in october 2013, vanity fair released an interview with music mogul jay-z that illustrated the connection between the streets and the suites.
during the interview jay-z shared how his time as a street hustler helped him climb to the top of the media industry.
big business can take a lesson from jay-z by learning about the hood and using that to help build a strong business.
black buying power is expected to reach $1.1 trillion by 2015. recognizing the buying power of the black and brown communities, many companies are creating targeted ad campaigns to capture a piece of this market, but are they doing it well?
"too often, companies don't realize the inherent differences of our community, are not aware of the market size impact and have not optimized efforts to develop messages beyond those that coincide with black history month," said national newspaper publishers association chairman, cloves campbell.
so, what will it take for companies to do it right and capture their share of the $1.1 trillion dollars that the black community has to offer?
companies need a true understanding of black culture, which is demonstrated in its simplest form in lessons from the streets (aka the hood).
it sounds crazy, but there are three overarching qualities that drive brand loyalty with
black consumers: honesty, authenticity and transparency. companies that can successfully integrate these things in their public relations and marketing programs will ultimately capture the largest percentage of the black dollar and will retain and grow their portion of this market.