💸 Let's talk about revenue.
Minority spending power is over $5 trillion and this is as of December of 2021. But understand that this customer is interested in aligning themselves with brands and businesses that understand they are valuable.
They want to be seen as valuable. They want to be treated as a customer who is valuable. More importantly, they want to align themselves with brands that share their mission and vision. So if you are looking to enter a new market, if you are looking to capture new customers (and we all are). investing in minority communities, investing in understanding a minority customer is great for revenue. This would be a good business decision.
🌟 Let's talk about reputation.
So 75% of shoppers have left brands that they found were not supporting DEI or had inauthentic initiatives around DEI. 75% over the last few years. In addition to leaving your brand, meaning affecting your revenue, your reputation is at risk here because you've officially lost trust. And we all know that once trust is lost, it is very hard to earn back if ever.
But in addition to leaving your brand, in addition to stop supporting you, to stop purchasing from you, this customer is not afraid of taking you online. So they will go to Twitter, they will post on Instagram, they will share on TikTok, they will essentially blow up your spot if they find that you are being inauthentic or you don't share their values. And right now DEI is a major value for customers. So reputation is very real.
🎣 Let's talk about retention.
78% of employees say that it is important to work for a company that values diversity and inclusion. 78% say this. So if you are a company that is not thinking about diversity, equity and inclusion, or worse, if you're a company that's bullshitting your way through DEI, you're going to have a problem because employees would rather work for a company that prioritizes this, meaning they will not stay working for you. Think about that.
And if you have a problem with existing employees, you're likely going to have a talent acquisition problem as well, because 78% see this as a real issue. Having high salaries and great benefits is no longer enough. Yes, you need to have that. But you also have to have a culture that people trust, feel respected, feel valued in. This is a real thing.
💪 So again, revenue, reputation, retention.
All three of them will affect your business regardless of industry, regardless of company size, regardless of customer. Revenue, reputation, retention. If you need help, give us a call.
If you’re interested in hearing more about what TaChelle has to say about Inclusion, you can book her as a speaker here. If you want to learn more about the Three R’s of DEI, you can download our FREE white paper here.