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By Marsha Calloway Campbell
Specifically, the way to understanding African-American professional women's financial needs is through market research (focus groups, online interviews, one-on-one interviews, executive roundtables, and surveys). Market research will impact marketing decisions by providing an in-depth understanding of the needs, wants, insights, paradigms, barriers, and culture of this audience. The general market approach cannot necessarily be transferred to this market. The better a company understands this particular target, the more effective its marketing strategy will be.
One of the best approaches is to choose one or more geographic areas in which to conduct qualitative research. Working with a market research company that has expertise in talking to African- American consumers will aid in a successful research project. Our company has assisted numerous companies in many different industries (consumer products, financial services, banking, Internet, and utilities) in developing and implementing the marketing campaigns to this particular segment. This process will enable you to listen to these consumers - to listen to their experiences and their passion.
The following examples of what you might learn about this market and their culture are based on my professional experience:
Companies must be genuine in their desire to market to this segment; they cannot be patronizing and they must be sincere.
Word of mouth is key, and networking is a priority in the culture.
African-American professional women want to work with companies that give back to the community and have a community presence. They will be loyal if the company is perceived as having a vested interest in this market and their well-being and if the company is perceived as one that cares and can be trusted. They want to be valued and respected; they want to spend money where they're respected and recognized.
African-American professional women generally are spiritual and family-oriented.
This market wa\nts to see African Americans represented in advertisements for products.
Through market research, many questions will be answered, and the most effective overall advertising strategy will be identified. Once the findings have been obtained, a marketing campaign must be executed. The campaign strategy should focus on brand establishment, user development, and loyalty building.
A successful, attention-grabbing campaign could be executed by using traditional media as well as those that primarily attract African Americans. For a media campaign, choosing how African- American professional women would want to hear what a company has to offer will be crucial to the campaign's success.
Based on my experiences, opportunities are numerous for starting a marketing program that targets African-American professional women. Advertising can be considered in many media, such as magazines (Ebony jet, Black Enterprise, and Today's Black Woman); urban radio stations; and Black Entertainment Television (BET). Educational and informational articles by companies offering financial products and services can be placed in black publications and journals, such as The Network Journal
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