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The Importance of DEI in Market Research

The Importance of DEI in Market Research

It’s human nature to want to be seen and understood, and with the world becoming increasingly more diverse, businesses need to alter their brands to reflect this diversity.

According to a Facebook Business report, 71% of people expect brands to promote inclusion and diversity in their advertising. Now more than ever, consumers are making a conscious decision about what they buy and whom they buy from, and if your company doesn’t offer diversity in your marketing, consumers will go somewhere else.

Inclusive marketing statistics show that consumers won’t hesitate to stop supporting a company that doesn’t appear to represent them and their diversity. For example, a study by Female Quotient and Google shows that 71% of LGBTQ+ and 69% of Black consumers are more likely to interact with a brand or ad that authentically and positively reflects their identity.

Working with a market research team like Decision Point Research can help a company identify what its customer base is looking for and add diversity to its marketing, so it can adapt strategies accordingly and create positive brand awareness. This is where including DEI in market research comes into play.

What is DEI?

So, what is DEI anyways? DEI refers to the principles of diversity, equity and inclusion. These three important values are used in tandem to help promote fairness and equal opportunities within organizations, communities, and society as a whole.

Diversity indicates a wide range of differences among a group of people. This includes but is not limited to race, nationality, ethnicity, gender, religion, sexual orientation, age, ability, and socio-economic background.

Equity means that no matter a person’s background or circumstances, they are to be treated fairly and justly by all people. Equity helps to ensure that everyone has the opportunity to find success without barriers or obstacles based on their intrinsic qualities.

Inclusion refers to engaging with diversity. It takes diversity one step further – in addition to incorporating diverse groups, the members of those groups are included and considered to the same degree as anyone else. Doing so helps to create a positive environment where everyone can feel valued, recognized, and respected. Incorporating inclusion marketing in your overall marketing strategy offers your business the chance to stand out from other companies who still stick with outdated advertising methods. 

DEI is all about creating a more compassionate, inclusive, and understanding society where everyone can feel valued and are afforded the same opportunities as the person next to them.

The primary goal of DEI is to correct societal injustices and create a fair and inclusive space where everyone is welcome. With that being said, DEI marketing also holds significant potential for a business’ growth and success.

How Can Inclusive Market Research Help My Business?

For a company to succeed, it needs to stay ahead of business trends and what is happening in the world. According to the US Census Bureau, by 2044, many minority groups across the US will reach majority status. This means that these groups who have been severely underrepresented in advertising for decades will soon become the main customer base for the majority of companies. To stay ahead of the curve, you need to speak to these groups now before it’s too late and they take their business elsewhere.

Inclusive market research is an invaluable tool and assists businesses in establishing a better understanding of their diverse customer base. By including a broad range of diverse people in market research you expand the types of experiences, perspectives, and opinions that are given, which can be used to paint a better picture of the needs and preferences of your customer base.

Inclusive market research also helps businesses avoid making assumptions about their customer base that are based on stereotypes or limited information. This can help companies take the guesswork out of their marketing strategies and make their products or services more desirable.

Businesses that use inclusive market research also gain insight into underrepresented groups and the challenges they might face in accessing their goods. This increased awareness of a customer base and their pain points can lead to an increase in customer loyalty and satisfaction.

How Can Decision Point Research Help?

Working alongside Decision Point Research offers you access to a variety of diverse groups that can be hard to reach with standard marketing practices. We have the #1 ethnic and new immigrants panel in Canada, as well as a multicultural market research panel that is continually growing alongside the culturally diverse population of Canada.

We have case studies that shine a light on how to reach demographics that are often hard to get to such as new immigrants, Indigenous peoples, and other niche groups. A few examples of these studies include Indigenous research and senior healthcare interviews. Diversity and inclusion in market research grant businesses a critical opportunity to better understand their audience and provides them with the insights they need to find success.

Are you ready to start using inclusive market research? With our help, you can create targeted marketing campaigns, develop relevant and desirable products and services, and build a positive reputation as an inclusive and forward-thinking business.

Don’t wait any longer – contact Decision Point Research now and start reaping the benefits of inclusive market research.

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