Black businesses may be missing a trillion-dollar-plus fortune by not increasing efforts to sell goods and services to their own culture, entrepreneur and digital marketing expert Lamar Tyler suggests.
What is most stunning is the unrealized amount of money Black businesses may leave behind by not tapping into that market. “Black buying power was $1.4 trillion in 2019, based on the Selig Center for Economic Growth, per CNBC. That amount is reportedly higher than Mexico’s gross domestic product and is predicted to swell to $1.8 trillion by 2024.”
“That means there is massive opportunity for companies and brands that cater to the needs of this community, Tyler told BLACK ENTERPRISE. “Who better to identify what those needs and gaps are other than Black business owners?”
SO, THE KEY IS FINDING THE COMPETITIVE ADVANTAGE FROM THE BLACK CULTURE. TYLER OFFERED INSIGHTS ON HOW BLACK ENTREPRENEURS CAN LEVERAGE BLACK CULTURE WITH THEIR BUSINESSES, MAKE IT A PROFITABLE ENDEAVOR, AND USE IT AS PART OF THEIR MARKETING MIX TO REACH CUSTOMERS.
“Everyone thinks it’s OK to target Black consumers except Black business owners,” Tyler explained.
“If you want to take a bite out of that $1.4 trillion, you should go after it.” And with the current cultural climate, Tyler pointed out Black consumers are looking for Black-owned brands to support and bring into their homes. He says now provides a better opportunity for Black entrepreneurs to achieve that than in previous times.
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SOURCE: Black Enterprise, Jeffrey McKinney
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