What is the population of black people in the UK? Easy question. 1.8million!
What is the spending power of black consumers in Britain? Another easy question. A gigantic £300 billion according to data compiled by the Institute of Practitioners in Advertising (IPA)
Number of businesses owned by black people in the UK? Good luck!
What makes the £300 billion industry a tricky sector for new entrepreneurs and businesses is the lack of accurate and up to date data to make smarter business decisions.
Back in March 2015, we wanted to know what areas black businesses need to improve significantly for growth. Not just from our perspective but from a much wider audience. We did a quick search on Google but didn’t find any concrete result. Of course, there are widespread speculations about what black business are doing wrong, however in the world of business and decision-making, we needed a concrete data to guide us.
So where do we begin?
As a marketing agency that is focused on helping entrepreneurs and black-owned businesses in the UK grow their revenue, we owe it to our community to produce data that shows insight and trends.
We targeted 760 people living in London, and asked a single question: “As a customer, what area within African Caribbean businesses needs significant improvement?” Possible answers are;
- Customer service
- Expertise and skills
- Marketing and advertising
- Quality of product/service
- Presentation and packaging
We took advantage of Google Consumer Survey platform to reach a wider audience and to get speedy response. Take a look at the infographic below, it reveals five key areas black-owned businesses need to improve on significantly.
What can you do with this data? Do you need to work on improving your customer service? For instance, did you know that the level of customer service you give directly impact your bottom line?
Does this data reflect your own view of black businesses in London? Let’s chat in the comment below.
(Pictured: City of London skyline)