Connect with us

MARKETING

What are diversity, equity and inclusion, and why marketers need them

Published

on

Diversity at all levels of a company is a major indicator of company success and productivity. 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.

It’s not a nice thing to have, it’s a necessity. Many studies have shown that more diverse organizations out-perform less diverse ones. 

Having a culture of diversity and inclusion is an outcome of policies and procedures that empower, encourage and provide support to members of groups who have received little to none of that before. It focuses on outcomes, not intent. In this situation, actions must come before words. 

Marketing is all about trust. In fact, 46% of customers will pay more for products and services from brands they trust, according to a Salsify survey. With such a focus on trust-building, you also must represent diversity in your ads and promotions. Why? Nearly 60% of customers will trust you more if you use inclusive ads, according to a Facebook advertising study.

However, it’s essential to note that just adding people of different ethnic backgrounds to your content will not accomplish this. The “faces and festivals” approach, where marketing includes different faces and makes a big deal of particular holidays (Juneteenth, Cinco de Mayo, Ramadan, Pride, etc.) is a recipe for disaster. It all but guarantees gaffes that will cause problems with the audience being targeted. Avoiding that requires having a diverse team.

Consumers want advertisements and promotions that represent them and their needs and interests. They don’t just take that at face value. They look for proof that representation is authentic and get angry if they believe it isn’t.

This is an introduction to diversity, equity and inclusion (DEI) for marketing organizations. It explains basic concepts and suggests steps you can take.

What are diversity, equity and inclusion

Diversity in marketing content and in the workplace are directly related, but take different forms. In content, it means portraying people of different ages, abilities, ethnicities, genders, sexuality identities, religions and other demographic characteristics. In the organization, it is actively seeking out and recruiting people from marginalized communities. It is creating a team that reflects both the society at large and the audiences you want to reach. 

Inclusion means policies and behaviors that ensure people from marginalized groups are heard and they and their contributions are given the consideration and respect they have usually been denied. Just having them on the staff isn’t enough.

Equity means giving these people the support they need — training, mentorship, etc. — to advance in the organization. It requires understanding why the organization has failed to do this in the past and making sure it doesn’t do it again.

Benefits of diversity and inclusion in marketing

Increased audience engagement and trust

  • Nearly two-thirds (60%) of consumers find the topic of diversity and inclusion to be important, according to Quantilope. This is highest among parents with children 2-12 (78%), African-Americans (80%) and younger generations (76% of Gen Z and 72% of millennials compared to just 46% of boomers). 
  • Some 62% of people said that their perception of the brand’s service and products was influenced by their diversity, according to an Adobe survey. Lack of diversity will cost you sales: 53% of African-Americans, 40% of Hispanics and 58% of LGBTQ+ stopped using a brand because of representation issues. 
  • 59% of people say they are more loyal to brands that stand for diversity and inclusion in online advertising, according to Facebook Advertising

Better revenue

  • Companies with higher than average employee diversity have higher innovation revenues, according to a Harvard Business Review study
  • The top 100 Fortune 500 companies have more diverse boards than the other 400 companies on the list.
  • Ethnically diverse companies are 35% more likely to yield higher revenue, while gender diverse companies are 15% more likely to yield higher revenue, according to a McKinsey study. 
  • 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, according to Deloitte.

Attracting new customers

  • 64% consumers are more likely to consider, or even purchase, a product after seeing an ad that they considered to be diverse or inclusive, according to a Google study. 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. 
  • In more than 90% of the simulations run by Facebook, diverse representation was the best strategy for ad recall lift, according to Facebook Advertising.
  • Some 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. According to the Accenture Holiday Shopping survey.

 Employee acquisition and retention

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

Steps you can take 

Changing an organization is difficult. Even more so when it comes to diversity, inclusion and equity. A lot of people feel threatened by the idea of diversity and inclusion, let alone its implementation. They may seek to sabotage efforts around this. They may say they are for it while fighting against it. Avoid arguments involving morality and beliefs. Stick to the business case and arm yourself with facts. You are fighting for both your company and your community. 

Here are some steps you can take.

Analyze the situation. Hire people/consultants from marginalized groups to help. They can see better than you can what you are doing right and wrong. You almost certainly do not see all the challenges and obstacles that people different from you face every day.

Develop policies and procedures. Embedding DEI principles within the organization will build trust with employees from groups that have heard a lot of promises and seen few actions.

Listen more than you talk. Pay attention to who isn’t speaking much (or at all) at meetings. Encourage them by calling out their contributions and successes. Tell them one-on-one that you’d like to hear more from them. In meetings be aware of people interrupting or talking over them or doing other things that push them into the background. That is when you must speak up.

Educate yourself and your team. Education and training are vital to diversity and inclusion efforts, but it’s not a one-and-done situation. These efforts must be ongoing in order to educate new employees and reinforce these principals across the organization.

Test and measure. One of the truths of business is we measure the things that matter. Develop metrics and pay attention to them. Test to see if you’re getting the outcomes you want. If not, then try new policies and metrics.


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.

Source link

MARKETING

HubSpot to cut around 7% of workforce by end of Q1

Published

on

HubSpot to cut around 7% of workforce by end of Q1

This afternoon, HubSpot announced it would be making cuts in its workforce during Q1 2023. In a Securities and Exchange Commission filing it put the scale of the cuts at 7%. This would mean losing around 500 employees from its workforce of over 7,000.

The reasons cited were a downward trend in business and a “faster deceleration” than expected following positive growth during the pandemic.

Layoffs follow swift growth. Indeed, the layoffs need to be seen against the background of very rapid growth at the company. The size of the workforce at HubSpot grew over 40% between the end of 2020 and today.

In 2022 it announced a major expansion of its international presence with new operations in Spain and the Netherlands and a plan to expand its Canadian presence in 2023.

Why we care. The current cool down in the martech space, and in tech generally, does need to be seen in the context of startling leaps forward made under pandemic conditions. As the importance of digital marketing and the digital environment in general grew at an unprecedented rate, vendors saw opportunities for growth.

The world is re-adjusting. We may not be seeing a bubble burst, but we are seeing a bubble undergoing some slight but predictable deflation.


Get MarTech! Daily. Free. In your inbox.



About the author

Kim Davis

Kim Davis is the Editorial Director of MarTech. Born in London, but a New Yorker for over two decades, Kim started covering enterprise software ten years ago. His experience encompasses SaaS for the enterprise, digital- ad data-driven urban planning, and applications of SaaS, digital technology, and data in the marketing space.

He first wrote about marketing technology as editor of Haymarket’s The Hub, a dedicated marketing tech website, which subsequently became a channel on the established direct marketing brand DMN. Kim joined DMN proper in 2016, as a senior editor, becoming Executive Editor, then Editor-in-Chief a position he held until January 2020.

Prior to working in tech journalism, Kim was Associate Editor at a New York Times hyper-local news site, The Local: East Village, and has previously worked as an editor of an academic publication, and as a music journalist. He has written hundreds of New York restaurant reviews for a personal blog, and has been an occasional guest contributor to Eater.

Source link

Continue Reading

MARKETING

Advocate | DigitalMarketer

Published

on

Advocate | DigitalMarketer

Happy customers love to share their experience, but sometimes they need some encouragement to do so. The cool thing is, once they do, they become even more loyal to your brand.

So, at this stage of the Customer Value Journey, ask people to share their positive experience with your brand by writing a review or sharing a social media post.

Once you get to stage seven, the Customer Value Journey is going to get a whole lot easier for you. This stage is all about learning your customer’s experience, and building up your testimonial database. 

The most important part of this step is asking these four questions. 

What Was Your Life Like Before Finding Our Solutions? What Challenges Were You Facing That Caused You to Consider Us? 

These questions are great not only because it gives you some really good stories, but because it gives you some insight on how you can provide similar prospects with that AHA moment. Understanding the average day of your clients is important in reflecting on your Customer Value Journey, and helps you understand what really set you apart from your competitors.

What Key Features Had the Biggest and/or Fastest Impact?

Not only is this going to get you to really specific stories, you will understand the specific things you provided that gave the biggest impact. The answers to these questions will not only give you great insight and testimonials, it will provide you with ideas for new lead magnets. This part is a new Entry Point Offer goldmine! 

What Has Been the Impact or Results in Your Life or Business Since Using Our Product or Service? 

This is a fairly broad question, and that’s why we put it after the others. You will have already gotten all of the specifics out of the way with #1 & #2. But when you ask this question, this is where you get the most valuable stories. You can use this part as testimonials, as an order form, as a sales page, this part is testimonial gold. 

If You Were Asked to Justify this Purchase to Your Boss or a Friend, What Would You Say? 

This is our favorite question by far. If you had to go back in time and justify this purchase, what would you say? I promise you what we’re going to find is a lot of great ideas for the jobs that your product or service has done. You’ll get a lot of great ideas for your core message canvas. This question is about backfilling all of the assets that you may not have. Here you’re going directly to the customer who are already happy, and using their justifications to help you sell to new customers. 

Hopefully you now understand just how valuable the Advocate stage could be, as well as the key questions you need to ask to get your customers talking. Here’s how it works for our example companies.

When it comes to fashion we all love to show off our outfits. So a good example for Hazel & Hems would be to have customers write reviews for a discount code or points towards their next purchase. 

Better yet, follow up with the customers to ask them to share and tag themselves wearing the items in a social media post and providing them with something valuable as a reward.

For Cyrus & Clark Media, hopping on zoom meetings or a streaming service for live talks about them and their business could generate valuable awareness for them, and a live case study for the agency. They can use the questions Ryan provided during this lesson to conduct the interview.



Source link

Continue Reading

MARKETING

Drive Conversions and Generate Engagement With Instacart Promotions

Published

on

Drive Conversions and Generate Engagement With Instacart Promotions

Through deals and coupons, Instacart has saved consumers more than $700 million in 2022. As we dive into 2023, the leading grocery technology company in North America has big plans to help consumers save even more while also helping CPGs generate sales. Instacart recently announced an advertising solution that helps both sellers and consumers called Instacart Promotions. This exciting feature is designed to help drive conversions, boost sales, and generate overall engagement on the app.

Interested in this feature and how it can help your business on Instacart? Read on as we dive into everything you need to know about this ad solution including benefits, how to get started, and more.

 

What are Instacart Promotions?

 

Instacart Promotions is an advertising feature that’s now available to all brand partners, including emerging brands, within their open beta program. Promotions give CPGs the opportunity to offer new deal structures, promotions, and incentives with Instacart Ad campaigns. With this feature in place, consumers will have access to more promotions, coupons, and deals that are tailored to them within the Instacart Marketplace.

“With the launch of our new Instacart Promotions, all of our brand partners now have the ability to set up coupons and promotions that can drive meaningful business results while also passing on more savings opportunities to consumers. We’re proud to continue expanding our portfolio with additional self-service capabilities, ad formats that drive results, and measurement that brands need to understand the true impact of their campaigns on Instacart.”

 

– Ali Miller, VP of Ads Product at Instacart

 

Source: Instacart

 

How Do Instacart Promotions Work?

 

Promotions, now available in Ads Manager, gives consumers the ability to discover more promotions and savings opportunities within the Instacart app. These promotions now show up directly on product item cards before checkout for easy accessibility. Promotions allow advertisers to customize their campaigns to sync with their goals and objectives whether that be driving sales, building baskets, or boosting trials.

Instacart shared a recent example of a brand successfully utilizing Promotions… 

Athletic Brewing, General Mills, Sola Company, and Wells Enterprises (maker of Halo Top) are strengthening campaign performance by pairing Instacart Promotions with ad formats such as Sponsored Product and Display. Instacart Promotions include two new flexible and customizable structures: Coupons (“buy X units, save $Y”) and Stock Up & Save (“Spend $X, Save $Y”). 

According to Instacart, in the coming months, the company “will work to further enhance the new offering with new deal structures such as Free Gifts and Buy One, Get One (“BOGO”). The new deal structures will help brand partners run “Free Sample” programs that can win new customers and serve personalized discounts for different customer segments, such as “new to brand” and “new to category.”  

 

Example of Instacart Promotions

Source: Instacart

 

Instacart Promotions Benefits

 

Deliver Value and Savings to Consumers

 

With Instacart Promotions, you have the opportunity to deliver value and savings that will have consumers coming back for more. With this savings feature, your brand can stand out among the competition and offer a variety of deals to shoppers ie: “Buy X units, Save $Y”.

 

Hot tip: Ensure you are selecting products for your promotion that are well-stocked and widely available.  

 

Tailor Your Campaigns to Specific Objectives

 

With a variety of savings options available, your brand can structure deals to fit specific business goals and objectives. 

 

Hot tip: If you’re looking to drive visibility and awareness, try pairing promotions with Sponsored Product campaigns. 

 

Access Real-Time Performance Insights 

 

The Promotions beta program is live and can be accessed within Instacart Ads Manager. Within Ads Manager, advertisers can access real-time insights to maximize performance and adjust campaigns as needed.

 

Hot tip: Make sure your budget matches your discount and objectives.

 

“As an advertiser, Instacart’s unique offering to self-manage promotions is so exciting! Historically, making adjustments to offer values and other promotion parameters was a more manual process, but now we’ll be able to easily make optimizations in real-time based on redemption performance.”

Emily Choate

Emily Choate, Senior Specialist, Marketplace Search at Tinuiti

 

Interested in Instacart Promotions?

 

With Instacart Promotions, you have the opportunity to reach new customers, build bigger baskets, and drive sales. Interested in testing out the beta program or looking to get started with advertising on the app? Drop us a line – we’d love to help elevate your CPG brand on Instacart.

 

Source link

Continue Reading

Trending