A marketing strategy refers to a brand’s overall game plan for reaching target customers and turning them into customers of their products or services. Effective marketing can benefit your black-owned business in many ways. With that in mind, we discuss 5 features to help you plan your marketing strategy for the African American Consumer market.
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Knowledge of the African American Consumer Market
Your target customer should be at the heart of everything when you’re in the planning stage. When you create a marketing strategy for the African American consumer market, you need to anticipate their needs and how you can meet them more than your competitors.
You’ll need to understand their spending power and the type of marketing campaign that appeals to them. This will help make your marketing more relevant and targeted, which increases its chance of success.
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Segmentation
This means dividing the marketplace into segments or parts that are actionable, accessible, definable, profitable, and have growth potential. Black consumers fall into different segments categorized by their needs. You’ll find it difficult to target the entire black consumer market.
Hence, you’ll need to identify the various groups and segments through market research and reports and prioritize each group according to their needs. Segmentation is among the common components that’ll help you plan your marketing strategy when targeting the African American market.
On Amazon, you can find books that teach about how market segmentation works.
Positioning and Targeting
You should aim selling to the group that’ll be most profitable for your black-owned business. To do this, analyze the potential and commercial effectiveness of each group and pick one or two segments with high profitability.
Next, create a product positioning for your chosen segments. You’ll also need to create a marketing mix for each of the market segments.
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Targeting and positioning is a customer-focused rather than product-focused approach to marketing communications. It has consistently helped businesses and brands deliver relevant messages to commercially appealing audiences. Check Amazon for books on targeting and positioning if you would want to learn more about it.
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Promotional tactics
Consider promotional tactics when planning your black-owned business market strategy. You’ll need to evaluate different promotional tactics and identify the ones that’ll resonate more with your chosen market segments.
Regardless of the many business advertising methods available today, try to limit your options to those you think will ensure that your prospective customers know about your business and how it can help them solve their problems.
Product and Service Knowledge
Whether you have an existing product/service or you’re developing a new one, you need to have a clear understanding of what you’re bringing to the market. Your goal here is to understand the problem your business solves and your position in the market.
The 4P’s of the marketing mix can help you in this stage. Here’s what the 4Ps stand for:
- Product
- Price
- Promotion
- Place
With this well-established technique, you can examine your product, price, promotional techniques, and where it’ll be sold. Generally, the 4Ps give you a clear idea of the resources and products you have available when it comes to marketing. For more detailed information on how to use the 4Ps marketing mix to grow your black-owned business, get books from Amazon.
Marketing is the lifeline of every successful business. The five components covered here can help you plan your marketing strategy when targeting the African American consumer market. After creating your marketing strategy, be sure to come up with a plan that breaks down how you’ll execute and measure its effectiveness.
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