Atlanta, GA (PRWEB) October 5, 2007
BRANDiosity announced two new B2B brand growth services to help companies seize opportunities from the growing number of businesses owned by minorities, and to help consumer packaged goods companies seize opportunities from retailers targeting minorities. These services incorporate new methodologies which are based on the firm's experience developing channel, consumer and multicultural strategies for numerous global brands.
Minority Owned Businesses Dominate
Currently 60% of all businesses are owned by minorities, and according to BRANDiosity, most Fortune 1000 companies do not have strategies in place for these businesses. There are currently over 13 million minority owned firms in the US which generate over $2 trillion in revenues, more than the GDP of Canada and Mexico combined. These are firms owned by women, Hispanics, African Americans, Asians, Gays and Lesbians, and other minority groups. "If you are in the financial services, package delivery, telecommunication, tax preparation, computer, software, transportation or any business product or service sector you cannot continue to ignore this huge opportunity," said Juan C. Garcia, BRANDiosity's Chief Know Your Brand Officer.
In an effort to help B2B firms, BRANDiosity has created a Minority Owned Business Strategy service which will help companies seize minority owned business opportunities. The approach is grounded in proprietary research which is conducted specifically for a client. The first module quantifies the current financial worth that the various minority owned business segments represent for a company's business. The second module quantifies the potential upside that each segment could represent. The third module takes a number of factors into account to prioritize opportunities including: the size of the opportunity, the affinity each segment currently has for the company's value proposition, internal company capabilities, and the total cost to serve the segment. Once the opportunities have been prioritized, BRANDiosity works with clients to develop marketing plans and specific marketing initiatives.
Explosion of Retailers Serving Minorities
Another significant change is the explosion in the number of regional retail chains focused on serving the needs of specific minorities, especially Hispanics and Asians. According to Sean Martin, BRANDiosity's Chief Grow Your Brand Officer, "there are midsized regional supermarket chains that control a large part of the all commodity volume for a specific segment. While companies develop retailer strategies for the larger regional or national supermarket chains or discounters, we have found that they underserve the growth retailers focused on Hispanics and other minority segments." In Los Angeles there are at least four independent chains that have over 100 supermarkets targeting Hispanics. These are 30,000 to 50,000 foot stores with bakeries, juice bars, and butcher shops, and have more foot traffic than Vons or Safeway. This is not just a California phenomenon; these multi-unit, minority focused retailers can be found in Texas, Florida, Chicago, New York, and many other markets.
The other related change is that many of the larger national retailers are re-classifying certain stores as ethnic stores. For example, Wal-Mart has over 200 Hispanic designated stores in the US. These stores are adjusting their assortment to appeal to the specific consumer segment they are serving. Wal-Mart in particular is being very aggressive in activating its "Store of the Community" strategy in its Hispanic stores.
BRANDiosity's second new service, Minority Retailer Strategy, will allow consumer packaged goods companies to increase their satisfaction with retail customers focused on specific minority segments, and drive volume for their brands by understanding and satisfying those customers' needs better than other companies. The first step is assessing the company's current consumer and retail strategy to ensure that all activities align with the company's overall strategy. The second step involves identifying the specific service elements at both the headquarters and store level via one on one customer interviews. The next step involves quantifying the importance of each of those service elements and quantifying the company's performance vs. other manufacturers as well as the best in class manufacturer. Finally, based on the specific needs of each customer and how the company is delivering on those needs, a short and long-term plan is developed with specific objectives and goals tailored to the client's current reality.
BRANDiosity, based in Atlanta, is a brand growth firm focused on helping companies identify, prioritize, and seize untapped growth opportunities from the multi-segment marketplace. For more information please contact Juan Garcia at 404.509.2209; http://www.brandiosity.com.