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Archive for the ‘Effective Target Marketing for Luxury Brands’ Category
Sunday, July 31st, 2011
More colleges and universities today focus their efforts on cultivating diversity through the students they accept and the faculty they hire. But what if these schools turned their appetite for diversity outward to help other businesses and organizations foster diversity-centric agendas? Schools across the country already make diversity a top concern but could potentially do so much more just by utilizing resources that they already have. The push for diversity could be made through other avenues. One such particular avenue could be the conduction of research on the minority consumer marketplace that would benefit both consumers and marketers on a global scale.
The Marketing and Economics departments at these schools should endeavor to produce target market research that businesses can use to create more diversity in their marketing practices. These departments should additionally consider bringing on board other departments, such as Africana or Latino Studies, to fully tap into the consumer mindset of those communities and, therefore, provide crucial information that will identify and generate prime marketing opportunities. Schools could truly set themselves apart by becoming foremost thought leaders when it comes to the diversity cause. Not to mention they could monetize this thought leadership by enabling outside businesses to maximize their customer base.
The Selig Center for Economic Growth at the University of Georgia shows us what is possible at other academic institutions around the country. The center conducts research on the state’s economic and demographic matters, as well as publishes major studies, economic forecasts, and product data. Through its work, the center guides the decisions and policies of various Georgia businesses and entrepreneurs, thereby acting as one of the university’s most viable entities that serve the public. Annually, the center puts together a report on consumer buying power in the U.S. called The Mulitcultural Economy. The report provides state-by-state estimates of buying power according to race and ethnicity. The most recent report (2010) takes account of current-year buying power estimates as well as buying power projections through 2015.
While not all colleges and universities have a Selig Center, this fact should not hinder them from instigating more research on the minority consumer markets. They should mine the most likely plentiful resources available at their institutions and capitalize on the vital marketing services they can supply to the surrounding community and to the U.S. consumer market at large.
Source:
http://www.terry.uga.edu/selig/
Posted in Effective Target Marketing for Luxury Brands, Uncategorized | No Comments »
Wednesday, September 22nd, 2010
Leading figures in the philanthropic community gathered on August 22 at the third and final event in a series of Hamptons awards brunches created by Diversity Affluence, the New York-based consultancy specializing in marketing communication, research and business development.
Recognized for their commitment to elevating and supporting far-ranging issues including childhood development and education, the arts and aid to the indigent, Dwayne Ashley (CEO of Global Operations, Success for Kids), Jacques-Philippe Piverger (founder and chairman of the Global Syndicate, director of PineBridge Investments and board member of George Clooney’s Help for Haiti Now Fund), and Reginald Van Lee (senior vice president of Booz Allen Hamilton, board chair of Evidence A Dance Company and member of President Obama’s Committee for the Arts and Humanities), were honored at the invitation-only event. They joined an illustrious and diverse array of individuals honored on July 11 and July 25, respectively, from the worlds of media, entertainment, fashion and hospitality. The brunch series was presented by Jaguar to herald the new 2011 Jaguar XJ, and celebrated individuals who have achieved success and advanced the diversity agenda in America. All events were held at Dockers Waterside Restaurant & Marina, located on scenic Dune Road in East Quogue.
Honorees from the past two events include: Desiree Dancy, vice president of diversity and inclusion for The New York Times; Stuart Scott, sportscaster and anchor, ESPN’s Sports Center; and, Food Network Star Aaron Sanchez, Executive Chef/Co-Owner of Centrico Restaurant, groundbreaking former model BethAnn Hardison, owner of Bethann Management; Fern Mallis, president of Fern Mallis LLC, founder of New York Fashion Week and former president of the Council of Fashion Designers of America (CFDA); Brian Reyes, Colombian-American fashion designer; and Edward Wilkerson, the accomplished design director of Lafayette 148.
In addition to an awards presentation in which the honorees received a personalized crystal award from Diversity Affluence and Jaguar, honorees were chauffeured to and from the event in the Jaguar XJ. All guests had the opportunity to enjoy a test ride and drive of the 2011 Jaguar XJ and 2011 XK along East Quogue’s scenic Dune Road.
VOSS, artesian water from Norway, was offered exclusively at the events. UPTOWN, the magazine for luxury, lifestyle, and living, was the media sponsor for the event. The Turks & Caicos Sporting Club at Ambergris Cay graciously donated two complementary vacations in honor of the occasion.
Inspired by the highly-touted book, Black Is The New Green: Marketing to Affluent African Americans, co-written by Diversity Affluence Founder Andrea Hoffman with Len Burnett, the events provided the corporate sector with access to some of the most influential leaders and key tastemakers of the affluent African American, Hispanic and Asian communities and those who have mastered the art of marketing to these important audiences.
“Diversity Affluence is committed to raising awareness of the vibrant and affluent economic sector that people of color and other minorities occupy in contemporary society,” says Andrea Hoffman, founder of Diversity Affluence. “It has been a pleasure to recognize and honor professional individuals who promote diversity through their respective industries. The successfulness of the series of brunches is a result of all the hard work and contributions of our honorees as well as our sponsor, Jaguar,” adds Bernie Jackson, Diversity Affluence.
The events, conceived by Diversity Affluences’ Andrea Hoffman and Bernie Jackson, were planned in collaboration with the global public relations agency, Ruder Finn, Inc., and a stellar Planning Committee.
Article courtesy of Helen Shelton.
Tags: Aaron Sanchez, Bernie Jackson, BethAnn Hardison, Black is the New Green, Connie Cunningham, Desiree Dancy, Diversity, Dockers Restaurant & Marina, Dwayne Ashley, Edward Wilkerson, Fern Mallis, Hamptons, Jacques-Philippe Piverger, Jaguar, Keenan Davis, lafayette 148, Latoya Henry, Leah Watkins-Hall, Malik Yoba, Reggie Van Lee, Richard Beattie, Stuart Scott, target marketing, Turks & Caicos Sporting Club at Ambergris Cay, Voss Water
Posted in Effective Target Marketing for Luxury Brands, Wealthy Black Consumers | Comments Off
Friday, June 5th, 2009
With spring moving into summer for most of the country, the opportunity to blow off some steam or make a deal outside the boardroom with a golf club is beckoning. And, marketers who are looking for more “green” should be looking on “the green.”
Prominent figures giving credence to this idea are, of course, President Obama and Tiger Woods.  The Associated Press reported this week that the President has had four golf outings in the last five weeks. During Black History Month earlier this year, the PGA of America presented a display at the PGA Historical Center honoring four groundbreaking African-American heroes in the sport. The presence of African Americans in the game is noteworthy.
A Profitable Niche Segment for Golf Industry and Luxury Brands
Statistically, the African-American golf community has grown by thirty per cent in the last decade with interest in the game rapidly outpacing that of Asian American and Hispanic Americans. In fact, the National Golf Foundation reports that a full fifteen per cent of golfers – a stunning 5.5 million people – are minorities, and 2.3 million of them are African American.
Since participation is a function of household income, it stands to reason that gaining the attention of this niche segment of golf enthusiasts will help brands more effectively implement their target marketing strategy of reaching the affluent ethnic consumer – especially, the African-American RoyaltonsTM. Adding 2.3 million people to a list of potential consumers is any marketer’s dream come true.
Participants With Purchasing Power
Based on minority participation reports conducted by the World Golf Foundation and their Golf 20/20 initiative, the industry has been targeting minority groups who are viewed as important to growing interest and participation in the game. African Americans, along with women and Hispanics, are the demographics “with pent up demand” who will help the sport meet its target of having 55 million participants by the year 2020. If Year 2000 census data showed the golf industry having $62 billion in sales – more than the motion picture and sound recording industry and the amusement, gambling and recreation industry – then the currently growing participation of affluent African-American players offers significant purchasing power to be harnessed. That purchasing power has been estimated to become nearly half (45%) of the projected $1.1 trillion of all African Americans by 2012.
With the proportion of African-American female golf participants found to be above average, another potentially fruitful sub-segment is appearing. Many professional black women are taking to the golf course to capture that lucrative business deal often negotiated on the green. In the Spring 2009 issue of Odyssey Couleur, Pam Swensen, CEO of the Florida-based Executive Women’s Golf Association, stated that she is seeing an increase in membership as more African-American women use golf as a business-building tool.
All any luxury marketing executive has to do to potentially gain new prospects is to let go of some assumptions about who the “typical” golfer was in the past and choose to step into the future of the golf market.
Are you a brand marketer or golf industry related business wondering where and how to reach this audience?
Diversity Affluence™ can help you.
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Tags: affluent ethnic consumers, luxury brand marketing, niche marketing, wealthy african americans
Posted in African American Segmentation, Effective Target Marketing for Luxury Brands, New Prospects for Luxury Marketers, ethnic purchasing power | Comments Off
Tuesday, June 2nd, 2009
I ran across a post titled, “Word of mouth still rocks,” on Afrigator (blog.afrigator.com) that made me arrive at a new realization: Bloggers are the new marketers.
Marketing as we’ve known it has taken a dramatic shift because, with the case of bloggers, the consumer is the marketer. Forget the “Big Four” - bloggers are the new power players wielding the mighty power of the mouth…word of mouth, that is – but at lightning speed and almost limitless reach.
So what happens when the consumer becomes a marketer, and the consumer’s “friends” are all of cyberspace? It means the reputation of your product or service – and ultimately your profit margins – can be touted or trashed in mere seconds and that message spread hundreds of times over, to thousands, in mere minutes.
Lester Hein of Afrigator says that “bloggers are changing the way that we access and distribute information meaning that we make decisions faster and according to different rules.” Practically then, I should be able to throw some advertising dollars on a blog and get a huge bang for my buck as that investment will increase exponentially to reach an untold number of prospects.
This example affirms the Diversity Affluence philosophy that smartly reallocating marketing dollars toward affluent ethnic consumers, via new media outlets, with the right call to action, can be more affordable and can deliver prospects instantly. If you can identify, target and attract wealthy minorities, they will help you to survive and thrive – even in this economy.
To gain more insight on affluent ethnic consumers and planning an effective target marketing strategy:
Sign up to receive our free monthly eNewsletter, the Royaltons Report.
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Tags: affluent ethnic consumers, target marketing strategy, wealthy minorities
Posted in Effective Target Marketing for Luxury Brands | Comments Off
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