How Brands Bolster Their DEI Efforts Amid Growing Turbulence
Bud Light. Kohl's. Target. These are just a few of the major brands that faced a serious backlash last year for embracing in their marketing and merchandising efforts. But the backlash sparked an additional backlash.
If a brand backtracks on its support for social causes, 77 percent of consumers would either immediately stop purchasing or look to purchase other brands more supportive of their views per a survey of more than 9,000 consumers. More than three-fourths of consumers said they will not return to that brand or will only return if the brand changes its practices. That's according to research on consumer sentiment on diversity, equity, inclusion and belonging and so-called "woke" marketing practices.
The survey, which was conducted by the cultural inclusion accelerator (CIA) in partnership with the ANA's alliance for inclusive and multicultural marketing, or AIMM, was released during the ANA Master of Marketing conference in Orlando last October.
Gilbert Dávila, cofounder of AIMM and President and CEO of Dávila Multicultural Insights, joined host Matthew Schwartz at Masters of Marketing to discuss where the marketing industry's diversity, equity and inclusion (DEI) efforts go from here and how companies brace for what's expected to be a turbulent year.
The president of the Society of Human Resource Management was quoted in The Guardian late last year saying that DEI policies within U.S. companies will "come under full-out attack in 2024."
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Source
"How Brands Bolster Their DEI Efforts Amid Growing Turbulence." Champions of Growth Podcast, 1/17/24.