How valuable is the black dollar? Apparently it carries enough weight to form a consortium highlighting the influence and validity of spending power of African Americans. The Black Media and Marketing Consortium is comprised of over 20 media and marketing companies, including BET Networks, Black Enterprise, Radio One and Johnson Publishing Company. In order to have a greater increase in investment in the African American community, these companies are coming together, combining their resources and strengths.
As it stands, African Americans have buying power of almost a trillion dollars. According to the official press release (areyouintheblack.org), if African Americans were a country, they would represent the 16th largest economy in the world (slightly smaller than Canada but larger than Australia) – Nielsen 2011 State of the African American Consumer. That means African Americans represent over 42 million consumers.
#InTheBlack is a ground breaking campaign. It will highlight companies that are doing a great job supporting and working with African American communities. Through the power of media, #InTheBlack is making sure that African Americans voices are being heard, properly represented and the value of their dollar is respected.
Over the past several years, we have seen an increase in African Americans in commercials. Car companies, cell phone providers, fast food chains, even cosmetic companies have black representation. Why? Because the African American dollar speaks, and quite loudly. During economic hardships, money is still going to be spent. Companies are vying for each sale. They need to make sure they are strategically targeting consumers.
African Americans have made strides in not just education and salary, but also in entrepreneurship. As of now, who is the highest grossing actor of all time? Hint: An African American male that hosted the 2012 BET Awards . So, YES the power of the black dollar is worthy of recognition, respect and proper marketing.