By Andy Anderson
Source: www.ana.net, March 2023

In today’s increasingly complex business environment, brands are facing market conditions that are profoundly different from generations past. Consumers have more choices than ever, are more brand savvy and are socially invested in the brands they use.

For the first time in history, 100 percent of the nation’s population’s growth came from multicultural segments of our society, according to the 2020 U.S. Census. Brands that will grow and thrive in this ever-evolving marketplace recognize the importance of diversity, equality, and inclusion (DEI). Future-focused brands adopting DEI marketing strategies — and utilizing diverse-owned outlets to deliver that messaging — will generate major dividends, culturally and financially.

To those forward-thinking brands seeking to capture and sustain greater market share, here are my top five reasons for using diverse-owned media partners:

#5. Goodwill

Companies that execute on this strategy tangibly demonstrate their corporate commitment to address systemic racism and willingness to empower diverse businesses, thereby establishing a reputation as trusted allies fortifying the economic ecosystem in those communities.

#4. Incremental reach

Diverse-owned media outlets help brands to engage new, unduplicated audiences that are not traditionally targeted by mainstream media. By tapping into these new audiences, businesses will expand their reach, grow their customer base, and build brand loyalty.

#3. Authenticity

Brands that partner with diverse-owned media outlets to deliver a diverse targeted consumer are mining a powerful, yet often overlooked resource and leveraging cultural cues that resonate with diverse demographic groups in ways that will reap enduring benefits.

#2. Market share

Understanding the nuances of diverse customers helps businesses connect with them more meaningfully and grants them a formidable edge over competitors that fail to seize on these opportunities.

#1. Profits

Delivering messaging keenly tailored to diverse populations underscores a brand’s invaluable appreciation of those customers and will, over time, increase revenues and profits.

The views and opinions expressed are solely those of the contributor and do not necessarily reflect the official position of the ANA or imply endorsement from the ANA.

Andy Anderson is the CRO at American Urban Radio Networks.