Why diversity and inclusion matters to your audience — Julie Kratz // Next Pivot Point

Quotes

• “Everyone is in a different part on the journey. The thing that I know that would make me less afraid of candidly sharing my white privilege for example, or I don’t know what I don’t know this about is education and awareness. We all have to do the hard work.” -Julie“The truth is diversity is important from a cultural perspective because it is the right thing to do but there is also a business result here.” -Ben “We have some data by the good folks at Harvard Business Review and many other organizations. So I think, as a marketer, you’re missing out if your organization is not diverse. Your likelihood of doing business with people you want to do business with is slower. You’re missing out on that mind share.” -Julie“You are increasing your TAM (Total Addressable Market) when you’re able to speak to diverse cultures, you can sell to more people.” -Ben“We also know that innovation goes up, we also have 87% better decisions, with diverse and inclusive teams we have 19% higher revenues, 21% higher profitability and these were studies done by McKinsey and Delloite.” -Julie “Gender is a spectrum. There are more than two genders so it is actually really important to have people of all gender identities reflected in your advertising especially because these are the kind of people you’re going to be in business with.” -Julie“It’s about really thinking, ‘have we used a broad canvass of voices so that we’re able to do business with the broadest available TAM. Dissecting it, getting that perspective, and asking people for feedback on gender identities, different races how much are they going to be identified with your product based on that advertising.” -Julie“Think about how quickly the demographic is changing in this country. By 2042, white will not be the majority of racial identification. So just thinking about that, it’s not that long for now. Coupled with the fact that GenZ, the latest generation to enter into the workforce, where survey after survey shows that they are not willing to work for companies or do business with companies that aren’t diverse and inclusive.” -Julie“With diversity and inclusion, I 100% agree that the more the oppressed groups thrive, the better everyone’s circumstances get.” -Ben“From a marketing perspective, here is my takeaway from our conversation. That diversity and inclusion can help you increase your TAM. It allows you to reach more potential consumers and when you’re thinking about reaching consumers that have diverse backgrounds, you need to be able to communicate with them in a way that sounds and feels authentic, which means that you as an organization need to understand what their lives are like, to have people that are from those background in the organization. So building from within, understanding diversity and inclusion and what it really means and then working that into your marketing effort helps you broaden your reach and also helps you be more targeted to the market you’re trying to reach.” -Ben“Be curious. We want you in the conversation and we want your ally-ship.” -Julie“Our podcast is a platform for people to talk about marketing. Here’s what weare going to do to support marketing and inclusion, in our onboarding form where everyone goes through to apply to be a speaker on the MarTech podcast, we ask a series of questions about their social reach, who they are etc., we are going to add a field that says, are you from some sort of diverse background and when somebody checks that box, assuming that they are telling the truth, we will bump up their potential syndications because we want to reach a broad audience and we also want to be a platform that supports diversity and inclusion.” -Ben