DE&I: Keeping it authentic and impactful in business.

In the years since the pandemic, diversity, equity and inclusion (D&I) has become a top priority for many companies. It was encouraging to see companies taking significant steps to build more inclusive workplaces and marketing strategies. But as economic uncertainties arise, some companies are beginning to pull back. It’s disheartening to see organizations like Tesla, Zoom, and Wayfair reduce their DE&I efforts, treating them as expendable rather than essential.

As marketers, we cannot afford to let this trend continue. The question is: where do we go from here?

Why DE&I still matters
Some companies might see DE&I as a nice to have in uncertain times, but the truth is that connecting with diverse audiences has always been good business. Diverse groups in the US are not just cultural influencers; they are an economic force that brands can no longer afford to overlook.

For example, the 2023 Latin American GDP Report from the Latin Donor Collaboration (LDC) states that the Latin American economy is valued at $3.2 trillion, making it the fifth largest economy in the world. This represents a 14% increase over the previous year, and the Latin economy is growing 2.5 times faster than the non-Latin economy. Similarly, Black, Asian American, Pacific Islander and LGBTQ+ communities contribute trillions of dollars in consumer spending each year.

The future of the US economy is inextricably linked to these groups, making DE&I not just a moral imperative, but a smart business decision. Companies that prioritize DE&I will be well positioned to take advantage of these growing economic drivers, leading to long-term success.

Dubbing for various audiences
Instead of pulling back, now is the time to double down to reach diverse audiences. Ignoring these communities or treating R&D as a secondary concern not only risks alienating large segments of the population, but also misses out on significant economic opportunities. Diverse groups are the economic engine that will drive future growth, and brands that fail to connect with them risk being left behind.

Using marketing technology for authentic connections
Fortunately, today’s marketing technology gives us the tools to connect with diverse audiences in more meaningful ways. Artificial intelligence (AI) and contextual advertising provide deeper insights into what resonates with specific communities—Hispanic, Black, Asian American, Pacific Islander, LGBTQ+ and more. But it’s not just about using technology; it’s about using these tools carefully to create campaigns that feel genuine and genuine.

Imagine campaigns that tell the real stories of people from different backgrounds – stories that reflect their struggles, triumphs and experiences. These are the kinds of narratives that build emotional connections and leave lasting impressions.

Various groups run the US economy
To truly understand the importance of DE&I, consider this: Latinos in the US accounted for nearly 25% of the country’s GDP growth between 2010 and 2020, and their economic contributions continue to grow at an accelerating rate. With Latino GDP now valued at $3.2 trillion, this group is playing an increasingly important role in shaping the future of the US economy. Meanwhile, the purchasing power of black Americans exceeds $1.6 trillion, and Asian Americans and Pacific Islanders boast the fastest growing purchasing power in the country.

These numbers represent real opportunities for brands to engage with consumers whose influence and economic power is only growing. By eliminating DE&I initiatives, companies risk ignoring the very groups driving the next wave of growth in the US economy.

Authenticity: the cornerstone of effective marketing
At the heart of any successful marketing strategy is authenticity. It’s not enough to simply include diverse faces in your campaigns; it’s about telling meaningful, relatable stories that go beyond superficial representation.

Even in difficult economic times, our commitment to DE&I should remain steadfast. Not only is it the right thing to do, but it’s also sound business strategy. By continuing to engage diverse audiences in ways that feel authentic, respectful, and culturally relevant, brands can build stronger, more lasting connections and leverage the economic power these groups bring to the table.

See more:Liberty Mutual’s LGBTQ ERG celebrates 10 years of advocating for inclusion in the workplace

DEI: Building an inclusive work experience