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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)
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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)
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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


About The Author

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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MARKETING

Old Navy to drop NFTs in July 4th promo update

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Old Navy to drop NFTs in July 4th promo update

Old Navy will update its yearly Fourth of July promotions by saluting the metaverse with an NFT drop, going live June 29.

In honor of the year they were founded, the retailer will release 1,994 common NFTs, each selling for $0.94. The NFTs will feature the iconic Magic the Dog and t include a promo code for customers to claim an Old Navy t-shirt at Old Navy locations or online.

“This launch is Old Navy’s first activation in web3 or with NFTs,” an Old Navy spokesperson told MarTech. “As a brand rooted in democratization and inclusivity, it was essential that we provide access and education for all with the launch of our first NFT collection. We want all our customers, whether they have experience with web3, to be able to learn and participate in this activation.”

Accessible and user-friendly. Any customer can participate by visiting a page off of Old Navy’s home site, where they’ll find step-by-step instructions.

There will also be an auction for a unique one-of-one NFT. All proceeds for the NFT and shirt sales go to Old Navy’s longtime charitable partner, Boys & Girls Clubs of America.

Additionally, 10% of NFT resales on the secondary market will also go to Boys & Girls Clubs.

Support. This activation is supported by Sweet, who’s played a major role in campaigns for other early NFT adopters like Burger King.

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The Old Navy NFTs will be minted on the Tezos blockchain, known for its low carbon footprint.

“This is Old Navy’s first time playing in the web3 space, and we are using the launch of our first NFT collection to test and learn,” said Old Navy’s spokesperson. “We’re excited to enable our customers with a new way to engage with our iconic brand and hero offerings and look forward to exploring additional consumer activations in web3 in the future.”

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Read next: 4 key strategies for NFT brand launches

Why we care. Macy’s also announced an NFT promotion timed to their fireworks show. This one will award one of 10,000 NFTs to those who join their Discord server.

Old Navy, in contrast, is keeping customers closer to their owned channels, and not funneling customers to Discord. Old Navy consumers who don’t have an NFT wallet can sign up through Sweet to purchase and bid on NFTs.

While Macy’s has done previous web3 promotions, this is Old Navy’s first. They’ve aligned a charity partner, brand tradition and concern for the environment with a solid first crack at crypto.


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About The Author

Chris Wood draws on over 15 years of reporting experience as a B2B editor and journalist. At DMN, he served as associate editor, offering original analysis on the evolving marketing tech landscape. He has interviewed leaders in tech and policy, from Canva CEO Melanie Perkins, to former Cisco CEO John Chambers, and Vivek Kundra, appointed by Barack Obama as the country’s first federal CIO. He is especially interested in how new technologies, including voice and blockchain, are disrupting the marketing world as we know it. In 2019, he moderated a panel on “innovation theater” at Fintech Inn, in Vilnius. In addition to his marketing-focused reporting in industry trades like Robotics Trends, Modern Brewery Age and AdNation News, Wood has also written for KIRKUS, and contributes fiction, criticism and poetry to several leading book blogs. He studied English at Fairfield University, and was born in Springfield, Massachusetts. He lives in New York.

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