The document discusses the aspirations of South Africa's black middle class. It profiles members in terms of their demographics, income levels, and occupations. It then shares quotes from black middle class individuals on their personal and familial aspirations, which range from career goals to business ownership to providing opportunities for loved ones. The document also examines how the black middle class funds their aspirations, through saving or loans, and trade-offs they experience. It provides examples of advertising campaigns that have effectively or ineffectively connected with this segment's aspirations and advises brands on understanding and representing the black middle class.
Vishal Talreja, cEo & co-Founder, Dream a Dream
Dream a Dream has successfully engaged hundreds of volunteers over the past several years. Vishal will share how you, too, can turn one-time volunteers into advocates for your organiza- tion and change-makers in their communities.
Navigating Politics, Entrepreneurs, and Bureaucracy: The Path to Creating a M...Sean Griffin
Creating entrepreneurial programs that connect with entrepreneurs and the local community and meet the goals and objectives of community colleges is a fine art. Identifying community college champions willing to drive the engagement of entrepreneurial and business leadership is an essential component to growing local entrepreneurs, startups and increasing entrepreneurial brand recognition for the community college.
With this presentation I want to help to create own presentation to other students which need to know more information about woman entrepreneurs or business women
Done by a student of Caspian State University of Technology and Engineering
Vishal Talreja, cEo & co-Founder, Dream a Dream
Dream a Dream has successfully engaged hundreds of volunteers over the past several years. Vishal will share how you, too, can turn one-time volunteers into advocates for your organiza- tion and change-makers in their communities.
Navigating Politics, Entrepreneurs, and Bureaucracy: The Path to Creating a M...Sean Griffin
Creating entrepreneurial programs that connect with entrepreneurs and the local community and meet the goals and objectives of community colleges is a fine art. Identifying community college champions willing to drive the engagement of entrepreneurial and business leadership is an essential component to growing local entrepreneurs, startups and increasing entrepreneurial brand recognition for the community college.
With this presentation I want to help to create own presentation to other students which need to know more information about woman entrepreneurs or business women
Done by a student of Caspian State University of Technology and Engineering
The Marketer's Dilemma in Today's Global Digital Era - Liesl Leary and Henry ...SDL
Liesl Leary, Product Marketing Director at SDL and Henry Barfoot-Saunt, SVP Northern Europe Sales at SDL present at SDL Connect, Palo Alto, November 2016.
21 Things you MUST know about Your Customer.Libby Spears
I developed this for the ACCE conference in OK City as a follow up to my presentation "Selling the Intangible". Whether you work for a Chamber of Commerce or not, this applies to anyone who sells a product or service. And let's be honest: we are all in sales.
What are young people really looking for from their financial institution?
Gen Y, Millennials, Net Generation, Echo Boomers, Generation Next—no matter what label you give them, the fact is, credit unions are failing to attract the next generation of members. There is a decade-plus age gap in credit union industry. While the average age of a North American is 37 years old, the average age of a credit union member is almost 50. Credit unions are not replacing maturing depositors with young borrowers fast enough. But your credit union doesn’t have to fade into the history books. Learn how your credit union can understand and connect with young adults.
The Marketer's Dilemma in Today's Global Digital Era - Liesl Leary and Henry ...SDL
Liesl Leary, Product Marketing Director at SDL and Henry Barfoot-Saunt, SVP Northern Europe Sales at SDL present at SDL Connect, Palo Alto, November 2016.
21 Things you MUST know about Your Customer.Libby Spears
I developed this for the ACCE conference in OK City as a follow up to my presentation "Selling the Intangible". Whether you work for a Chamber of Commerce or not, this applies to anyone who sells a product or service. And let's be honest: we are all in sales.
What are young people really looking for from their financial institution?
Gen Y, Millennials, Net Generation, Echo Boomers, Generation Next—no matter what label you give them, the fact is, credit unions are failing to attract the next generation of members. There is a decade-plus age gap in credit union industry. While the average age of a North American is 37 years old, the average age of a credit union member is almost 50. Credit unions are not replacing maturing depositors with young borrowers fast enough. But your credit union doesn’t have to fade into the history books. Learn how your credit union can understand and connect with young adults.
This was a four-hour workshop presentation delivered by Tim McAlpine at the National Youth Involvement Board 2013 Annual Convention in San Diego on July 29, 2013.
Synopsis: Not only are your credit union members aging, but so are your employees. Learn to connect with young adults and discover what makes Gen Y and Z tick. In this session, Tim McAlpine discusses what young potential members really look for from their financial institution, including which products, services and technology your credit unions needs to remain relevant. This presentation also looks at your credit union staff to figure out how to attract and engage the next generation of leaders. The session is capped off with an in-depth look the Young & Free Marketing Program filled with ideas to inspire your own young adult marketing.
The world is changing and the job force is changing with it. In today’s dynamic global economy, the most successful enterprises aren’t looking for workers who know a lot about only one thing. They are seeking employees who are nimble, curious and innovative.
The work done by lower-level accountants, computer programmers, engineers, lawyers and financial analysts is already being outsourced; soon it will be done by computers. The good jobs of the future will go to those who can collaborate widely, think broadly and challenge conventional wisdom — precisely the capacities of an entrepreneur. Kyle is sharing his journey and will illustrate the importance of developing an entrepreneurial mind-set. It's not about thinking about the first job, but a lifetime of jobs.
For further information, visit our website at ma2017.mymagic.my.
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Business Model Validation course at 30 Weeks, the Designer-as-Founder Incubator in NYC focus on finding business model potential, individual founder motivations, and qualitative and quantitative validation
2. WHO ARE THEY?The new kids on the
block
Live in households
making between 15k
-50k
Own a car and at least
pay 4k towards a
house
Have a degree and
work in a white collar
job
4. “I want to qualify as a
lawyer”
Siya, 26
“I want a bigger home for my parents” Siya
,26
“I wanna be successful and have more than one
source of income” Denzel, 24
“I want to be in the Mail
& Guardian’s top 200
young South Africans”
Sandile,26
“I want to live a debt
free peaceful life”
Thandiswa, 50
“I want money to work
for me and not work for
my money”
Vuyiseka,37
“I want my kids to have the best education that
will enable them to be successful in life”
Vuyiseka, 37
“ I want my siblings to own their
businesses instead of being
employees” Vuyiseka, 37
“I would like to become an innovator in the social
entrepreneurship space. There is something
encouraging about making a difference in
someone’s life and this is what I feel would make
my life worthwhile.” Zikhona, 24
“ I want to run a successful management consultancy firm”
Sandile, 26
5. Black Middle Class Aspiration
tension
Majority of the black middle class are still new to their status so
their aspirations aim to reclaim the respect, status and dignity
once denied to black people.
6. Age and Aspirations
Age +
Generic,
broad
long-
term
aspirati
on
-
Short-tem
more
specific
aspiration
+
Age -
“to be
successful”
“I want to own
a mercedez
benz by 30”
Age +
Age -
Aspir
ation
for
other
s
Aspira
tions
for
self
8. The biggest aspiration of the black
middle class
• The older generation still struggles with debt.
• The younger generation yearns for a second income.
9. Aspiration Model for the black
middle class
Ego Needs
Aspiration
Time
taken
Length
spent with
need
unsatisfied
Ag
e
Internal
drivers
11. New Generation vs Old Generation
Believes in saving for
aspirations
Finds it easier to use
loans and pay back later.
12. “I have been saving
for the registration
fees, thereafter will
pay monthly
instalments”
Siya, 26
“ Debt is
unavoidable….you
just need to learn to
manage it. ” Thandiswa,
50
13. Trade-offs experienced when reaching for
aspirations
43%
26%
21%
10%
Dining out/going out Family times Personal time travel
25. Lesson for brands connecting with the black
middle class
Do not be condescending
Avoid making ads musicals
Focus on consumer’s aspirations, not their present
situations
Avoid being stereotypical in representation of black
people, focus on their core underlying values.
Use modern references that reflect the advancement of
black people
Wit goes along way
26. Understanding the Black Middle
class
The black middle class wants to be seen for their aspirations and
potential rather than where they are and come from.
The middle class wants to be acknowledged as educated and modern
members of society, not in the archaic manner they were once seen by
marketers.
The group sees themselves through the lenses of their aspirations and
goals thus they relate more to brands within a higher financial class.
Education and entrepreneurship are ways in which brands can use to
try and connect with this dynamic group
Editor's Notes
The UCT Unilever Institute of Strategic Marketing defines the black middle class as adults above the age of 18 either living in households with incomes between R16000 – R50000 per month, OR the consumer must meet two of the following criteria. They own a car, have a tertiary qualification or are currently studying towards a tertiary qualification, work in a white collar or professional job (often in government) or they live in a metropolitan area in formal housing, paying rent
of at least R4000 p/m. This segment is primarily concentrated in urban areas, with the majority residing in Gauteng.
The aspirations of the black middle class represent a fear of not wanting to go back to the days pre-middle class segment where poverty was strife. The aspirations are a telling of a people who are ambitious and have been deprived of a lot. Aspirations are thus their attempt at bridging the gab between where they were a while ago to where they are now. It is about reclaiming respect and dignity.
The more people grow the more specific and urgent their aspirations become. When they are younger they are they are more likely to have broader and higher expectations that have a longer lead time. The older you get the more your aspirations become about your loved ones and less about you.
The black middle class is motivated by their needs for status, recognition and respect. These needs belong in the esteem needs group of Maslow’s hierarchy of needs.
The younger generation believes in using savings to finance aspirations while only using credit for short term monthly expenses that can be covered by salary. Saving part of a monthly salary even when there is no eminent need for such is becoming a practise. The older generation on the other hand still believes in using loans and credit to finance purchases. These loans include short term loans in the form of store and credit cards, as well as long term loans in the form of back loans to cover vehicles.
The black middle class makes a lot of effort to make money to achieve aspirations often sacrificing a lot of their social needs to meet their egoistic needs. Dining out/ general outing seem to get sacrificed the most in favour of indoor activity.
Houses and cars still remain the ultimate status of success. The middle class rates Mercedes benz and living in estates or gated communities as prime indicators of success. These products show dignity, style and financial status to others to see. This is particularly important to this group as it has worked hard to achieve all that it has, it then becomes imperative for them to have others see.
These products showcase their aspirations through these products and services. They are used because they best showcase the need for style, quality, recognitions and status.