According to Stat’s Canada, Canada’s Black population is expected to reach 5.6% by 2036. As the population increases, Canadian marketers must strive to represent these communities in ways they have not in the past.
Below are THREE reasons why marketing to these communities is effective and profitable.
Increased Market Size
Source: © Black Enterprise
As a marketer, knowing your market size is critical to target your consumers. Canada has seen a large increase in the Black population from, 573,860 in 1996 to 1,198,540 in 2016.
Knowing this data is crucial for marketers, as the Black population is expected to increase to 5.6% of Canada’s population in 2036. Currently, Black people make up around 3.5% of the population. Providing marketers relevant and authentic data 365 days a year is essential when targeting this market effectively.
Influence On The Market
Source: © The Nielsen Company
Undoubtedly, the Black communities have a large impact on the current market. The figure above highlights the buying power the communities have on specific markets.
According to Cheryl Grace, Senior Vice President, U.S. Strategic Community Alliances and Consumer Engagement, Black consumers create what is known as a “Halo Effect” on products and companies. By creating products and advertisements that appeal and represent the Black communities, it allows marketers to reach a niche market that can improve a company’s current position.
Having influencers who are actively working in the community helps marketers be authentic with their approach and shows they respect and are willing to empower Black culture. With over 125+ BIPOC creators, VX3 Exchange speaks for the community from an executive level.
A Niche Market
Source: ©The HBCU Foundation
Just like a pair of jeans, one size does not fit all, especially when targeting a niche market like the Black communities.
Niche marketing then becomes important as it assists marketers to position themselves as specialists within the market and allows them to stand out in the crowd. When targeting a large group, like the general population, it is easy for the message to be lost, especially when the service or product does not appeal to the whole market.
The Black communities have been fighting to be heard, represented and appreciated within the world of marketing and advertising. This is a great opportunity for marketers to hear the voices of the Black Canadian population. Utilizing niche marketing will enable businesses to reach this untapped market and have the opportunity to be leaders within their target demographics.
At VX3 Exchange, we understand our market because we are our market. Supplying authentic data 365 days a year, we can help manage the process every step of the way.
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