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Target Market News has introduced Black Business Chicago, a new monthly which will spotlight news and features on Chicago's African-American businesses, corporate executives and local economic issues. The publication will also be supplemented by a Web site, blackbusinesschicago.com, that will provide updated coverage of relevant business news on a daily and weekly basis between issues of the monthly print publication. Click for more ____________________________________

Buying Power report: Blacks spend as economy grows
New 16th edition shows $507 bil in spending



The finding comes from the 16th annual edition of "The Buying Power of Black America" report. In 2009, black households spent an estimated $507 billion in 27 product and services categories. ...

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Rainbow PUSH, R.L. Polk hold forum to share automotive data with Black media

(May 22, 2012) The Rainbow PUSH Automotive Project in conjunction with R.L. Polk recently held a forum entitled, "Automotive Connections 2012 - Connecting Media, Cars and Diverse Consumers." The session was created specifically to provide ethnic automotive data information to African American and Hispanic media outlets. Officials at Rainbow PUSH want the data to be accessible to consumers as part of their mission to create more economic opportunities and fairness in the auto industry.

The forum was held at the Southfield, Mich. headquarters of Polk, a premier provider of automotive intelligence, marketing solutions and vehicle history information used by automotive companies. Polk's diversity data showed ethnic media outlets how to make the connection between diverse market segments and automotive buying power; automotive marketing spend and true market share potential; and, data accessibility and targeted campaign development.

"As the ethnic marketplace is growing, it is imperative that we have data that is fair, unbiased and credible, and that we have a relationship with Polk, the automotive industry's data source," says Glenda Gill, executive director, Rainbow PUSH Automotive Project.  "This forum will enable us to have the same information as it relates to the ethnic market share in the automotive industry among all brands."

Advertising is one of the most important measures of a company's relationship with Black consumers.  It is the largest amount of money annually invested by entities in the Black community.  However, of the $263.7 billion spent annually on advertising within the nation, less than 1 percent is used to target African American consumers.  Despite the fact that Black buying power, according to the 2011 U.S. Census, is estimated at around $913 billion.

The top 15 automotive brands realized greater growth within the ethnic community than they did overall, according to Polk.  In 2011, 21 percent of new vehicle purchases were from ethnic consumers generating approximately $52 billion in gross revenue among automotive companies.  And, in 2012 automotive ad spending is expected to increase nearly 14% to $30.8 billion.  Marc Bland, head of Diversity & Inclusion, Polk, says, "The forum was intended to arm ethnic media outlets with the information they need to realize their true market share potential and grow their automotive advertising businesses with automotive companies and dealerships." 

In July, 2010, the Rainbow PUSH Coalition, announced the creation of the Marketing & Media Project to coordinate the organization's activities and initiatives within the advertising and media industries.  "Current economic factors have put these businesses in peril because Corporate America has ignored the unique expertise they possess, while discounting the bottom-line significance of the consumers they represent," says Gill. 

"At Rainbow PUSH, we are here as advocates to focus on corporate reciprocity of ethnic consumers, agency representation, and ethnic marketing and advertising spend in connection with consumer products," Gill continued. "Ethnic-owned media outlets and agencies are more connected to the communities they serve and provide a trusted voice to the ethnic consumer.  We believe, when the goals are clear and the playing field is level, everybody wins."

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