Wide-Ranging Minority Client Base Vital to Business Profits

A new report released by advertising and marketing organization Horowitz Research was named ‘Dollars and DEI: Multicultural Consumers’ Insights on Brands’ Media Buying and Marketing Practices in which the headline figure was eighty percent of those persons in the population who purchase products responded to the organizers of the research commenting that they took a dim view of businesses perceptively falling short of their commitments to meet the expected standards.      

Our Survey Said…

Now the strength of a survey is only as strong as the sample which is approached to provide their opinion. The investigators seem to have approached just under one thousand five hundred persons of adult age emanating a range of demographics such as the Lesbian, Gay, Bisexual, Transexual, Queer plus community, and those from black and minority ethnic, Latino and Hispanic backgrounds. The intention of the research appears to have been to shine a spotlight upon the point of view, perspectives and the manner in which such persons conduct themselves in the context of the marketing industry’s approach to reaching a diverse pool of persons to advertise their products and wares. The information was collated by the organisers of the survey, reviewed it and when they interpreted it, they made a number of interesting discoveries. They found that despite statistically customers who emanating from the black and minority ethnic population making up forty per cent of the market of purchasers in the United States of America, this group of consumers occupying this demographic of the marketplace seems to have been neglected by the marketing industry. 
Horowitz Research also discovered that businesses who have as their purpose the targeting of consumers and sell their products are presently causing themselves numerous issues for the reason of not channelling their advertising and marketing efforts at a diverse spread pool of persons. Horowitz Research found that if businesses shut their eyes, have tunnel vision and do not focus on potential consumers from these diverse demographics are shutting themselves off from chances to develop their commercial reach. The researches found evidence that they are proverbially shooting themselves in the proverbial foot by not targeting those from diverse backgrounds as were listed above.  

So How Can The Marketing and Advertising Industry Respond to the Report?

Following the publication of this report by Howowitz Research businesses need to be learning the lessons, including recognising the importance of a broad diverse client-base. The survey suggested that not having a lazer-focus on diversity will have negative implications including: 

• such businesses shooting themselves in the foot by not receiving a financial income stream 
• not taking advantage of the chances to develop their businesses in their chosen sectors
• these commercial organizations in this sector are seemingly stunting their economic industry development and will be slower to mature and 
• Horowitz Research appears to have attributed these implications to a low-priority approach in targeting consumers from minority backgrounds and 
• in particular those persons from the respective Lesbian, Gay, Bisexual, Transgender, and Queer Plus communities and Black and Ethnic Minority demographics. 

The research company also discovered that advertising and marketing businesses operating in this area are not targeting their budgets for advertising to these minority groups. Horowitz Research suggested for commercial businesses be more inclusive by putting together material and adverts targeted at these diverse groups of customers. 
Horowitz also suggested that affected businesses should be communicating with those sections of the base of clients targeted from a wider range of backgrounds and identifying that this shift in terms of mindset can potentially spearhead an increase in profits.

ASSESSING FIRMS
#Allen&Overy #BakerMcKenzie #HerbertSmithFreehillsLLP #LewisSilkin #MishcondeReya #Simmons&Simmons #AddleshawGoddard #CliffordChanceLLP #CMS #DACBeachcroftLLP #EvershedsSutherlandLLP #LinklatersLLP #TaylorWessing #TraversSmith #Bird&Bird #thelegists