When it comes to Diversity and Inclusion (DEI) efforts, you might be asking:
Why should my workplace change?
The simple answer? Because the world is changing! If you don’t update along with it, you’ll get left behind.
One major thing that changing? The actual customers!
Check out some of these stats to see how:
- Advertising is now more culturally sensitive, thanks to changing demographics and digital marketing. So, companies are marketing products to targeted groups in order to adapt with new opportunities.
- 1 in 5 Americans live in a household with more than one generation. 40% of Millennials, alone, live with parents or family members – that is the largest percentage since 1940. What does this mean?
- Buying patterns are unpredictable! Now there – for example – are 50-year-old women buying baby diapers for their grandchild and adult diapers for their live-in parent. The idea of a traditional shopping model (i.e.: 2.5 kids and 2 parents) no longer works to predict spending activities.
- African-American consumers hold $1.2 trillion dollars in spending power – pointing to this group being an important population for smart brands that are looking to grow and gain brand preference.
- 43% of US Millennials (75 million) identify as African American / Black, Hispanic or Asian. So, if a brand doesn’t have a multicultural strategy, then they don’t have a growth strategy.
Diverse consumers want to see themselves authentically represented in marketing and they want brands, companies – YOU – to recognize their value to the bottom line. So, as the world is changing, your workplace should be shifting, learning and adapting along with it in order to take advantage of the growth and possibility that DEI bring to business.
This blog was adapted from Principal Amy S. Tolbert’s updated book Reversing the Ostrich Approach to Diversity: Pulling Your Head out of the Sand: Five Simple Concepts You Can Use Now to Reap Bottom-Line Results by Honoring Diversity available on Amazon today!