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Diversity and inclusion are good business

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Diversity and inclusion are good business

Diversity at all levels of a company is an indicator of success. A culture of diversity and inclusion is the cause of it. The benefits of diversity and inclusion can be seen in stock and revenue performance, hiring and retention, and customer acquisition and loyalty. A diverse marketing organization aids access to diverse markets.

This has been documented in many, many, many studies. Nonetheless, there continue to be a large number of organizations and people who don’t understand this. 

To be clear on what we mean: Diversity is the presence in an organization of a variety of people reflective of the society in which it exists and operates. Inclusivity is a work environment where everyone is treated fairly and respectfully and has equal access to opportunities and resources.

Business performance

  • The top 100 Fortune 500 companies have more diverse boards than the other 400 companies on the list. (Forbes)
  • Ethnically diverse companies are 35% more likely to yield higher revenue, while gender diverse companies are 15% more likely to yield higher revenue. (McKinsey)
  • In the US, companies that increase racial and ethnic diversity on senior boards enjoy a 0.8% increase in earnings before interest and tax while their counterparts in the UK see a 3.5% increase. (McKinsey)
  • High growth brands (annual revenue increase of at least 10%) are 1.9x more likely to have diversity-and-inclusion related talent objectives than negative growth brands (Deloitte)
  • Companies with the highest number of women on top management teams have a 35% higher return on equity and 34% higher total return to shareholders than companies with the lowest number. (Catalyst)
  • Diverse companies are 70% more likely to capture a new market audience. (Harvard Business Review)
  • 69% of brands with the most diversity and inclusion in their in ads saw an average stock gain of 44% in a seven-quarter period ending in 2019. (Heat Test Report)

Case study: Nintendo’s Animal Crossing: New Horizons game, like the Animal Crossing: New Leaf game that preceded it, was designed by a gender-balanced, inclusive team, which is a rarity in an industry where 61% of game developers identify as male. (A big improvement. In 2014 it was 76%.) The game attracted more players, specifically females — Nintendo reported a rare even split of male and female players. It also drove the second-highest launch sales in history for Nintendo Switch. (Forrester


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Hiring and retention

  • 57% of employees and 67% of job seekers consider diversity an important element of their workplace, which affects recruitment and retention. (Glassdoor)
  • When employees perceive their organization as committed to diversity and inclusion, and they actually feel included, employees are 80% more likely to rank their employer as high performing. (Deloitte)

Audience acquisition and loyalty

  • 60% of consumers find the topic of diversity and inclusion to be important – Highest among parents with kids 2-12 (78%), African-Americans (80%), and younger generations (76% of Gen Z and 72% of millennials compared to just 46% of boomers). (Quantilope)
  • Gen Z in particular expects brands to have diverse senior leadership (53%), donate to organizations promoting diversity & inclusion (47%), and provide a space for educational resources (47%). (Quantilope)
  • 70% of younger millennials are more likely to choose one brand over another if that brand demonstrates inclusion and diversity in terms of its promotions and offers, 66% in terms of their in-store experience, and 68% in their product range. (Accenture Holiday Shopping survey)
  • 69% of older millennials are more likely to choose one brand over another if that brand demonstrates inclusion and diversity in terms of its promotions and offers, 72% in terms of their in-store experience, and 70% in their product range. (Accenture Holiday Shopping survey)
  • More inclusive ads increase purchase intent of Gen Z consumers by 23% (Microsoft Advertising)
  • In more than 90% of the simulations run by Facebook, diverse representation was the best strategy for ad recall lift. (Facebook Advertising)
  • 59% of people say they are more loyal to brands that stand for diversity and inclusion in online advertising. (Facebook Advertising)
  • 61% of Americans find diversity in advertising important. (Adobe)
  • 70% of Gen Z consumers are more trusting of brands that represent diversity in ads. (Microsoft Advertising)
  • 38% of consumers, in general, are more likely to trust brands that do well with showing diversity in their ads. This percentage is even higher among specific consumer groups including Hispanic (85%), Black (79%), Asian/Pacific Islander (79%), LGBTQ (85%), millennial (77%), and teen (76%) consumers. (Adobe
  • 64% consumers are more likely to consider, or even purchase, a product after seeing an ad that they considered to be diverse or inclusive. This percentage is higher among specific consumer groups including Hispanic (85%), Black (79%), Asian/Pacific Islander (79%), LGBTQ (85%), millennial (77%), and teen (76%) consumers. (Google)
  • 70% of young Millennials and 69% of older Millennials said they would choose a brand over a competitor if it demonstrates inclusivity. (Accenture)
  • 75% of Gen Z consumers said they would stop buying from a brand in response to advertisements that discriminated on the basis of sexuality or race. (McKinsey)

Why we care. “If you seek to enter diverse markets, your organization must become the market you seek. The more distance there is culturally between your team and the market, the less ability you will have to execute.” – Del Johnson, a principal at Backstage Capital, a venture capital firm.

Read next: How inclusion can lead to diversity in marketing and communications

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About The Author

App users visit brick and mortar 41 more often than
Constantine von Hoffman is managing editor of MarTech. A veteran journalist, Con has covered business, finance, marketing and tech for CBSNews.com, Brandweek, CMO, and Inc. He has been city editor of the Boston Herald, news producer at NPR, and has written for Harvard Business Review, Boston Magazine, Sierra, and many other publications. He has also been a professional stand-up comedian, given talks at anime and gaming conventions on everything from My Neighbor Totoro to the history of dice and boardgames, and is author of the magical realist novel John Henry the Revelator. He lives in Boston with his wife, Jennifer, and either too many or too few dogs.


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How To Develop a Great Creative Brief and Get On-Target Content

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How To Develop a Great Creative Brief and Get On-Target Content

Every editor knows what it feels like to sit exasperated in front of the computer, screaming internally, “It would have been easier if I’d done it myself.”

If your role involves commissioning and approving content, you know that sinking feeling: Ten seconds into reviewing a piece, it’s obvious the creator hasn’t understood (or never bothered to listen to) a damn thing you told them. As you go deeper, your fingertips switch gears from polite tapping to a digital Riverdance as your annoyance spews onto the keyboard. We’ve all been there. It’s why we drink. Or do yoga. Or practice voodoo.

In truth, even your best writer, designer, or audiovisual content creator can turn in a bad job. Maybe they had an off day. Perhaps they rushed to meet a deadline. Or maybe they just didn’t understand the brief.

The first two excuses go to the content creator’s professionalism. You’re allowed to get grumpy about that. But if your content creator didn’t understand the brief, then you, as the editor, are at least partly to blame. 

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Taking the time to create a thorough but concise brief is the single greatest investment you can make in your work efficiency and sanity. The contrast in emotions when a perfectly constructed piece of content lands in your inbox could not be starker. It’s like the sun has burst through the clouds, someone has released a dozen white doves, and that orchestra that follows you around has started playing the lovely bit from Madame Butterfly — all at once.

Here’s what a good brief does:

  • It clearly and concisely sets out your expectations (so be specific).
  • It focuses the content creator’s mind on the areas of most importance.
  • It encourages the content creator to do a thorough job rather than an “it’ll-do” job.
  • It results in more accurate and more effective content (content that hits the mark).
  • It saves hours of unnecessary labor and stress in the editing process.
  • It can make all the difference between profit and loss.

Arming content creators with a thorough brief gives them the best possible chance of at least creating something fit for purpose — even if it’s not quite how you would have done it. Give them too little information, and there’s almost no hope they’ll deliver what you need.

On the flip side, overloading your content creators with more information than they need can be counterproductive. I know a writer who was given a 65-page sales deck to read as background for a 500-word blog post. Do that, and you risk several things happening:

  • It’s not worth the content creator’s time reading it, so they don’t.
  • Even if they do read it, you risk them missing out on the key points.
  • They’ll charge you a fortune because they’re losing money doing that amount of preparation.
  • They’re never going to work with you again.

There’s a balance to strike.

There’s a balance to be struck.

Knowing how to give useful and concise briefs is something I’ve learned the hard way over 20 years as a journalist and editor. What follows is some of what I’ve found works well. Some of this might read like I’m teaching grandma to suck eggs, but I’m surprised how many of these points often get forgotten.

Who is the client?

Provide your content creator with a half- or one-page summary of the business:

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  • Who it is
  • What it does
  • Whom it services
  • What its story is
  • Details about any relevant products and services

Include the elevator pitch and other key messaging so your content creator understands how the company positions itself and what kind of language to weave into the piece.

Who is the audience?

Include a paragraph or two about the intended audience. If a company has more than one audience (for example, a recruitment company might have job candidates and recruiters), then be specific. Even a sentence will do, but don’t leave your content creator guessing. They need to know who the content is for.

What needs to be known?

This is the bit where you tell your content creator what you want them to create. Be sure to include three things:

  • The purpose of the piece
  • The angle to lead with
  • The message the audience should leave with

I find it helps to provide links to relevant background information if you have it available, particularly if the information inspired or contributed to the content idea, rather than rely on content creators to find their own. It can be frustrating when their research doesn’t match or is inferior to your own.

How does the brand communicate?

Include any information the content creators need to ensure that they’re communicating in an authentic voice of the brand.

  • Tone of voice: The easiest way to provide guidance on tone of voice is to provide one or two examples that demonstrate it well. It’s much easier for your content creators to mimic a specific example they’ve seen, read, or heard than it is to interpret vague terms like “formal,” “casual,” or “informative but friendly.”
  • Style guide: Giving your content creator a style guide can save you a lot of tinkering. This is essential for visuals but also important for written content if you don’t want to spend a lot of time changing “%” to “percent” or uncapitalizing job titles. Summarize the key points or most common errors.
  • Examples: Examples aren’t just good for tone of voice; they’re also handy for layout and design to demonstrate how you expect a piece of content to be submitted. This is especially handy if your template includes social media posts, meta descriptions, and so on.

All the elements in a documented brief

Here are nine basic things every single brief requires:

  • Title: What are we calling this thing? (A working title is fine so that everyone knows how to refer to this project.)
  • Client: Who is it for, and what do they do?
  • Deadline: When is the final content due?
  • The brief itself: What is the angle, the message, and the editorial purpose of the content? Include here who the audience is.
  • Specifications: What is the word count, format, aspect ratio, or run time?
  • Submission: How and where should the content be filed? To whom?
  • Contact information: Who is the commissioning editor, the client (if appropriate), and the talent?
  • Resources: What blogging template, style guide, key messaging, access to image libraries, and other elements are required to create and deliver the content?
  • Fee: What is the agreed price/rate? Not everyone includes this in the brief, but it should be included if appropriate.

Depending on your business or the kind of content involved, you might have other important information to include here, too. Put it all in a template and make it the front page of your brief.

Prepare your briefs early

It’s entirely possible you’re reading this, screaming internally, “By the time I’ve done all that, I could have written the damn thing myself.”

But much of this information doesn’t change. Well in advance, you can document the background about a company, its audience, and how it speaks doesn’t change. You can pull all those resources into a one- or two-page document, add some high-quality previous examples, throw in the templates they’ll need, and bam! You’ve created a short, useful briefing package you can provide to any new content creator whenever it is needed. You can do this well ahead of time.

I expect these tips will save you a lot of internal screaming in the future. Not to mention drink, yoga, and voodoo.

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This is an update of a January 2019 CCO article.

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Cover image by Joseph Kalinowski/Content Marketing Institute

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Quiet Quitting vs. Setting Healthy Boundaries: Where’s The Line?

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Quiet Quitting vs. Setting Healthy Boundaries: Where's The Line?

In the summer of 2022, we first started hearing buzz around a new term: “Quiet quitting“.

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Microsoft unveils a new small language model

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Microsoft unveils a new small language model

Phi-3-Mini is the first in a family of small language models Microsoft plans to release over the coming weeks. Phi-3-Small and Phi-3-Medium are in the works. In contrast to large language models like OpenAI’s ChatGPT and Google’s Gemini, small language models are trained on much smaller datasets and are said to be much more affordable for users.

We are excited to introduce Phi-3, a family of open AI models developed by Microsoft. Phi-3 models are the most capable and cost-effective small language models (SLMs) available, outperforming models of the same size and next size up across a variety of language, reasoning, coding and math benchmarks.

Misha Bilenko Corporate Vice President, Microsoft GenAI

What are they for? For one thing, the reduced size of this language model may make it suitable to run locally, for example as an app on a smartphone. Something the size of ChatGPT lives in the cloud and requires an internet connection for access.

While ChatGPT is said to have over a trillion parameters, Phi-3-Mini has only 3.8 billion. Sanjeev Bora, who works with genAI in the healthcare space, writes: “The number of parameters in a model usually dictates its size and complexity. Larger models with more parameters are generally more capable but come at the cost of increased computational requirements. The choice of size often depends on the specific problem being addressed.”

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Phi-3-Mini was trained on a relatively small dataset of 3.3 trillion tokens — instances of human language expressed numerically. But that’s still a lot of tokens.

Why we care. While it is generally reported, and confirmed by Microsoft, that these SLMs will be much more affordable than the big LLMs, it’s hard to find exact details on the pricing. Nevertheless, taking the promise at face-value, one can imagine a democratization of genAI, making it available to very small businesses and sole proprietors.

We need to see what these models can do in practice, but it’s plausible that use cases like writing a marketing newsletter, coming up with email subject lines or drafting social media posts just don’t require the gigantic power of a LLM.



Dig deeper: How a non-profit farmers market is leveraging AI

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