Would you be willing to spend your hard-earned money on a company that didn’t see your dollars as valuable? Would you be okay with having products in your home if you knew it wasn’t created for someone who looked like you to buy it? If you’re an African American consumer you have probably answered yes to this question unknowingly.
Over the last several years African Americans have put their spending power behind products and services that have done a poor job of marketing to them as a consumer and despite having an estimated spending power of over 1.4 trillion dollars it was revealed that in 2016 only a mere 3% of advertising dollars actually went to multicultural marketing targeted at African Americans.
Efforts of black media organizations have gotten behind black consumers in recent years by encouraging mainstream advertisers to recognize and understand the spending power of black people and their efforts are only slowly paying off.
Dereck Caldwell, of Black Enterprise once noted that: “We have no problem getting liquor or cigarette ads while we are fighting to get ads dealing with financial services and technology.”
Caldwell knows all too well about the lack of advertising dollars coming into black magazines. Many companies want our dollars but don’t want to do what it takes to market to s because they believe we will buy regardless of their marketing initiatives which in part remains to be true.
What are your thoughts on the diversity in advertising statistics? Leave your comments below.