A more equitable future: Why Black in Business is vital
Opinion
As ads for the 2024 Black in Business winners go live in July, research has shown what the power of TV advertising can do and why DEI representation remains paramount.
At a time when the values of DEI have come under attack worldwide, the need to support initiatives that empower under-represented groups is more important than ever.
Brand new data around Black in Business, Channel 4’s initiative to support black-owned small businesses in getting access to TV advertising, reveals one in three adults had significantly improved purchase consideration for the five winning businesses once the ads had aired in 2024.
In addition, Channel 4’s Diversity in Advertising Award campaign with E45 spotlighting transgender journeys saw 88% of LGBT+ viewers agree that the brand is helping people feel more comfortable in their own skin.
Showing off TV’s superpower
Since I joined Channel 4 at the start of this year, many of those who have crossed paths with me will know how passionate I am about the transformational power of TV for small and medium-sized businesses.
TV brings people together, opens up a world of new perspectives and even changes lives entirely.
Black in Business really exemplifies TV’s superpower. The initiative was established to address systemic blockades faced by black entrepreneurs when they attempt to start a business. Research we commissioned found that 56% of black-owned businesses only receive funding once they already have a successful business, compared with just 35% of white business owners.
We believe TV advertising creates a powerful stepping stone towards establishing a successful business.
The 2023 winners also help to reiterate this, with campaigns from The Turmeric Co, Treasure Tress, The Gym Kitchen, Dalgety and Loci reaching over 21.5m people in the UK during our airtime window (January-April 2024).
On my first week in the job, I was lucky enough to meet applicants at our final judging day and see first hand just how much our Black in Business package would mean to them and their businesses.
It’s a cause that’s deeply personal to me and one we have a responsibility to continue delivering on. Channel 4 was created to champion social progress, telling the stories and platforming the voices that other competitors can’t or won’t.
Our track record, evidenced through our other initiatives including the Diversity in Advertising Award, is that being “altogether different” celebrates our collective differences.
Working with partners that support that aim too, like Lloyds, means better representation drives better business results for brands.
Rak Patel is chief commercial officer at Channel 4
Levelling the playing field
As the leading commercial bank in the UK, Lloyds supports businesses of all sizes and from all backgrounds, but we have a specific programme of activity for entrepreneurs and founders who can face additional hurdles when starting and growing their businesses. We have programmes of specialist support not only to serve black founders but also disabled business owners and women-led businesses.
We know that black business owners face unique barriers, from access to funding to visibility in mainstream media. Black in Business is one way we’re working to level the playing field and support long-term, sustainable growth.
Lloyds also sees marketing as a force for good — to tell the story of amazing products and services, and the entrepreneurial spirit of these businesses.
That’s why we’re proud to partner with Channel 4 for the second year of Black in Business — an initiative designed to break down barriers and unlock opportunities for black entrepreneurs.
This initiative is a reflection of our commitment to inclusive entrepreneurship and a more equitable future for all.
Suresh Balaji is chief marketing officer at Lloyds Banking Group