How can we successfully increase Black Business Ownership in America?
Digital Marketing Could be the Light at the End of the Tunnel
Marketing is fundamental for doing business in any industry. And with more than half the world active online because of the pandemic, digital marketing is just as, if not arguably, more essential than traditional methods (like tv ads and billboards, which are costly). This is because in order to successfully run any business, you have to make profit and keep the coin coming in. The only way to keep the coin coming in is to consistently present your product/service to your target buyers and position your brand to be relevant in different parts of their lives. Online is the place to do it. Companies like McDonald’s recognize this best, shelling out more than $600M partnering with agencies to create cultural moments in 2020. One of the most memorable: The Travis Scott Meal, which was so successful, it was followed up with the “Saweetie Meal” this year. It included a signature meal combo of items they already had on the menu, tv & streaming commercials, trending social media content and even merch. Now, when I speak of ‘culture’, I'm referring to what they call ‘popular culture,’ which is predominantly...basically Black American culture. In this post, we’ll talk about why digital marketing is so important for Black Businesses and how we can be successfully position our brands to be a part of the "culture."
Digital Marketing is important for Black Businesses, mainly, because cultural moments - like the McDonald’s x Travis Scott Meal - solely benefit large chain corporations while heavily leveraging the Black community. Furthermore, these types of campaigns thrive on Black consumption, Black cultural resonance and Black influence (with Black celebrities at the center).
While BOB’s can only dream of coming close to obtaining the amount of capital that chain corporations (and even other SMB’s) spend annually on marketing, digital methods make it more realistic and cost efficient to trend on Social Media, create celebrity connections, and ultimately achieve that mutually beneficial relationship with the Black community. 48% of African American households shop online (11% more than average), Black Americans spend the most time on their smartphones compared to the total population and we’re nearly three times as likely to support our favorite brands on social media. On the contrary, only 20% of Black American Businesses make it to the 2 year mark, while 70% of all U.S small businesses (SMB's) do. Additionally, more than 50% of U.S SMB’s make it past what we call the “Start-Up” stage, which is three years, and just 4 -- yes! 4... F-O-U-R percent of Black Businesses do.
A small bit of research on Google will quickly identify disproportions in funding, discriminations rooted in business practices, lack of access to resources and layers of racial roadblocks embedded in the system as the root to the staggering difference in these numbers. Sadly, they exist in everything from healthcare, to education, to job opportunities, to representation in the entertainment industry, and community aid. The most important thing we can do as Black Business owners is to change the landscape of what is available and accessible for Black people to purchase and support - allowing us to use our buying power for our own good. Digital marketing is the easiest and fastest way.
What exactly is Digital Marketing?
Digital Marketing is any form of marketing that exists online. Some of the most popular forms include Social Media, Websites and SEO, email newsletters, podcasts, vlogs and blogs, like this one. Promoting your brand on the internet is surprisingly not that expensive, easy to do, and has the potential to yield a crazy high ROI. There are so many free resources these days that even if you don’t have a ton of extra money to dedicate to marketing, you can still self-teach and find a strategy that works for your brand. Your Black Business will not survive offline.
How do I successfully implement a Digital Marketing Strategy for my Black Business?
Well, like any other business operation, there are a few ways to successfully go about digital marketing. You can either try to learn the skill yourself, invest in reskilling or upskilling a current team member, outsource to a professional contractor/agency, or you can find a unique combination that works for you and your circumstances. Regardless of which route you decide to take, it’s important to understand the potential value and to keep a few key things in mind. Working with primarily BOB’s, I'm fully aware that price is the main concern for most of us. Luckily, there are endless free and low-Cost resources at our fingertips.
Things to remember when self-teaching or upskilling:
At Odd Media Solutions, anytime we take on a new project, we ask a series of discovery questions that help us identify which Digital Marketing methods to focus on. The first step of our onboarding process requires every client to undergo an Oddit. Besides budget, we consider the brand’s mission, their current digital footprint, buyer personas, company goals and industry data amongst other things. This allows us to develop a custom strategy that consistently engages your ideal buyers with content that resonates and inspires action. The 3 C’s - Consistency, Community and Content- solely determine the level of success any digital campaign can achieve.
Consistency - Just like with anything great, a successful digital marketing strategy takes time to develop. Nothing is going to happen overnight. The internet is a constant flow of new information, so in order to remain relevant and present in the mind of your consumer, you have to consistently engage with them online. Otherwise, you’ll lose attention and attention is crucial for what I call “Big Business Moments,” like launches and new releases. Moreover, activity and engagement are main factors in social media algorithms. Their goal is to keep users on their platforms for as long as possible. Meaning that the longer your content keeps people entertained and engaged, the more they show your account to your audience and new users who may be interested in your page. In essence, the relationship with your buyer can not end at the point of sale. You must build rapport and form a long-term connection with your audience online that sustains your business in real life. I dive deeper into the importance of consistency and the 3 C’s in our Odd Media Guide to Social for Black Business Owners, available October 31st. I also give tips and tricks for growing your business on Social Media, establishing cultural relevance, mastering algorithms, creating killer content and much more. Be sure to pre-order and take advantage of the pre-launch price of just $99.
Community,
Content
Things to remember when you’re ready to outsource:
explore options- build rapport early, communicate what is important to you, talk about roi - not $$ (or focus on, rather)
In closing, talk about how black businesses are more likely to hire black, recirculate the black dollar and are located in black communities where they can make the most impact and inspire. Talk about how it’s up to us to change the future for our children as far as representation. Our BLK digital network works to connect black businesses to chain corporations so that it’s easier for us to be a part of these cultural moments. There is plenty for everyone to eat and there's an immense responsibility on successful businesses to open doors and create opportunities for more success among us. For example, in the McDonald’s x Saweetie Meal promotion this year, a Brandon Blackwood purse (popular Black-Owned handbag company in New York) was featured in the background of the commercials and in a Social Media giveaway. This was an amazing collaboration that I’m sure was very lucrative for his brand and also increased the relevance of the campaign for Mcdonald’s as the bags have become popular and trended online over the last couple of years. As of today, his Instagram sits at right under 450k followers and his most popular bags remain sold out on his website. Mutually beneficial brand relationships like this can bring us one step closer to closing the Black-White wealth gap in America and creating generational wealth for Balck people.
Regardless of whether you’re currently capable to teach yourself or afford to outsource, remember that Rome wasn’t built in a day and that we all have to start somewhere. Properly marketing your business online
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