importance of understanding multicultural dynamics and family structures. They highlight the success of the total market approach, which focuses on emotional connections rather than ethnic segmentation. The discussion also touches on the industry's resistance to change and the need for brands to adapt to a more inclusive marketing strategy that reflects the diverse demographics of today's society.
Keywords:
Lewis Goldman, cross-cultural marketing, life insurance, underserved markets, MetLife, marketing strategies, digital marketing, consumer insights, multicultural marketing, financial services, life insurance, multicultural marketing, family dynamics, total market approach, industry resistance, marketing success, cultural insights, demographic shifts, emotional connection, marketing evolution
Takeaways:
- Lewis Goldman has over 35 years of marketing experience.
- Cross-cultural marketing is essential for reaching diverse audiences.
- Investing in Spanish language media can significantly impact sales.
- Life insurance penetration in the U.S. is at a historic low.
- There is a growing need for life insurance in underserved markets.
- Innovative products can help meet the needs of diverse communities.
- Data-driven insights are crucial for identifying market opportunities.
- Family dynamics play a significant role in life insurance decisions.
- The life insurance industry faces challenges in consumer engagement.
- Understanding cultural nuances can enhance marketing strategies. The middle market presents a significant opportunity for life insurance.
- Family dynamics vary across cultures but share common values.
- Success in marketing can be measured by premium growth and customer acquisition.
- The total market approach can resonate across diverse segments without specific targeting.
- Industry resistance often stems from a fear of losing established market segments.
- Cultural insights are crucial for effective marketing strategies.
- Diversity in marketing has evolved to reflect a more inclusive society.
- Emotional connections in marketing transcend ethnic boundaries.
- Data-driven decisions are essential for successful marketing campaigns.
- The future of marketing lies in understanding and embracing diversity.
Chapters:
00:00 Introduction to Lewis Goldman and His Background
05:55 Transitioning from CPG to Financial Services
11:51 The Importance of Life Insurance in Underserved Markets
17:50 Data-Driven Insights and Market Opportunities
26:39 Understanding the Middle Market Opportunity
34:20 Success Metrics in Life Insurance Marketing
39:32 Navigating Industry Resistance to Change
44:54 The Evolution of Marketing Strategies
51:11 The Future of Total Market Approach
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