Ad Agencies Can Help Reduce Racial Wealth Gap in America—Here’s How

  Rassegna Stampa, Social
image_pdfimage_print

Don’t miss ADWEEK House at Cannes, June 16-19. Join us as we celebrate our 45th anniversary and explore the industry’s now and next. RSVP.

In 2018, a Black-owned small business accomplished an incredible feat on Black Friday by selling $1 million of cosmetics in less than 90 minutes. The Box of Crayons product was also featured on Oprah’s Favorite Things list… twice. Founder Raynell “Supa Cent” Steward has since built a $50 million cosmetic brand without traditional marketing support.

While Steward’s success isn’t rare in the age of social media, it’s not the norm, especially for Black-owned brands.

Growing up in Inglewood, Calif., I would take walks with my mother and sister to our local beauty supply store to purchase anything from shampoo to hair oil to rainbow-colored beads for our braids. We’d then stop by the local ice cream shop and pick out our favorite flavors for the walk home.

These businesses served our community but weren’t a reflection of the community. These store owners invested our money into their neighborhoods, miles and miles away.

If I were to take that same walk today, I’d now find a Black-owned beauty supply store, ice cream shop, and a host of other Black-owned small businesses. While these businesses are creating new jobs and opportunities for the community, there is work to be done to ensure they receive the support needed to be successful in the face of gentrification, elimination of institutional diversity initiatives and other economic pressures.

Here’s how ad agencies can help.

Related video

Build with the business

As marketers, we develop strategies that help companies amplify messages, increase market share and drive sales. Our work creates connections and longevity for the world’s biggest brands.

These skills are invaluable, and it’s one of the many reasons why Deutsch LA created Blackness in Full Bloom, its free brand-building program for Black business owners.

Since 2020, Deutsch LA has provided local entrepreneurs with the tools and resources necessary to grow their brands. At a time when DEI commitments are under siege, Deutsch LA has reinforced its commitment by entering into its first partnership with Pharrell Williams’ Black Ambition, a nonprofit committed to closing the opportunity and wealth gaps through entrepreneurship.

Pagine: 1 2 3