Issue link: https://digital.copcomm.com/i/187632
•pg_13-27__BMT_pg3-58 9/25/13 1:08 AM Page 24 WOULD YOUR BOSS FIRE YOU BY MICHAEL BENNETT Q uestion: How can any company ignore a community whose purchasing power is rapidly approaching $1.1 trillion? It's a question that has baffled me for years. A true capitalist couldn't possibly leave that much money on the table could they? Evidence suggests businesses, including travel and tourism operations are largely ignoring the African-American market. Some don't want to spend marketing dollars on Black consumers. Others simply don't put forth the effort. And still others fall prey to sonnel costs down,) resort fees and rising room rates. This is not capitalism run amuck, or the "greed is good" crowd of Gordon Gecko. These hoteliers have genuine concerns about maintaining or reducing costs and increasing revenues. Destinations are a little subtler in their approach, but the objective remains the same, drive those visitation numbers up, thereby increasing revenues and hopefully profits. The solution to shareholder financial demand is so simple it boggles. Here's the answer to increased "If advertisers would spend more marketing directly to African-Americans, almost all of it would go to the bottom line." IF SHE KNEW YOU WERE LEAVING SO MUCH MONEY ON THE TABLE? 24 advertising agencies that shun African-American consumers – more on that in a minute. Travel, tourism and hospitality should be global leaders in diverse consumer marketing. It's an industry that historically operates on thin profit margins. Think I'm kidding? Go to a hotel investor conference. Much of the conversation is about revenues and profits – increasing RevPar (revenue per available room), higher occupancy rates, cost reduction, (translation keeping per- B M & T ••• September/October 2013 ••• www.blackmeetingsandtourism.com financial prosperity – ready for it – try marketing to African-Americans. If the African-American market were a stand-alone country it would rank among the top 20 largest economies in the world in terms of purchasing power. According to Nielsen's 2012 report; AfricanAmerican Consumers: Still Vital, Still Growing: the number of Blacks in America reached 43 million, approximately 13.7 percent of the U.S. population. Since 2000, the total U.S.