Attracting and engaging consumers paves the road to sales and revenue for companies. Of these consumers, one segment, in particular, will represent more than 50% of the total consumer base within the next 20 years. For companies focusing on younger consumers ages 18-29, this consumer will be more than 50% of all consumers in less than ten years. Chances are, your company, like most, doesn’t understand these consumers despite the significant impact they will have on your company in the future. So, how do you gain insight into an audience with so much potential yet no relationship with your brand? Would you turn to a company focused solely on this consumer or one with a department, or more realistically, a person that heads up a division within a large organization?
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Since we’ve launched our Minority Owned B2B Online Panel, I’ve heard that question a lot. What’s so different about minority-owned businesses that we need a separate panel for them? There’s an assumption that your client doesn’t need to include minority-owned business sample in their research because the standard B2B sample fairly represents the business landscape. That’s simply untrue. Minority-owned businesses certainly share similarities with general market businesses. However, minority business owners face unique challenges that may have a negative impact on their ability to fully scale their businesses.
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Hispanic And African-American Business Owners Concentrate In Top 10 Growth Industries Total Market and Multicultural sample have reached critical mass in the sample industry. The need for minority B2C sample continues to increase, and more panel companies are including minority sample as part of their recruitment efforts. Despite the increasing demands for minority B2C sample, minority B2B sample is an almost non-existent request.
Minority-Owned Businesses represent 33% of Small Businesses but are underrepresented in B2B Online Panels. Business-to-consumer sample providers have embraced the importance of including minority samples when conducting studies in the U.S. However, when we look at business-to-business sample providers, the inclusion of minority B2B online sample has yet to experience mainstream adoption. This exclusion is particularly troubling because 33% of small businesses across the U.S. are minority-owned.
Minority Business Sample Is Critical For Representative B2B Projects Minority-owned businesses are growing at a staggering rate in the U.S. They now represent over 33% of small businesses. This should come as no surprise to people in the market research industry as, demographically, the country has been changing for the past several decades. And because of this, as researchers, we know that we should be incorporating Minority Business sample into our sample-only studies.