How Representation Can Positively Impact Your Business (and the World)News
June 14, 2021
How Representation Can Positively Impact Your Business (and the World)
If you’re on social media, watch the news, or haven’t been under a rock for the past year then you’re no stranger to the calls for equality and representation growing louder. But if representation is “on trend”, why are companies slow to meet expectations? It’s an obvious and unfortunate reason: companies don’t think that representation is a problem that they need to address.
However, companies that do recognize the importance of representation have a different problem – they don’t know where to start. That leads to representation becoming a business objective lost in a sea of other to-dos, such as making decisions on remote work, hiring, and quarterly planning.
Listen, we get it. There’s a pandemic and the world is generally in disarray. But if you’re tired, I promise you that your underrepresented friends, co-workers, customers, and family members are exhausted.
So it’s time to get to work. Not just because it’s the right thing to do, but because representation is necessary for the future success of your business. If you want your business to grow, people need to see themselves reflected in your brand and product.
Don’t believe us? The numbers speak for themselves.
Inclusivity leads to more efficient ad spend.
According to an article from Entrepreneur, 62% of consumers report that inclusivity impacts their perception of a brand. Positive brand perception generates word-of-mouth and increases the efficiency of your marketing dollars. To improve your brand perception, recruit diverse talent, hire equitably, and create inclusive marketing.
Representation can positively differentiate your business from your competitors.
A 2019 Google survey in partnership with the Female Quotient & Ispos found that 71% of LGBTQ customers & 67% of black customers are more likely to check out an ad that they feel represents them. If you don’t capture your audience’s attention, they’ll move on to the next thing (which might just be your competitor.) In a world where another option is one swipe away, authentic advertising grabs an audience’s attention and differentiates your brand.
Companies that embrace diversity have higher financial returns.
Remaining skeptics might be asking themselves, “But how does this impact our bottom line?” To that, I’ll leave this quote from Fortune on diversity and boosting revenue right here: “Companies in the top quartile for racial and ethnic diversity are 35% more likely to have financial returns above their respective national industry medians.”
We hope that you’re now a believer in the power that representation wields. Not just because of the financial benefits, but because your company, your advertising, your view of society really does have the power to change the world.
To learn more about how Storyblocks is approaching the representation gap, check out our most recent initiative, Re: Stock.