Black Is the New Green : Marketing to Affluent African Americans

The general market for luxury goods has become stagnant. Given the new economic reality of the early 21st Century - not to mention the all-important new demographics of the new century - it s bad business to continue to rely on luxury s traditional customer base to support sales, or on tired marketing strategies and tactics. InBlack is the New Greenauthors Burnett and Hoffman show readers how to follow in the footsteps laid down by brands such as Gucci, HSBC, Sony Electronics, and Aston Martin, amongst others, to become successful in a segmentcorporations can t afford to overlook if growth isthe objective. The total number of affluent ethnic households in the United States in now estimated at over 1.3 million, the buying power of affluent African Americans (referred to as AAA s in this book) is currently $87.3 billion. It would be foolish in the extreme not to tap into this rich buying segment, yet that is exactly what the marketing arms of companies do all too frequently. Sometimes this is because the executives in a particular marketing department are unaware of the potential that exists within this segment, sometimes it s because they are baffled about how to reach out to this segment and sometimes it s because they think they lack the money or resources to make a credible effort at adding a whole new segment. And sometimes, unfortunately, it s because they have reached out in the past but their efforts were unappealing to the AAA audience. Black is the New Green will show you how to attract this lucrative market and create brand loyalty and product bonding among affluent African Americans in an affordable and measurable way. Up until now, the affluent African American market has been underappreciated and overlooked. But with a sitting African American president - the time is now to tap into this market and to embrace a constituency that will have a lasting effect on your bottom line. http://www.blackisthenewgreenthebook.com The general market for luxury goods has become stagnant. Given the new economic reality of the early 21st Centurynot to mention the all-important new demographics of the new centuryits bad business to continue to rely on luxurys traditional customer base to support sales, or on tired marketing strategies and tactics. In Black is the New Green authors Burnett and Hoffman show readers how to follow in the footsteps laid down by brands such as Gucci, HSBC, Sony Electronics, and Aston Martin, amongst others, to become successful in a segmentcorporations cant afford to overlook if growth isthe objective. The total number of affluent ethnic households in the United States in now estimated at over 1.3 million, the buying power of affluent African Americans (referred to as AAAs in this book) is currently $87.3 billion. It would be foolish in the extreme not to tap into this rich buying segment, yet that is exactly what the marketing arms of companies do all too frequently. Sometimes this is because the executives in a particular marketing department are unaware of the potential that exists within this segment, sometimes its because they are baffled about how to reach out to this segment and sometimes its because they think they lack the money or resources to make a credible effort at adding a whole new segment. And sometimes, unfortunately, its because they have reached out in the past but their efforts were unappealing to the AAA audience. Black is the New Green will show you how to attract this lucrative market and create brand loyalty and product bonding among affluent African Americans in an affordable and measurable way. Up until now, the affluent African American market has been underappreciated and overlooked. But with a sitting African American presidentthe time is now to tap into this market and to embrace a constituency that will have a lasting effect on your bottom line. (http://www.blackisthenewgreenthebook.com) http://www.blackisthenewgreenthebook.com "Burnett and Hoffman set forth a persuasive argument to marketing decision makers, the media, agencies and entrepreneurs that they must change the way they view African American consumers and a powerful subset within this group, Affluent African Americans. In this book, the authors define the audience (through demographics and psychographics), provide rich historical background for the rise of this community, and then compare the affluent African American market with the traditional affluent American market. Together, this provides a comprehensive look at the rise of this market, detailed data about how this market consumes, and how business can target this untapped source of business"--Provided by publisher. Front Matter....Pages i-xi Introduction: Where the Money Is....Pages 1-18 Corporate Awareness....Pages 19-43 Three Degrees of Separation: Everyone Knows Everyone....Pages 45-80 Meet the Royaltons....Pages 81-97 Insights, Trends, and 360-Degree Marketing....Pages 99-119 Putting Insight into Action....Pages 121-169 Conclusion: Shortening the Learning Curve—Steps to Perfecting a Diversity Marketing Program....Pages 171-185 The Do’s and Don’ts of Marketing to Affluent African Americans....Pages 187-191 Back Matter....Pages 193-207 Cover 1 Title Page 3 Copyright 4 Contents 5 Acknowledgments 6 Introduction: Where the Money Is 10 1 Corporate Awareness 28 2 Three Degrees of Separation: Everyone Knows Everyone 53 3 Meet the Royaltons 89 4 Insights, Trends, and 360-Degree Marketing 106 5 Putting Insight into Action 127 Conclusion: Shortening the Learning Curve-Steps to Perfecting a Diversity Marketing Program 176 The Do’s and Don’ts of Marketing to Affluent African Americans 191 Notes 196 Index 203