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DEI still a strong strategy despite backlash — here’s what the numbers say

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Summary

This article discusses the impact of Diversity, Equity, and Inclusion (DEI) on business strategies and the importance of including DEI in marketing strategies. According to a Kantar report, the lack of DEI in marketing strategies could cost U.S. businesses $5.4 trillion. The report found that while DEI has become increasingly popular, there is still room to stand out. It also found that 28% of people reported experiencing discrimination at a retail location, potentially costing those groups $681 billion, $499 billion, and $491 billion, respectively. It also found that both men and women, Democrats and Republicans, and white and Black consumers named Nike as the best brand in DEI. The article also highlights Nike's success in taking steps towards diversity and inclusion in their products and marketing campaigns.

Q&As

What are some potential financial losses associated with a lack of diversity, equity and inclusion (DEI) in a company's marketing strategy?
A lack of diversity, equity and inclusion could be costing businesses $5.4 trillion, per a new Kantar report.

How many consumers can name the best inclusive brands unaided, according to the Kantar report?
Only six in 10 consumers can name the best inclusive brands unaided, according to the report.

What percentage of people reported experiencing discrimination at a retail location, according to the report?
Twenty-eight percent of people reported experiencing discrimination at a retail location, per the report.

What three brands occupied the top spots for top-of-mind DEI performance, unprompted, across various demographics?
Nike, Amazon and Walmart occupied the top three spots for top-of-mind DEI performance, unprompted, across women, men, members of the LGBTQ+ community, white consumers and people of color.

How have Nike's efforts to diversify its talent and product range resulted in successful DEI marketing?
Nike's advertising has spoken for itself, taking steps to diversity not only its talent but its product range has delivered fantastic results.

AI Comments

👍 This article provides great insight into the financial advantages of a strong DEI strategy and how it can lead to success for businesses. The research provided by Kantar paints an interesting picture of the effects of DEI in the marketing world.

👎 Although the article provides research showing the financial advantages of DEI, it does not offer any solutions to the issues of discrimination that are still taking place in the retail industry. The research also does not discuss any of the challenges that brands may face in implementing a successful DEI strategy.

AI Discussion

Me: It discusses the importance of Diversity, Equity, and Inclusion (DEI) in marketing strategies. A new report by Kantar finds that cutting DEI out of a company’s marketing strategy can result in major losses, and may already be costing U.S. businesses $5.4 trillion. It looks at the impact on various populations, including those not well-represented in advertising.

Friend: Wow, that's really eye-opening. It's amazing to see how brands like Nike are using bold strategies to reach out to diverse demographics. But it's also concerning how discrimination still exists in the retail world.

Me: Definitely. The report found that discrimination at a retail location could be costing businesses $681 billion, $499 billion and $491 billion for Black or African Americans, members of the LGBTQ+ community and people with disabilities respectively. It's important that companies continue to focus on DEI in their marketing strategies in order to make sure everyone is included.

Action items

Research the top performing brands in terms of DEI and their successful strategies.
Develop a DEI marketing strategy that speaks to a diverse population and addresses potential discrimination.
Monitor consumer preferences and adapt marketing strategies to stay relevant and inclusive.

Technical terms

Diversity, Equity and Inclusion (DEI): A set of practices and policies that promote the inclusion of all people, regardless of their race, gender, sexual orientation, or other characteristics.
Kantar: A global data, insights, and consulting company.
Brand Inclusion Index: A report by Kantar that measures the success of a company’s DEI strategy.
Unaided: Not prompted or prompted by a question.
Valeria Piaggio: Global head of DEI at Kantar.
Discrimination: Unfair treatment of a person or group based on their race, gender, sexual orientation, or other characteristics.
LGBTQ+: An acronym for lesbian, gay, bisexual, transgender, and queer or questioning.