In the past year, the value of community and the movement to “support local” have become more prominent than ever before. As post-pandemic recovery efforts continue, consumers want to see their communities thrive, and they know that buying locally is key to that growth. In a recent study, most consumers reported that they buy local in order to provide support to their local community and local economy.[1]
However, multiculturally-owned businesses face disproportionate challenges. Between February and April 2020, Black-owned businesses declined by 41 percent, while white-owned businesses declined by only 17 percent. Even under normal circumstances, eight out of 10 Black-owned businesses fail within the first 18 months.[2]
At Spectrum Reach, we believe that businesses thrive when communities connect. We have always been champions of small businesses, dedicated to helping them connect with their target audiences in their local communities and beyond. With a presence in more than ninety markets, we live and work in the communities we serve. And we know that diverse-owned businesses are a vital part of those communities.
Doing Our Part to Connect Communities
In the fall of 2020, Spectrum Reach embarked on an ambitious endeavor focused on connecting communities and expanding our company’s support of small businesses. This year, our efforts continue as
we commit to reaching, investing, and providing resources to help local businesses and communities thrive. As part of the Connecting Communities initiative, Spectrum Reach has committed $15 million to the Pay It Forward program to support diverse-owned small businesses in their efforts to rebound by offering free advertising and marketing resources through partnerships with local chambers and multicultural associations in more than fifty markets.Selected businesses will benefit from the full power of Spectrum Reach’s advertising expertise, services, and products, enabling them to expand their marketing efforts and create greater connections with their customers.
Key benefits for selected businesses include:
- Free, dedicated support from a local Spectrum Reach sales representative
- Three-month optimized TV schedule using our award-winning AudienceApp media-planning tool
- Access to entrepreneur webinars and exclusive local events
- Complimentary customized Waymark commercial to promote their business
In addition, the “Pay It Forward” Speaker Series will offer unrivaled access and insights from celebrity entrepreneurs on overcoming challenges and actionable advice on accessing resources to grow their business.
“Pay It Forward” was launched in collaboration with the US Chamber of Commerce and local Black chambers of commerce and Hispanic chambers of commerce in order to amplify and reach minority-owned businesses across the U.S.
By connecting communities, we will continue to rebuild and grow together.
This is a sponsored article by Spectrum Reach.
Spectrum Reach provides data-infused marketing and advertising solutions for businesses of all sizes. We help businesses find new customers and reach anyone, anywhere, on any screen. Spectrum Reach is your trusted neighbor and one-stop shop. Grow your business with the best insights, content, products & people. Learn more at Spectrumreach.com
[1] Source: “Consumers Want to Support Their Local Economy by Supporting Local Businesses, According to a Survey by ZypMedia,” May 28, 2020.
[2] Source: Green, Dymond, “Why Black-owned businesses are struggling to stay afloat,” CNBC, February 3, 2021.