Bridging the $300 billion divide: Mining the gaps with Black consumers

Room 3 | 12:00 pm - 12:30 pm | Thursday, February 29, 2024

Most brands unknowingly leave revenue on the table that is more accessible than any new-product launch will ever be. That opportunity lies in closing their gaps with Black consumers. Dawn will equip you with three crucial data points to identify low-hanging fruit for your business today. Learn to build a compelling business case supporting or challenging a plan to close these gaps. Gain insights into crafting hypotheses, overcoming team hesitancy and understanding the socially responsible and cost-effective nature of this growth strategy. An inclusive growth strategy may be your easiest path for short- and long-term growth.

According to McKinsey, closing the accessibility and relevancy gaps with Black consumers would represent about $300 billion added to the U.S. economy. That gap, as it turns out, is not isolated to just a few categories. In fact, most brands are leaving opportunity (i.e., money) on the table. In this talk, Dawn will provide you with the three key data points you can pull today to identify the low-hanging fruit for your business. She will talk about how to build the business case to support (or not support) a plan to close gaps with Black consumers. And, she’ll give you the clues that can indicate how easy or difficult it could be to close those gaps – before investing in thousands of dollars of research.

• Learn how to craft hypotheses about these gaps and what to do if your team feels ill-equipped to go after this target.
• Leave this session buzzing with excitement about the prospect of closing gaps and increasing sales.
• Discover the compelling case for why investing in mining the gaps is not just socially responsible but also a remarkably cost-effective growth strategy.

In a landscape where businesses are vying for attention, find out why unlocking the potential of Black consumers can offer unparalleled returns compared to conventional growth strategies like developing new product offerings. Don’t miss your chance to uncover how an inclusive growth strategy can uncover the opportunities already waiting for your brand.

Key takeaways:

1. What are the three most important data points you should pull today to help you identify and quantify the negative and positive gaps stemming from Black consumers?
2. What are the clues that may indicate if these gaps require major or minor investments to close – before investing in market research?
3. How do you design and analyze research with Black consumers most effectively, inclusively and efficiently to close the gaps?

Best Practices Consumers Presentation by Supplier