The data clearly demonstrates why Women and Minorities Should Be Driving Your Customer Focus in 2024.
AUSTIN, Texas, Oct. 3rd, 2023 /PRNewswire-PRWeb/ — Dos Mundos Creative, a leading brand consultancy & creative studio , released a groundbreaking report on the still latent potential of women and minority groups in marketing. Highlighting the challenges faced by Chief Marketing Officers (CMOs) with limited budgets, the report underscores significant opportunities for more impactful campaigns by focusing on historically marginalized and overlooked groups. The real purchasing power of women and minorities has the power to change the trajectory of any product, brand, or service.
“In today’s dynamic market, brands that “social-wash” their diversity and inclusion efforts aren’t just missing an opportunity to be human, they are hurting their bottom-line. Inclusivity isn’t just about doing the right thing; if done intentionally, ; it’s a competitive advantage,” said Kana LiVolsi, CEO of Dos Mundos. “Overlooking the influence of women and minorities sidelines a vast reservoir of untapped revenue. The success of today’s brands, more than ever, hinges on their ability to hear, understand, and authentically resonate with these consumers that control much of today’s buying power.”
Key findings in the report include the following:
- Brand campaigns have historically perpetuated a strong gender bias, speaking at rather than to female-identifying consumers.
- Women have a higher average return on investment; however, they typically receive only a small percentage of the funding their male counterparts are granted, and there is a longstanding underrepresentation of women, especially women of color, in leadership positions.
- Despite being often overlooked, women and minorities represent significant buying power, evidenced by their rising economic and financial influence. The minority buying power surpassed $4 trillion in 2020.
- Women influence a staggering 85% of consumer spending, contribute 37% to the Global GDP, and their growing participation in the workforce signifies an increasing buying power.
- Post-COVID technological advancements, including the surge in Work from Home (WFH) and mobile banking technology, have amplified women’s financial agency. However, the rise of AI threatens job disruptions, particularly more for women than men.
- Modern consumers, especially Gen Z, desire brands that address social issues. Campaigns that focus on diversity and inclusion have a higher recall and lead to increased purchase intent.
- Modern consumers expect brands to uphold values such as environmental sustainability, social justice, and community involvement. Focusing on minority voices can help brands appeal to these ethically conscious consumers.
- Recognizing “muted voices” and aligning marketing strategies with societal issues are critical for meaningful audience targeting.
Moving forward, the report proffers the incredible need for a deliberate paradigm shift toward women and minority groups considering their substantial economic influence and responsiveness to tailored campaigns. Inside the report, readers will find supporting evidence of why this demographic wields so much purchasing and decision-making power.
Brands that genuinely appeal to, represent, and understand these segments stand to benefit significantly, both ethically and financially. The onus is on marketing leaders to recognize these overlooked segments’ power and incorporate strategies that cater to their unique needs and preferences.
To read the full report, visit https://dosmundoscreative.com/economic-equity-opportunity-2023-2024/
About DosMundos Creative
Dos Mundos Creative is an award-winning Brand Consultancy and Creative Studio, focused on World-Building campaigns for Fortune 500 and industry disruptors. Through inclusive storytelling and actionable creative strategies, Dos Mundos helps clients achieve high-value growth by finding new ways for them to be relevant and connect with consumers. Dos Mundos creates customized sustainable team systems and future proof programs that fit each client’s individual needs. For more information about our innovative campaigns please visit us at http://www.dosmundoscreative.com.
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SOURCE Dos Mundos Creative