In a haste to market to the Caucasian, millennial consumer, companies are missing out on two key audience segments – Blacks and Generation X.
You would be hard pressed to find a person of color featured in an ad unless you are watching BET. I proudly belong to an ethnic group where our buying power is projected to reach $1.4 Trillion by 2020. Blacks are the third largest ethnic group in the United States, yet companies spend less than 4% of their advertising budget targeting black consumers. Why does this occur? For years, we were stereotyped as having poor credit, no income, and low education. When compared to other ethnic groups, YES, we are behind. However, our income growth, limited rise up the corporate ladder and our advancement in education proves that the stereotypes we face are antiquated and baseless. Companies, who continue to hold on to these stereotypes, will miss out on the opportunity to grow their brand, increase their market share and customer base. There are a few companies, such as Ford, Proctor & Gamble, and Coke Cola, who get it.
“The Lost Generation” – This is the name given to those of us who were born during the Generation X era. In addition to being ignored, we have to compete with Millennials for attention, recognition, and jobs. I get it! Millennials are the most sought after group because of their desire to spend money over their need to save. According to a 2015 research conducted by Turn, companies are expected to spend 500% more advertising to Millennials despite the fact that Millennial(s) are not loyal. This strategy and the reliance on Millennials to grow a brand could be very risky. Companies with a mixed advertising strategy of digital and print will attract Millennials and “the lost generation”, who are savers, have money to spend, read the newspaper and magazines, like myself, and more importantly, are very brand loyal.
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Detroit Digital Girl