Beyond40 Acres & A Mule Marketing to the African American Community
Today’s agenda 1. Background & Demographics 2. Understanding the Culture 3. Key Strategy: Education 4. Branding 5. Moving Forward
U.S. Population • U.S. Population: • 301,668,896 • African American: • 38,521,431 (12.87%) Source: U.S. Bureau of the Census, February 2007
Buying Power • The African American buying power will rise from $316 billion in 1990 to $723 billion in 2007, to 965 billion in 2009. • A 203% increase over 19 years
Key Demographics • Between 2000-2020 more than 80% of the US population growth will be Latino, Asian Pacific Islander or African-American. • African Americans are the 3rd largest ethnic group in the U.S. • By 2010, purchasing power within the African American Community will reach over 965 billion US dollars. • The average age of an African American homebuyer is 36, compared to 32 in Caucasians.
African American Population in US Source: U.S. Bureau of the Census, 2006
2. Understanding the Culture • History & Influences • Generational Differences • High context vs. Low context • Dos when working with African Americans
History Understanding the historical content of practices in housing as it relates to African Americans is an important part of understanding the value and importance homeownership plays within this community.
African American Generalizations African Americans need to feel respected: 72% of African Americans believe race will always be a problem. 66% of African Americans believe the Civil Rights Movement is extremely important to America’s future. 88% of African Americans believe they encounter some form of discrimination on a daily basis or are perceived as ‘unequal’.
African American Generalizations Family Ties Athletic and Artistic Influences Inventors Strong Christian Faith
Multicultural Consumers are Known for Being: High Context • Less verbally explicit communication, less written/formal information • Cognizant of emotion and body language • More internalized and relational method in communication Understand that Multicultural clients will be tuned into the quality of your energy, emotion, and enthusiasm.
Where African Americans look for information about buying a home Word of Mouth Newspaper and Local Radio Community/non-profit housing agencies Church Internet
Barriersto Homeownership? Not knowing where to start Access to reliable information Media Down Play in the Real Estate Market creates more fear in home buying concept
What are some Do’s? • Be authentic & genuine…key to establishing trust • Be aware of unintentional stereotypes • Check for agreement, understanding or concerns by inviting questions • Avoid Assumptions
3. Education • Brochures and websites • Culture competency training • Resources to consider
Implementing Tools forGrowth Websites • Title.com • FNTIC.com • CTIC.com • Ticortitle.com • Housingconnections.org • AAAH.org • Portlandhousingcenter.org • HOWNW.com
At Fidelity National Financial, one of our key Strategy components is the implementation of cultural competency training for all!
Culture competency training • What is that? Why? • Culture • Awareness • Basic Dos • FNF can help you
4. Branding • Relationship building • Media/Press • Key communication mediums
Relationship Building • Trade Associations (for Information and Networking Opportunities) • NAREB – NAREB.org • NAACP- NAACP.com • Urban League- Urbanleague.com • AAAH-African American Alliance for Homeownership www.aaah.org • PMAR’s HomeOwnership Opportunities Committee • African American Chamber of Commerce • PHC-Portland Housing Center www.portlandhousingcenter.org
Media & Press • The Skanner • The Portland Observer • 1480 KBMS (radio station)
5. Moving Forward • 1. Identify goals and objectives (mission and purpose) • Develop a Self-analysis: • What do I have to offer that differentiates me from the competition? • What are the resources I have available? • 3. Market Analysis • 4. Create an Action plan (including deadlines)
FIND A: • Partner • Fidelity National Financial is the one partner and coach that can help you succeed!