Inclusive marketing integrates a respect for diversity and an awareness of a broader customer base. Devising a marketing plan that accounts for this difference appears to be imperative in adapting to the current landscape of consumer needs as we reach a precipice in our transformation into a more inclusive society.
Beyond all of the powerful social effects emerging out of more and more companies integrating diversity, equity, and inclusion practices into their strategy, what incentives does inclusive marketing possess?
Gain Headway inan Emerging Strategy
Inclusive marketing is still at its early stages and has not yet caught on as an established practice in most industries. In fact, the majority of marketers overlook the significance of inclusivity and lag behind in this sector of planning. For this reason, embodying these strategies allows you to break new ground in the market and differentiate yourself from competitors who are underdeveloped in this domain.
Value Alignment
The alignment of your customer base’s values and the values expressed both implicitly and explicitly in your marketing strategy is incredibly influential in impacting their purchasing decisions. This is supported in a study titled “The Psychology of Inclusion and the Effects in Advertising” conducted by Microsoft, where it was found that 49% of participants have stopped purchasing from a brand that did not represent their values. Half of your audience cares about your values, so what are you doing about them?
Expand Your Customer Base
Inclusive Marketing is really about broadening your perspective to include a wider variety of potential buyers. We see here how the financial benefits of implementing inclusive marketing comes into the picture. If your marketing strategy is only targeted and relevant to specific consumer segments, you limit yourself in your potential customer base considerably.
We observe this in a study by Adobe which reported 62% of participants saying diversity in a brand’s advertising had at least some impact on the way they perceived that brand’s products and services, with 61% saying diversity in ads was somewhat important or very important, and 38% saying they’d be more likely to trust a brand that showed diversity in its advertising.
Retain LoyalCustomers
It follows that the exclusion of certain consumers in your marketing strategy has consequences of not only losing their purchasing power but also losing out on a significant portion of the market share. Inclusive marketing pays off both in terms of customer retention and profit when taking into account the reality that consumers who recognize themselves in your brand’s target market will be more apt to display brand loyalty.
Create Authentic Connections
Engaging in inclusive marketing strategies on the basis of improving your customer base’s experience through recognizing their unique identity, experience, and needs is reason enough to begin integrating these practices into your strategy. One of the most key concerns in succeeding as a marketer is whether or not you are able to form genuine and authentic connections with the people who support your business and this is only made possible through trying to understand all of the diversity that exists amongst them. On the grounds of this incentive alone, you should try to get a little closer to forming those seeds of connection through inclusive marketing today.
