Article originally published on Orlando Business Journal
The U.S. is going through a strong cultural and demographic shift. The death of George Floyd was pivotal for most of the younger generation to protest for a change in leadership and to condemn racism, bigotry and discrimination against minority groups, women and the LGBT community.
Younger generations are far more diverse than past generations, so they require change across the board, especially in the areas of diversity, inclusion and social responsibility.
If you think this doesn’t apply to your business, consider: Aging white consumers are being replaced with a more diverse, youthful population. These young, thriving consumers are requiring politicians and business owners to change their marketing and their mindset.
Multicultural marketing efforts should be a key component of your overall strategy. As the market evolves, so must your brand and your approach. But you just can’t add people of color into your advertising or tout diversity within your company. You must implement true inclusion.
It is a time for people in power and executives to pull people together, to listen, reflect, learn and take action promoting equality among everybody. These new consumers are demanding a much greater level of social responsibility from the businesses they chose to support. They want to support companies that make this nation a better place to live, play and work.
The good news is that this uncomfortable change, uncertainty and fear for many executives also will bring a lot of business opportunities. From increasing sales and revenue to assuring brand growth, you will be able to tap into new growing demographics, greater revenue streams and attain a leading role in the marketplace by showing your competitors how business needs to be done. Remember, the best defense is a good offense.
Here are 3 helpful tips that will make a difference in your business success:
- Be genuine: After the death of George Floyd, I have seen some strong support from CEOs condemning racism and bigotry. They tout how diverse and inclusive they are. However, change goes beyond how many minority employees you have on your team or whether you have people of color in your advertising campaigns. It is about how you are embracing, engaging and impacting their communities. This has to be reflected in all your communication efforts. When a person of color walks into your business, do they feel welcome? Do they see the effort you have put into their communities? Don’t just assume that they do. Find out. We can talk about diversity all day long. But unless you figure out a way to incorporate true inclusion — to walk in someone else’s shoes, to respect a different viewpoint, to show compassion, to make a positive impact outside your comfort zone — your business will not have near the success rate it is capable of achieving. Your social responsibility today will build a much stronger platform for your future business success.
- Have a voice: Create a diverse shareholder or advisory team that will guide you to be successful during this cultural and demographic shift. Listen to them and take their advice to heart. Having a mix of people together doesn’t guarantee success. It requires inclusive leadership that assures team members are heard, valued and respected. They need to be inspired and have a strong sense of confidence and belonging. We all share different experiences and we all can learn something from that if we respect those differences. Have your team answer these questions: How can you create a more compassionate, respectful and inclusive workplace? How are you connecting with multicultural consumers? How can you improve the communities around you?
- Be a leader: In the end, you have to be committed if you really want to make a difference. If you don’t walk the talk, you won’t get the results you are looking for and people will lose respect for you. By 2045, more than 50% of the U.S. population will be multicultural, according to the Population Reference Bureau report. You cannot ignore the statistics and expect to survive. Diversity and Inclusion need to go hand-in-hand for there to be any true change, in business, in life and in the world. Businesses no longer can afford to focus solely on their own bottom line. They must make genuine efforts to be inclusive of all people and take positive ownership of their future social impact. That is the kind of company, and the kind of leaders, that will be supported now.
As the Scottish novelist and writer Robert Louis Stevenson said, “Don’t judge each day by the harvest you reap, but by the seeds you plant.” We all want instant gratification, especially when it comes to our daily revenue. However, right now we need to take a serious look at what we are planting, where we are planting it and how we tend to it.