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Understanding the business benefits of diversity
Customers
The UK economy and population are changing and businesses that are able to meet the needs of different types of customers will significantly increase their profit margins. An appreciation of diversity can improve performance in existing markets as well as enabling access to new ones.
Although there are many different types of customers, when considering your products or services the more diverse your customer base, the more likely your business is to be successful.
How diverse are your customers?
Statistics show that businesses with good race diversity strategies are seeing their profits increase. In a recent study of around 100 firms they linked a total of £13bn profits to activities around race. More than 90% said diversity made good business sense for them (source: Race for Opportunity - the UK’s the leading race equality organisation).
Findings of the ‘Out Now 2005 Diva and Gay Times Readers Surveys’ reveal that British lesbians and gay men, on average, are very well-employed, well-paid and are out-spending their incomes on a range of lifestyle product categories. In short the gay market is big business.
There are approximately 10 million disabled people in the UK, and is a market with potential which is often overlooked. Inclusiveness in the way services are offered is increasingly being recognised as keys to opening up new markets. (source: Employers Forum on Disability).
Consumer research suggests that the spending habits of women are changing and traditionally male-dominated markets have seen an increase in the number of women customers (for example, the motor industry). (source: Research and Markets, 2004).
By appealing to a diverse range of ages, businesses have a greater range of options. Age-diverse businesses are placed in an excellent position to reach out to and capitalise on untapped markets - for instance the expanding grey market of retired people with large...