Market research and data analytics firm NIQ announced earlier this week that it has launched a new program to support minority-owned businesses serving the Consumer Product Goods sector. The three-month long program is designed to support beauty brands by providing access to comprehensive consumer data sets and mentorship to guide business planning efforts to better meet consumer demand.
The Beauty Trailblazer program offers business owners the opportunity to capitalize on networking connections in an effort to increase brand awareness and create equity for minority-owned businesses competing with more established companies for access to invaluable data insights. As detailed in NIQ’s press release, “this program will not only help these brands grow their businesses, but it will also bring diversity and equity to the industry,” said Kymberly Graham VP, Head of Diversity Initiatives at NIQ.
Beauty Trailblazer qualifications
As explained on the NIQ website, there are several qualifications that must be met to be considered as a finalist for the Beauty Trailblazer program. Applicant brands must generate less than $20 million in annual sales as a for-profit entity based in the United States, and brand owners must establish minority eligibility through document submission.
For the purposes of the program, a minority owner brand must be a US citizen, and the brand’s management and daily operations must be exercised by the minority-ownership member or members. Further, to qualify as minority-owned, the company has to be “51% minority-owned, managed, or controlled; for public companies, 51% of the stock must be owned by one or more minority groups members.”
As defined by the program, “a minority groups member is an individual who is at least 25% Asian-India, Asian-Pacific, Black, Hispanic, or Native America,” and female, LGBTQIA+, or veteran majority ownership will also be considered for program membership.
The Beauty Trailblazer program was designed by NIQ VP Kymberly Graham, NIQ SVP Tara James Taylor, NIQ VP Anna Mayo, and NIQ Global Head Dawn Norvell. Each will remain involved to provide support and insights for participants throughout the lifetime of the program.
Finalists should expect that participation will provide business planning support through access to relevant, up-to-date comprehensive consumer data sets as well as the ability to consult with data professionals and industry leaders. Additionally, program participants are included in the NIQ Consumer 360 event and are offered NIQ marketing and PR materials as needed. Finally, Beauty Trailblazer program finalists will have the opportunity to expand their professional networks with fellow industry members, brand experts, and retailer insiders to further benefit their businesses as they continue to grow and expand.
“Providing minority-owned businesses access to our data through the Trailblazer program is an empowering initiative that creates equity, drives growth, and gives these brands a competitive edge,” said Taylor in the recent press release.
The deadline to apply for the program is March 17. To learn more and apply, visit the NIQ Beauty Trailblazer website.