Sponsorships and partnerships have proven to be beneficial in targeting this market. This arrangement enables the company name to be ever-present within the organization. For example, sponsorship in the Professional Women of Color organization would allow a company to: display the company logo on tables at events; place ads in the organization's magazine; display its name and logo on press releases; present products and services to membership; obtain a full list of event attendees; mail company promotional materials to mailing list; and link the company Web site to the organization's Web site. Festivals, cruises, award events, and sporting events also present opportunities for sponsorship. Partnerships can be created with women's groups in African-American organizations such as the Urban League, NAACP, national black sororities, the Links organizations, and the Jack and Jill of America.
Additionally, conferences and trade shows are prime venues to target this market. Company booths and exhibits can be placed at conferences held by churches, Black Enterprise, African-American chambers of commerce, and AfricanAmerican professional organizations.
Numerous Web sites exist that were created by AfricanAmerican women. Most of them have a financial or money channel. Information is shared daily with countless women of color who are visiting the sites. A financial company could collaborate with these sites and offer financial tips. The company would become part of this network. Many of these sites host workshops and forums to exchange information regarding topics that are relevant to African-American women. Such Web sites include www.bcw.org (Black Career Women) and www.aawot.com (African-American Women on Tour).
Additionally, African-American financial and investment organizations exist and can be partnered with to reach the maximum number of consumers. Investment newsletters and other investment opportunities include Black Women Investment Corp., which publishes Wall Streetwise Investment Newsletter; Money Counsel, Inc., a financial planning firm owned by African-American women; Coalition of Black Investors (COBI), a 7,000-member economic network, founded to improve financial literacy and foster communication among African- American investors; the Association of African-American Financial Advisors (AAFA); Black Enterprise Investment Clubhouse; and the African-American Women's Network, which sponsors investment/ retirement planning boot camps.
After the marketing campaign has been initiated, the key to retaining customers and growing this segment is to focus on retaining and building consumers by using solid, ongoing public relations strategies. Letting AfricanAmerican professional women know that a company is committed long-term to programs will increase loyalty. Focusing on establishing a continual presence and a consistent, positive image will prove to be extremely important in growing business with this market. Make it a goal to establish programs that are win-win. Focus on establishing training programs that educate these consumers about financial and investment news.
In general, African-Americans want to be valued and respected; therefore, marketing to this segment must be genuine in order to avoid insulting campaigns and running the risk of alienating these consumers. Recognizing their intelligence and independence is key to winning loyalty and trust.
To aid in effectively creating advertising that is compelling to African-American professional women, one should attempt to understand them. Market research shows that these women are investing in themselves, in their families, and in their future. In this culture, empowerment and knowledge are desired. It is felt that education empowers people to build their future and to recognize opportunity: "Knowledge is power." It must be recognized that spirituality is key and an integral part of success and helps define the African-American professional woman.
If you understand the root of this thinking, you can implement programs that do not offend but that compliment this mentality and form mutually satisfying relationships that fill the needs of this sometimes-ignored market segment.
Article courtesey YellowBrix, Inc.
About the author: By
Marsha CallowayCampbell, J. D. President. Eitre Consulting Enterprise, Inc.
