The Cause

The State of the African-American Consumer Report found that black buying power is projected to reach $1.1 trillion by 2015

Over a five year span during this decade, the number of Black-owned businesses in the U.S. increased by over 60% to nearly 2 million, more than triple the national average. However, while the number of Black-owned businesses increased, many of these businesses remained insignificant in revenue generation. Upon further research it was also noted that over 80% of these businesses during this time frame earned less than $50,000 year in receipts on average.

A recent study suggests black spending to surpass the 1 trillion dollar mark within the year. Even more concerning is that with this astronomical level of spending, less than 10% of that amount will be spent within the Black community. Now, more than ever, it is imperative that Black-owned businesses invest in as many ways to diversify its promotional message. In order for Black owned businesses to obtain a sustained level of profitability and relevance, especially within the Black community, brand promotion has to become a significant priority. In addition, this investment allows Black owned businesses to market their products and services to existing customers while being positioned to introduce products and services to new markets.

Blocally facilitates economic development within the Black community and the potential for Black owned business revenue growth by enhancing the connection between Black owned businesses and its consumer base.