With budgets expected to increase over the next year, marketing professionals are looking to put that money to good use by focusing more on data and diverse talent, but more needs to be done on showcasing diverse voices in marketing campaigns.
In a recent survey, Forbes asked 500 C-suite marketing leaders about priorities, challenges and growth opportunities for companies in North America, Europe and the Asia/Pacific region. Since marketing is a big part of revenue growth for many companies, 38% of survey respondents who are CMOs said they would use data to drive marketing strategies over the next two years with 24% of CxOs also saying they will increase big data and analytics investments.
Hiring More Diverse Team Members
People continue to leave their jobs for other opportunities in what’s been coined as the Great Resignation, and CHROs who took Forbes’ survey said that over the next 12 months, the biggest talent gap will be seen in marketing and sales.
To fill the current gap and the diversity gap that existed before the labor shortage, 35% of CMOs said they plan to hire more diverse talent and partner with more agency partners that focus on diversity.
CMOS Need to Prioritize Diversity in Marketing Campaigns
While 74% of CMOs said they recognize consumers want to engage with content that features diverse voices, only 31% said they plan to elevate diverse voices in marketing campaigns over the next two years, which seems like a missed opportunity.
The point of marketing is to engage and deliver what consumers want. Hopefully, companies will rethink their strategies to focus on and elevate diverse voices. If not, they may lose consumers’ attention and ultimately their dollars, which dampens marketing efforts and in turn revenue growth for companies.
According to Maryville University, racial and ethnic minority populations are outpacing whites. Marketers should keep this in mind and know their audience, but they should also recognize that “diversity extends beyond diversity alone.”
To create a great marketing campaign, brand image and grow revenue, advertising messaging needs to reach consumers of all ages, genders and socio-economic classes. Creating diverse content for diverse audiences that represent present-day society is crucial to stay competitive.
The bottom line is that successful businesses rely on diverse ideas from diverse minds, and in the marketing world, both are needed to build a consumer base and drive revenue.