In our ever-evolving, dynamic creative industry, professionals and the new generation of consumers are both at the forefront. A supportive workplace culture and groups centered around identity can significantly impact employee well-being, making DEI an important pillar of employer branding. Effectively fostering an inclusive environment can especially elevate the value proposition of creative companies, as it nurtures empathy and creativity.
However, addressing systemic disparities and prioritizing inclusivity goes beyond business motives; it ripples through society, creating value, promoting positive change, and driving progress daily.
Brands that place a strong emphasis on DEI are better positioned for sustainable growth and success. Investing in diversity, equity, and inclusion positively impacts brands' return on investment, even in uncertain economic times. According to The Modern CMO Playbook by Meta & Ad Age*, socially conscious brands that prioritize DE&I and emphasize values like integrity, sustainability, and equity see higher purchase intent and loyalty.
While acknowledging the power of advertising, it is important to highlight that for DEI to truly resonate as an authentic consumer value, it requires more than good communication. Brands must evolve their practices and commitment to social values to achieve increased results. Awareness and meaningful intent are essential when investing in marginalized communities, including women, LGBTQ+, persons living with disabilities, or any other groups distinguished by factors such as age, nationality, ethnicity, or politics.
Keeping DEI at the heart of a long-term strategy can be advantageous, meanwhile neglecting this aspect might lead to decreased consumer trust and relevance in the market.
The influence of AI and connected technologies will characterize the next era – with the potential of not only enhancing consumer engagement but also supporting diversity, equity, and inclusion initiatives by enabling more inclusive and personalized interactions with diverse consumer segments.
AI and automation tools equip us to capture, analyze, and utilize large amounts of customer data. The ability to build on more polarized sociocultural realities and segment on a scale meets the increasingly diverse market of consumers and the need for culturally aware marketing. Why is this shift crucial for future success?
Consumers now value brands that understand their individual needs, with 70% stating that such understanding influences their loyalty. In recent years consumers have moved from distrust in corporate brands to trusting corporate entities more than the media and government, the the 2023 Edelman Trust Barometer indicates that 62% of respondents see business as both competent and ethical. Tailoring authentic, audience-specific content is essential for reaching a diverse consumer base and maintaining market share.
Any contradictions? A lot. New technologies, such as generative AI require conscious handling to prevent creating a general representation of what are otherwise diverse humans - just to name an example.
*The Modern CMO Playbook is a thought leadership series leveraging the expertise of Ad Age List members, to provide high-level industry observations, address challenges and present solutions. It is a living document published regularly on Ad Age’s Publishing Partner platform. See more at AdAge.com and here.
