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Embrace Diversity, Boost Profits

April 24, 2024

The Magic of Inclusive Partnerships

When it comes to diversity, it’s a real info overload out there! But for forward-thinking marketers, inclusivity is more than just jumping on the latest social trends. Remember that infamous Pepsi and Kendall Jenner commercial from 2017? It’s a cautionary tale of what happens when a marketing campaign fails to understand its target audience.

This controversial ad is also proof that inclusivity isn’t just a buzzword or a quota – it’s about teaming with minority-owned and women-owned partners that can unlock opportunities for your brand while also amplifying your audience’s voices. This blog explores the power of these diverse creative partnerships to generate equity and drive positive change.

Benefits of Partnering with Minority-Owned Businesses

Minority businesses account for roughly 20% of US employer companies and create jobs for millions of Americans. Partnering with them is the right thing to do, from a values standpoint. But while doing the right thing is nice, we also know that bottom lines are what drive business. When it comes to partnerships with minority vendors, the benefits are more of a win-win than you may realize. Here’s how:

  • Turn not-so-niche markets into loyal followers: Especially if your brand targets minorities, a campaign that reflects  your audience’s experience is invaluable. According to a recent study, culture-specific marketing resonates 57% more than general market advertising. This authentic approach can also uplift the community while increasing your business profits.
  • Put your money where your mouth is: By providing increased opportunities for minority-owned businesses, your organization supports their economic growth. The icing on the cake? Collaborating with minority businesses allows you to tap into ideas and strategies that resonate with a vast market.
  • Strengthen the local economy: Working with minority-owned local businesses generates an ecosystem that fosters progress for all, including your brand. According to American Express, small businesses reinvest 67 cents out of every dollar earned into their local economy. And Hispanic-owned businesses hire an average of eight employees and boast a 98% rate of Latino executives, according to Stanford’s 2021 State of Latino Entrepreneurship report. By providing significant opportunities for entire communities, you can generate brand loyalty and financial growth that trickles down to your bottom line.  

Benefits of Partnering with Women-Owned Businesses

Women are more likely than men to start their own business. They are just as successful as men-owned businesses and 34% of them are in growth mode, according to business growth specialists at SCORE

In addition to their entrepreneurial spirit, women-led teams bring unique perspectives, experiences, and approaches that directly benefit your brand. The results include: 

  • Fresh perspectives to boost business acumen: Female business leaders hire more diverse teams, as researched by Harvard University. When you hire a women-led team to support your marketing efforts, you access new sets of eyes, ears, and minds to your work. This ultimately benefits your brand, your company culture, and your customer experience.
  • A more nurturing perception of your brand: Data from the Pew Research Center shows that women are perceived as more nurturing and safer. This perception includes work scenarios, where collaborators feel safer and more empowered to be. When audiences pick up on this, they feel a connection to your brand and are more drawn to your products or services.
  • Think outside the box: With a diverse team and an open-minded approach, women-led teams can craft more innovative campaigns that leave a lasting impression on your followers. Based on Harvard research, working with women-owned businesses could be just what you need to position your brand as an industry leader.

Combined Benefits of Minority and Women Business Partnerships

Embracing diversity brings numerous advantages to your organization, your community, and your customers. When you integrate minority and female perspectives into your strategic partnerships, you also:

  • A powerful message to customers and stakeholders: Partnering with women and minorities speaks volumes to your customers and stakeholders. In a market where buyers feel empowered to research their choices, diversity in suppliers showcases your brand’s inclusive values and attracts a broader audience. 
  • Receive tax incentives: If you need more reasons to diversify your partnerships, look into the federal tax breaks available to organizations that hire women- and minority-owned businesses.
  • Increase your revenue: Embracing diversity in business partnerships often leads to increased revenue streams, based on reports by McKinsey. With insights into your target demographics, inclusive partnerships give you a better understanding of your audience’s needs so you can tap into new revenue opportunities.

Embracing Diversity and Inclusion

The benefits of inclusive partnerships are greater than ever in today’s diverse marketing landscape. But not all diverse campaigns deliver the same results. To reap the benefits of inclusivity, your approach must be genuine and rooted in your company values. 

Wondering where to start? Reach out to Moira’s diverse team of experts today to discover how we can help expand your community impact and grow your opportunities.

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