Friday, January 10, 2014
5 Tips on How To Get Black Consumers to Buy From Your Business
Businesses owners and entrepreneurs who want to reach the African-American audience need to do their homework. This means understanding their spending habits and decision making. Businesses that really understand the distinct characteristics of African-American consumers, especially women buyers, will be more successful in appealing to them.
As a consumer base, Black buying is expected to reach $1.3 trillion by 2017, and African-American women represent $500 billion in buying power. Based on extensive research by The Nielsen Co., here are a few tips that will help businesses successfully reach Black purchasers:
#1 - Black women influence purchases in the family and are the gatekeepers when it comes to health and health products.
#2 - Forty-four percent more black men and 53 percent more black women are getting college degrees. This results in greater affluence and increasing age which creates a greater demand for aging, health care and financial management services.
#3 - African-American shoppers make quicker and smaller purchases and more frequent trips to convenience stores than white shoppers.
#4 - African-Americans use electronic media heavily. This is where advertisers can reach them more effectively.
#5 - In the last ten years, African-American households with incomes of $75,000 or more has grown by 63.9 percent. Advertisers need to appeal to the resulting growth in affluence, social influence and economic power, especially with women, in African-American communities.