Imagine you have it all in business: competitive products or services, top-of-the-line skills, and an unstoppable passion. Does anyone else know? That’s where marketing comes in to help put you on the map.
Marketing can be defined as any action a business takes to attract potential customers to their product or services. It’s the billboard that communicates your story.
To build generational wealth, you need to share your business with the world. As of 2020, there are 2.6 million Black-owned businesses in the US, representing 4% of total businesses in the US. Let’s grow that number!
Black music has been a force, serving as an engine for marketing globally. Tap into your inner marketing talent and strategically use your skills, network, and creativity to actively take marketing magic to the next level!
5 Seasoned Marketing Strategies
1. Be Authentic
People fall in love with a brand’s history as much as its products and services. Let your unique story captivate your target audiences. Check out the OneUnited Bank story on CNBC’s “The Shift.”
A 2023 Harvard study, “The Benefits of Revealing Race: Evidence from Minority-owned Local Businesses”, showed that adding a ‘Black-owned’ tag on digital platforms measurably impacted the demand for business at Black-owned restaurants.
This tactic can help both drive sales from the Black community and capitalize on the demand among the white community who want to support Black-owned businesses.
As more of the nation is attuned to the structural, entrenched wealth disparities between businesses of color and white-owned businesses, they will actively search you out. Leverage SEO, tags, and branding to let them know you are Black-owned!
2. Target Like A Boss
Start by asking who your target audience is:
- Demographics: Who are they? Where do they live? How old are they?
- Activities: What do they do during their day-to-day life? What are their hobbies?
- Unique Fit: What problems do they have that you can uniquely help solve?
- Motivations: What do they care about? What are their values?
By understanding who you are speaking to, you can make sure you reach the right audience who not only needs but also desires your products or services.
3. Go Digital 2.0
Take your targeting even further by asking:
- Location: What kind of digital channels do they use to communicate? What kind of marketplaces do they like to shop at?
- Tone: How do they communicate? What kind of content of they engage with?
The insights above can help you create marketing campaigns tailored to the right channel, tone of voice, and type of content that your audience loves!
Leverage email, push notifications, commercials, and traditional media-like pamphlets to increase brand and product awareness and customer acquisition.
Not every marketing approach needs to be digital. In low-tech environments, posters work well to creatively communicate your advertisement.
4. Work Together
Businesses can bond over shared experience and work together to support each other’s work.
Where your business may be overlooked, underestimated, and blocked from access by most of society, you can harness the power of solidarity with other businesses and build each other up!
This can look like:
- Networks: Sharing each other’s content across your channels and/or joining a chamber of commerce.
- Creativity: Doing collaborations to reach each other’s audiences. Target influences in our community.
- Innovation: Creating joint products or events
- Share: Update each other on reports, resources, and successful business tactics.
5. Measure Twice, Cut Once
Three (3) key parts of marketing that are often overlooked are measuring success, identifying trends, and using data to drive future campaigns.
This can include:
This can look like:
- Feedback: Send out surveys after customers make a purchase or attend an event.
- Analytics: Use your social media, ads, and website analytics to check what content performed well and why.
- Teamwork: Dedicate time to review the results from your feedback and analytics to brainstorm and adjust your strategy accordingly with your team.
Remember, marketing isn’t just about selling, it’s about sharing your story, connecting with your audience, and making a lasting impact. What makes us unique is our commitment to building the Black community. Together, we rise, thrive, and leave our mark! #BankBlack