According to a 2018 study by Nielsen, Black consumers and consumers of color are driving the consumer spend in major business categories to the point where industries and manufacturers are creating specific products that appeal to these diverse consumers. In fact, “Our research shows that Black consumer choices have a ‘cool factor’ that has created a halo effect, influencing not just consumers of color but the mainstream as well,” said Cheryl Grace, Senior Vice President of U.S. Strategic Community Alliances and Consumer Engagement, Nielsen.
What does that mean for you?
Simply put, it means being more thoughtful in your marketing approach. We are not talking about creating a marketing campaign in February to focus on the contribution of this diverse community. We are talking about playing the long game. Having company policy that supports cultural awareness and fairness throughout your business model.
It is no longer about running a few ads and saying you support this community by highlighting some historical black inventor or famous athlete in the promotion of your product but actually creating a long term strategy, integrating diversity and inclusion practices in your services and business practices that will make a real impact in this community. In the light of exposed social injustices in 2020, Millennials and Gen Z are now more than ever hypersensitive to companies that are only playing the short game and not truly investing in or contributing to the betterment of our society regarding social and economic equity. This is why it is so important for companies to incorporate diverse communities into their marketing overall business strategy.
This is where we play. FFB C core competency is creating commercial marketing strategies to effectively engage with the cultural and at the same time build long term relationships with this diverse community.