Facebook Supports Black-Owned Businesses with #BuyBlack Holiday Campaign
Facebook launched a three-month "Season of Support" initiative to help small businesses adapt and thrive in this holiday shopping season. Facebook kicked off its efforts with a campaign highlighting Black-owned businesses and celebrating Black culture.
Facebook announced #BuyBlack Friday in the U.S., “harnessing the energy of the year’s biggest retail day to celebrate and support Black-owned businesses and their communities.”
The #BuyBlack campaign, running from October 30th through November 27th, includes toolkits and resources for Black-owned businesses. Facebook will also work with the U.S. Black Chambers, an influential network of Black entrepreneurs, to encourage people to #BuyBlack over the holidays.
Why is #BuyBlack Friday important?
In her blog post on the Facebook Newsroom blog, Chief Operating Officer Sheryl Sandberg said, "Black-owned businesses have been hit especially hard by the pandemic, closing at twice the rate of other small businesses. But we know that millions of people want to help. More than 3.5 million people on Facebook in the U.S. have joined new groups created to support Black-owned businesses since March."
Studies show Black entrepreneurs have struggled the most to stay in business due to typically having less reserve capital and receiving less aid from banks and the federal government. One study shows that a staggering 41% of the U.S. Black-owned businesses have shut down as a direct result of COVID-19.
Meanwhile, reduced competition and lockdowns have enabled retail giants like Amazon, Walmart, and Target to increase their profits dramatically. Retail and consumer goods analysts expect online sales to soar more than ever before in the upcoming shopping environment.
#BuyBlack is an opportunity to help Black-owned businesses regain their momentum and success in a meaningful way in a crowded and challenging online shopping world.
How can you get involved with the #BuyBlack Campaign?
Starting on October 30th, the company debuts new Facebook app features encouraging people to create and share posts amplifying Black-owned businesses. Facebook is also launching a weekly live show called the #BuyBlack Friday Show featuring business owners, musical artists, and entertainers.
Black-owned businesses can request a toolkit to amplify the #BuyBlack campaign. Later this month, Facebook plans to release a #BuyBlack Friday Gift Guide featuring products in various categories from beauty to home to fashion.
There are new options for companies to self-designate as being Black-owned and also help consumers identify Black-owned businesses in their local area with the Businesses Nearby tool. You can see all of the Black-owned businesses near you in the Black business directory.
How are other companies helping struggling black businesses and communities?
Over the past few months of the Covid-19 pandemic, any companies have come forward to help struggling Black businesses and communities.
This past September, Mastercard, Inc. announced its commitment to invest $500 million into Black-owned businesses and Black communities over the next five years as part of its efforts to build a more inclusive global digital economy. This same month, R&B singer Alicia Keys teamed up with the NFL to launch a $1 billion endowment fund aimed at supporting Black businesses and communities.
AT&T Inc. said it is on track to meet a commitment to spend $3 billion with U.S. Black-owned suppliers by the end of this year.
The CEOs of more than 200 of the biggest U.S. companies are making major commitments to "advance racial equity and justice," acknowledging the effects of systemic racism following the in our country.
This week, Starbucks announced that it is tying executive pay to 2025 diversity targets. The global coffee chain committed to mandating antibias training for executives and linking their compensation to increasing minority representation in its workforce.
Where can I learn more about Facebook’s Season of Support and #BuyBlack Campaign?
Explore all of the resources available during the Season of Support and the #BuyBlack Friday initiative from Facebook: “Announcing #BuyBlack Friday and a Season of Support for Small Businesses” and “Make Every Friday #Buyblack Friday.”
Are you looking to upscale your Holiday Influencer Campaigns? Are you interested in promoting your Black-owned business? We’re here to help develop a marketing strategy for your brand. Contact us to explore your influencer and marketing options, potentially pairing up with one of our content creators and influencers with your brand.