Diverse Marketing Teams Get Better Results
By Laureen Peck
Smart business leaders today know that having a diverse leadership team is good for business but many more still do not understand how it can positively impact a company’s bottom line. Others say they believe diversity is important but have done very little to increase diversity in the workplace.
For example, women do most of the consumer spending and make up half of the humans on our planet but most of the decisions in the business world are still made mainly by males. Although women make up 50% of the workforce today, they are still in the minority when it comes to higher level executive positions.
This is counterproductive as recent research from McKinsey and others show that diverse, gender-balanced executive leadership teams achieve greater results; “companies with the most ethnically diverse executive teams—not only with respect to absolute representation but also of variety or mix of ethnicities—are 33 percent more likely to outperform their peers on profitability.”
All of us have unconscious biases that affect how we view the world and how we communicate with one another. This is unavoidable. So, in the case of a company’s marketing department, it is especially crucial for a company to choose diverse executives to develop and direct marketing and advertising strategies if the company wants its marketing programs to resonate with a broader audience.
Diverse Marketing Teams Produce a Stronger ROI
New research reveals that diverse creative teams make better marketing decisions almost 90% of the time and produce higher revenue (approximately 30% higher) per employee. This is because inclusion directly affects the empathy level of team members to specific target audiences when making decisions. Campaigns created by a diverse team have a stronger impact on target audiences and work better for increasing brand loyalty.
Diversity drives innovation, especially when it comes to marketing. The facts are in. A team that reflects the diversity of the marketplace will always be more successful at creating effective messaging than a homogenous team.