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February 2nd, 2010Steps to Perfecting a Diversity Marketing Program – Part II
January 24th, 2010
[Excerpted from Black is the New Green: Marketing to Affluent African Americans in bookstores March 16, 2010]
Last week we previewed the first steps to creating an effective diversity marketing campaign. Now we continue with more tips for reaching the affluent African American consumer.
Measure, Measure, Measure — Calculating the impact of your pilot program on your company’s bottom line is crucial in your ability to sustain and substantiate your diversity program.
Test, Tweak, Refine, Measure, and Repeat (TTRMR) — Since budgets are always going to be an issue, we think it’s important to create test markets or small pilot programs that give you a measurable ROI.
Be Consistent — Once your pilot program has been refined and is a consistent success, continue to cultivate your new audience with the next level or layer of innovation.
Hire a Consultant — The successful development and deployment of integrated marketing programs requires the skills and insights of someone who understands advertising and public relations and Internet marketing and social media and event planning. A seasoned integrated marketing consultant will do the trick. This person can also help you better tap into your existing human capital, relationships with your outside agencies and investments in current programs.
Establish a Standard Operating Procedure — Even if it’s on a very small scale, establish a standard operating procedure (SOP) for evaluating the opportunities that present themselves. Do you have a standardized evaluation tool for giving all opportunities a fair assessment?
Be Nimble — Last minute opportunities give you more leverage to negotiate price and elements. A “slush fund” is an important line item in any marketing budget. It can give you a leg up on the competition.
To get the full scoop, check bookstores on March 16, 2010 for Black is the New Green.
2010 Online Purchasing Patterns of Affluent African Americans
January 21st, 2010
This report, published in January 2010, explores the online purchasing patterns of Affluent African American consumers in the United States. For purposes of this report, Affluent African Americans are defined as individuals earning $75,000 or more annually or households earning $150,000 or more. The report looks at the influence of technology on the purchase decisions of this market segment.
Based upon the 2009 Diversity Affluence Affluent Ethnic Population study, there are an estimated 819,700 African American individuals in the U.S. who earn at least $75,000 per year. Given this large population and grouping of disposable income, it is important to consider the online buying behavior of Affluent African Americans.
Less than a decade ago, the Internet was used often for communications and information, but rarely was retail commerce conducted online. This has changed dramatically in recent years. Affluent African Americans are shopping online at record levels. During this most recent economic recession, more Affluent African Americans are shopping online. Almost one-quarter of survey respondents are making more purchases online than in retail stores given the current climate. Not only are Affluent African Americans shopping online more often, but they are greatly increasing the amount of money spent online. Affluent African Americans purchase not only goods, but services online. Most respondents use the internet to book travel services (airfare, hotels, and rental cars).
Hermès of Paris Helps Evidence, A Dance Company Kick-off 25th Anniversary
January 17th, 2010
HERMÈS of Paris hosted an elegant reception at its stunning Madison Avenue flagship store for the friends and supporters of Evidence, A Dance Company last week to celebrate the acclaimed dance troupe’s upcoming 25th Anniversary and to unveil a sumptuous limited edition custom scarf in an African motif created to commemorate the milestone. The famed French design house has been a supportive friend to The Company for several years.
On hand to welcome guests were Robert Chavez, CEO of Hermès USA and Maureen Baltazar, Senior Vice President, Ronald K. Brown, Evidence, A Dance Company founder and Artistic Director, Reginald Van Lee, Evidence Board Chairman and Joyce Mullins-Jackson, Board Vice Chair along with Board members Joanne Hill, Gail Monroe Perry and Andrea Hoffman whose company Diversity Affluence forged the relationship with the luxury goods company.
Mr. Chavez and the Evidence team unveiled the exquisite silk scarf bearing a unique pattern inspired by traditional African garb, in desert tones of orange and sand. A portion of the scarves sales will benefit the much loved company. The scarf retails for $375 and is available for purchase at Hermès, 691 Madison Avenue at 62nd Street or by calling the Evidence office at 718-230-4633.
Steps to Perfecting a Diversity Marketing Program – Part I
January 4th, 2010
[Excerpted from Black is the New Green - Marketing to Affluent African Americans in bookstores on March 16, 2010]
Every business wants to maximize their marketing dollar but few know quite how to go about it. In the following excerpt from their soon-to-be-released book on the topic, Andrea Hoffman and Leonard Burnett shed some light on how to perfect a diversity marketing program.
Their steps for success include:
1. Conduct a Marketing Audit — An audit helps to assess exactly where the opportunities are, and where the risks might be, and how to mitigate them.
2. Establish Partnerships — These partnerships could be with philanthropic or cultural arts organizations that already enjoy the support of the local community you wish to reach.
3. Alert the Media — Send pre- and post-event press releases to whatever media outlet your brand is partnered with.
4. Host the Event and Use the Content — start with a concept that is measurable and scaleable, one that resonates universally with this consumer across the country.
5. Establish a PRM Metrix — The primary purpose of data capture is to create a prospect relationship management (PRM) system. The PRM system that any one entity creates can be as simple or as sophisticated as the client likes.
Check back with us next week for the final steps to developing an effective diversity marketing strategy from the book Black is the New Green.
For more FREE insight:
- Sign up to receive our free monthly eNewsletter, the Royaltons Report.
- Join our LinkedIn Luxury Brand Executives Diversity Marketing Group.
- Follow us on Twitter.
- Contact us for a free 30 minute consultation.
You can also buy our Strategic Insights Papers.
Old Money Doesn’t Have to Mean Old Attitudes
December 20th, 2009
Prince Kunle and Princess Keisha Omilana and son Diran
If you take a look at the fashion section of the New York Times, or the society pages of almost any newspaper or blog, and you’re likely to see a lot of old money. Emphasis on “old”. Where are all the young, affluent people? Especially young, affluent, ethnic consumers? We know they’re out there. The purchasing power of African American individuals in the U.S. earning at least $75,000 individually is estimated at $87.3 billion alone! African American households with incomes of $200,000 have a median household income of $246,000.
These consumers, philanthropists and business people are out there giving and attending functions and participating in society as much as any Rockefeller, Astor or Vanderbilt. It’s time to start recognizing and acknowledging the changing landscape of our society on all levels, right on up to the top. Media outlets need to realize that one day the “old money” crowd will be the “dead money” crowd, and then what?
Check out Michael Henry Adams recent article for the Huffington Post.
For more FREE insight:
- Sign up to receive our free monthly eNewsletter, the Royaltons Report.
- Join our LinkedIn Luxury Brand Executives Diversity Marketing Group.
- Follow us on Twitter.
- Contact us for a free 30 minute consultation.
You can also buy our Strategic Insights Papers.
NYT’s annual Holiday Gift Guide - “Of Color/Stylish Gifts”
December 11th, 2009
Huh?
Do you think the New York Times hit the mark with the annual Holiday Gift Guide — called “Of Color/Stylish Gifts?” Or, is it a little off target?
Maybe if the article or content had been powered by Essence Magazine or Sean John it would be less perplexing and more subtle? To assume that African Americans only look for African American content is ridiculous; however, a marketer (and journalists) must not lose sight of their target consumers’ motivators and needs.
It’s understood we’re all becoming more aware (and appreciative?) of our diversity, but putting out an ethnic gift-buying guide as separate content might not really achieve that goal. It’s very 1980s.
Shouldn’t we be striving to be more inclusive and less exclusive? How about just getting the overall guide (inclusive of all types of unique gifts) out to a more diversity audience. It’s about the distribution points and content. Not just content.
Would love to hear your thoughts on this.
Also, read this recent commentary from the Newsroom
“New York Times raises eyebrows with gift guide for people ‘of color’.”
Multicultural Motion Picture Association’s Diversity Awards
November 30th, 2009
It’s common knowledge that we, here in the U.S., are hopelessly lacking in the field of trend setting – especially compared with our European cousins. I mean c’mon, Paris is the leader in fashion, Britain for music – hello, Beatles? Rolling Stones? And all the countries across the pond have been recycling and worrying about environmental sustainability since……well, forever. Is there any subject where we are the trendsetters?
Hold on, have you heard the buzz about the altered poster for the hit movie “Couples Retreat”? The movie is a comedy centering on four couples (3 white; 1 black) all of whom end up at the same resort for a couples bonding vacation whereupon madcap hilarity ensues. (OK, disclaimer: I haven’t seen the movie but this is what I gleaned from the trailer.) In any case, the posters distributed to promote the movie in the U.S. include all four couples. The U.K. version of the poster appears to have the black couple photoshopped out of the picture. Huh?!!? Wow. So maybe we’re a tad more progressive than our European friends. Can it be true? The article I read said that ethnic diversity in entertainment has been an ongoing issue in Europe. Newsweek says that black actors have had a hard time appealing to foreign moviegoers and, as a result, marketers have been downplaying the ethnicity of actors in order to ensure better box office returns. I even heard that Will Smith, a huge star in the U.S., does not draw crowds in Europe.
Here in the U.S. we also have the Multicultural Motion Picture Association. The MMPA’s stated purpose involves acknowledging those who contribute to diverse perspectives in the entertainment industry as well as honoring industry members who promote a greater understanding and portrayal of all cultures through their creative work in film and television. Apparently tickets to the MMPA annual Diversity Awards ceremony are the hottest item in town and very hard to come by. And I bet there are black people on the posters too!
Capitalizing on Philanthropic Giving in the Black Community
November 15th, 2009
Non-profits and other philanthropic groups must reach out to wealthy African Americans who constitute an available and generous donor base. The Chronicle of Philanthropy notes: “Driven by rising incomes among Asian-Americans, Blacks, Hispanics, and American Indians, and government projections that minorities will make up nearly half of the U.S. population by 2050, ethnic charities see a stellar opportunity to increase the amount of ethnic philanthropy in coming years.”
In fact, according to an analysis of federal income tax returns conducted by the Urban Institute, donors in primarily black zip codes gave 5.1 percent of their income to charity where only 3.3 percent of income was donated from zip codes identified as predominantly white. An estimated $1.1 trillion to $3.4 trillion wealth transfer is expected to occur in the African American community by 2055.
In order to tap into this philanthropic base, John F. Havens and Paul G. Schervish, in their article “Wealth Transfer Estimates for African American Households”, emphasize the need to both work closely with high-income black Americans and to nurture a connection with young, professionals who will become the next generation of wealthy black Americans. Another opportunity, as seen by Charles Stephens in his article “Professionalism in Black Philanthropy,” is to develop programs at historically black colleges and universities that steer more black professionals into the field of fundraising.
Likewise there are old habits that need changing if black philanthropy is to make the most of its innate generosity. One practice that many organizations, such as the Twenty-First Century Foundation in New York City, hope to change is the custom of spontaneous giving in small amounts. Erica Hunt, president of the foundation says, “We do so much social and reactive giving that we have very little left from our discretionary income for intentional or planned giving.” Almost all non-profit groups will attest that, as ethnic groups enter into the philanthropic circle more and more and at greater levels of giving, they need education in the most efficient and meaningful way to use their dollars. Philanthropy among individuals in the black community needs to become more systematic and sustainable.
Non-profits would do well to help donors to set up their patronage in a thoughtful, practical way that maximizes their giving. As did, for example, the Associated Black Charities of Maryland who formed a partnership entitled the African American Philanthropy Initiative with the Baltimore Giving Project, a nonprofit group that promotes philanthropic giving among young professionals. Many other groups are forming associations like the one in Baltimore to assist prospective black donors in “converting their traditional ways of giving into more modern ones.”
As Emmett D. Carson Jr., the first black president of the Minneapolis Foundation puts it, “The money’s out there. People of color have always given. We need to continue to find new ways to help them do that.”
For more FREE insight:
- Sign up to receive our free monthly eNewsletter, the Royaltons Report.
- Join our LinkedIN Luxury Brand Executives Diversity Marketing Group.
- Follow us on Twitter.
- Contact us for a free 30 minute consultation.
You can also buy our Strategic Insights Papers.
