Buying Power of Diversity

Buying Power of Diversity

Diversity can be said to be the state of being or the condition of being or composed of different elements. Some of the parameter that show diversity are age, race, ethnicity, gender, language, physical ability religion, marital status, values, skills, job levels, sex orientation, experience, education and many others. An example of the level of influence a certain group can have is the level of expenditure in the global economy. According to women influence $12 trillion of the overall $18.4 trillion global consumer spending. This therefore means that women have a great significance in making major economic decisions as a small shift of this would adversely affect the level of spending and therefore having some economic downfall globally.

Different groups rule a certain segment of the market and this is the reason as to why there are market segmentations in the today’s economy. Most of the people succeed in business because that take enough time to study their past, present and target market and therefore developing the ability to diversify their products so as to incorporate all the diverse people in the market. The major goal in diversity is incorporate people from all walks of live with different personality but who are geared towards the same objectives and that is the objective of the company. The major objective of any organization is to maximize on profitability at the lowest cost possible. The different people incorporated in the organization bring about diverse ideas which are streamlines and implemented leading to economic advancement of the organization.

There are facts that I would utilize to convince workforce of managers and power players that diversity is important and that if the company wants to increase the sales it can do so by hiring new groups and representing the market needs.

The differences that are incorporated in the work environment and this as being the diversity brings about the difference in the way the business presents itself in the world and therefore the level of acceptance it gains globally.

Diversity increases the behavior that leads to better performance as it amplifies creativity and problem solving. In diverse organizations there are high levels of employee’s engagement and this leads to increased productivity which directly translates to profitability.

Diverse workforce also overcomes the groupthink issue the draws the company backwards. In the workplace a 1% increase in racial or gender diversity leads to 3-9% increase in sales representatively. People from similar background are expected to raise common solutions as they have a shared experience. Diverse groups bring about different ideas which are shared among the members and therefore expanding their ways of thinking. Thinking outside the box and having different views of ideas from different people stimulates innovation and hence market growth.

Connect better with the consumers as one wrong word in the sales business can kill the business and therefore it needs different people to approach different customers and drive the chat in a positive way. It is important for the sales team to understand the different lifestyles and the cultures of their customers for effective excellence in the market.

 

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