In an article earlier this year in Brand Week, Pepper Miller, founder of Hunter-Miller Group, a research and consulting firm specializing in marketing for African-Americans, stated that self-segregation exists in the social media space and has enormous importance. impact on advertisers. “You really have to understand who you’re talking to,” he told Brand Week in a recent interview. Miller also discussed why engagement is an important part of reaching black consumers, offering examples of some [and not so successful] Ads targeting African Americans.
The purchasing power of African Americans is huge and powerful. For example, African Americans will have a purchasing power of $ 1.1 trillion in 2011, according to the Packaged Facts reports, “The African American Market in the United States.” Also, wealthy African Americans control a disproportionate share of spending. There are currently 2.4 million African American households with annual incomes of $ 75,000 or more. Although they included only 17% of the African American population, they represent 45% of the total purchasing power of African Americans.
Wealthy African Americans have a greater propensity than other wealthy people to buy expensive luxury items. The African American cohort continues to be an important consumer segment that somehow wields more economic influence than the popular Hispanic, says Tatjana Meerman, editor of Packaged Facts.
An article published by Multi-channel News echoed the same thoughts and stated that African Americans’ shopping behaviors differ in a number of ways, ranging from what they buy at the grocery store to clothing style and magazine preferences. . A study by BET (Black Entertainment Television) found that the US African-American population is expanding in both sheer numbers and purchasing power and is heavily influencing media and technology trends.
In addition, according to “African Americans Revealed”, a study of more than 80,000 African American consumers over an 18-month period divided into several individual research reports, African Americans in 2008 represented a 10% increase in the 2008 population compared to 2000 , while the purchasing power of African Americans increased more than 55% during the same period to $ 913 billion. Perhaps the most exciting news, for those serial entrepreneurs researching products and markets to focus on, this news should be really exciting, because by 2013 black purchasing power will hit $ 1.2 trillion, a whopping $ 35 increase. % compared to 2008, according to the survey and study conducted by Black Entertainment Television Network, better known as BET.
Since the economy has ruined dreams for many and hopes have been dashed for others, I fully tell you that it could be a blessing in disguise. You may have dreamed of owning your own business for some time, but you never had the guts to quit your day job, out of fear of the unknown. This is a normal reaction for many people, and certainly understandable, especially now in this uncertain economic climate. But that is precisely the reason why it is the best time, and the right time for you to start that new business or create that product idea that you have had for many years, the same idea that your friends and family have told you. it would do well in The Market.
As you read this article, I hope that you gain a new perspective and find new hope, joy, and fulfillment of that dream you had or have, and that you move forward with your faith, armed with knowledge, wisdom, and understanding. and an idea of how you are going to make your dream come true.
My articles, and everything I present, is to encourage and enlighten those looking for ideas for new products, starting a new business, building and promoting a brand, or for those who prefer it, finding the perfect job.
For my parting words, let me leave you with this amazing thought that if you embrace it, it can help change our economy once again.
To be successful in any business, you must first be a cheerful giver, but not everyone is so cheerful when they give to others. While the real basis of any good business is hidden in its offerings, more people will give with regret in their hearts. Because of this attitude, economies around the world are suffering. Donors can be divided into three types: flint, sponge, and honeycomb. Some donors are like a piece of flint: to get something out of it you have to hammer it, and even then you will only get chips and sparks. Others are like a sponge: to get something out of a sponge you have to squeeze it and squeeze it hard, because the more you squeeze a sponge, the more you get. But others are like a honeycomb, just brimming with its own sweetness.
As described in the previous paragraph, I have tried to point out the three types of consumers and entrepreneurs that we have in today’s economy. Some people are flints; some are like a sponge and some are like a honeycomb. Which one are you?