How Black Women-Owned Brands Are Breaking Ground
The most overburdened and undervalued company executives, undoubtedly, are female entrepreneurs. They are more likely than male counterparts to experience burnout and over 48% of them say they struggle with the high expectations of being an owner. Women of Color started 1,625 of the 1,817 new enterprises that women founded in the U.S. over the last year, or 89 percent (1,625) of all entrepreneurs. In fact, the number of Black women-owned companies increased at the greatest pace of any demographic between 2014 and 2019 as well as between 2018 and 2019, according to the State of Women-Owned Businesses Report.
Women-owned black business entrepreneurs define community as belonging to one's tribe. Black women-owned businesses fully embraced this concept via their marketing initiatives. They showed awareness of the fact that many of their consumers haven't felt recognized by many other businesses therefor they focused on a target market that is predominately made up of Black women. A lot of Black women-owned businesses centered the design of their websites on this subject, emphasizing the importance of community and how their goods were created with users in mind. By introducing the business owner to your tribe, they can add value to them and make the community feel a sense of loyalty towards the brand. For a better connection, get feedback from the Tribe, prior to releasing a new line or product.
Many Black women customers believe they have been overlooked in the mainstream market for everything from hair care and cosmetic products to home goods and technology. Despite having a sizable percentage of the $1.2 trillion in Black consumer spending power, black women believe their voices (and their money) are equally unimportant. The new wave of Black women-led brands have found success, because they listened to their tribe and provided them with what they actually wanted rather than what they assumed they wanted. These Black women-owned businesses expanded their market share and rose to the top of their respective industries and product categories by having physical locations.