Have you ever felt powerless? Powerless about the ability to make changes in your life? Powerless to stand up for your image in someone else’s eyes? Powerless to stand up against a company or brand? Well, it’s time to take your power back and realize your strength. A strength that you may not even realize you have, the strength in your pocket book.
Did you know that the minority demographic has the highest spending power? This year the spending power of America’s ethnic minority will exceed $2 trillion, out-pacing the growth in white consumers spending by more than 80 percent according to the University of Georgia’s Selig Center for Economic Growth. The increased spending power of African Americans, Asian, Hispanics places the multicultural demographic in the position to make or break a company.
I’m sure you knew that right? Isn’t it us who rushes to the store if Pharrell, Beyonce, Jay-Z or Kimora wears or endorses a brand. Even if we have $10 dollars in our saving account, we run out and spend our check on some Rock and Republic jeans instead of putting it in an ING savings account. We even rush to the store to purchase a brand that does not want to be associated with us, hence, Cristal. The funny thing is even after Cristal made their alarming statement, I still hear rappers aiding in giving their already famous brand recognition campaign by saying “gold bottle” or saying their name in their song.
Clutch wants you to know you can make companies pay attention to your dollar and give you the attention you deserve. You can do this by supporting companies that want and fight for our dollars by advertising in magazines, blogs, websites and television mediums that target us. Also, we must speak up by informing them about their lack of attention and advertising to us by writing or calling them. Sometimes the lack of attention could simply mean not having a model of our background in their brochures, look-books or commercials. If calls and letters don’t work, don’t worry, they will pay attention to a decline in sales.
Below are some facts you can arm yourself with to help you realize that there is really strength in numbers, especially ours.
Get your Marketing Definitions Here:
The study of total size, sex, territorial distribution, age, composition and other characteristics of human populations; the analysis of changes in the make-up of a population.
A consumer’s ability to buy goods and services as distinguished from the amount of money a consumer has.
1. (sales promotion definition) The situation in which a consumer generally buys the same manufacturer-originated product or service repeatedly over time rather than buying from multiple suppliers within the category. 2. (consumer behavior definition) The degree to which a consumer consistently purchases the same brand within a product class.
A name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers. The legal term for brand is trademark. A brand may identify one item, a family of items, or all items of that seller. If used for the firm as a whole, the preferred term is trade name.
A payment made to a retail or wholesale operator by the seller of an advertised product or for use in purchasing local advertising time and space for the advertiser’s product.
For more Marketing Definitions visit the Marketing Association of America at marketingpower.com