Looking for growth opportunities in 2015? Then look to target Black consumers as part of your plans.
A 2013 study shows that black consumers are still one of the most undervalued in today's society. Of the $75 billion dollars spent on advertising, only a mere $2.24 billion was spent marketing towards blacks which is not reflective of their enormous consumption or behavioral patterns.
Investing in this market is one way to keep your business on a growth pattern. Here are a few reasons why marketing your product and services to the black community can be beneficial to your business.
- Blacks' purchasing behaviors and viewing patterns are inherently different from the total market population and Blacks tend to gravitate towards more ethnically diverse media outlets.
- There is a projected growth in black buying power from its current $1 trillion to $1.3 trillion by 2017. This is being propelled by constant increases in both population and educational attainment.
- The "Reverse Migration" trend continues as young college educated professionals move towards the south. The opportunity arises for businesses to develop a "southern strategy" in order to connect to a growing number of 10+ million African Americans in key southern and southwest markets.
- Blacks spend nine times more than other ethnic groups in select sectors. Products like financial magazines, store brands and health and beauty products are especially high on the list as well as online shopping & social media consumption.
Not quite sure how to communicate with this target? Let the Defender with 85 years of serving this market help guide as you allocate or increase advertising funds towards African-Americans in order to ultimately increase the potential profit margin of your business.