From Theory to Practice: "Diversity and Inclusion" As A Strategic Bridge Between Ethics and Business

The focus on "Diversity and Inclusion" has been prominent in corporate strategy agendas for years.

The suggestions are well-known: "Change the culture." "Value diversity." Those are agreeable recommendations, yet they need more practical guidance to avoid sounding anecdotal or rhetorical. The risk of these messages being repeatedly emphasized is that they might lose their practical and strategic depth.

A recent survey by the "Osservatorio Imprese Lavoro & Business International" indicates that only 46% of companies report having an active D&I plan, while 63% promise to "proceed in the near future" but still lack a structured strategy.

Eighty-four percent of respondents consider Diversity and Inclusion urgent on an ethical level. However, only 50% have a clear idea of its potential impact on business: less than one in two companies (42%) has considered the actual scope of an inclusive and non-discriminatory value system, including in terms of reputation and increased trust from customers and the financial community.

The context here is quite clear: there is often a lack of a plan to allow organizations to turn good intentions into concrete actions regarding Diversity and Inclusion. One premise seems to be missing: for marketing, expressing and celebrating diversity addresses the need to target individuals more personally through a goal-directed message tailored to the audience.

This transition has been underway for some time: generalist marketing strategies are no longer effective, favoring diversified content that more precisely anticipates customer access points.

In this transition, B2B marketing for highly engineered companies plays a crucial role. The market in which this sector operates is inherently highly competitive and deeply influenced by new innovation levers and the ability to solve complex problems through original and "future-ready" perspectives. However, in more technical and engineering sectors, there are mindsets that risk undermining processes, remaining anchored to service and product communication and a "severe and functional" information transfer.

Yet, 80% of people consider their experience as customers more important than the products and services a company offers (Source: Salesforce in "Agenda Digitale 2023").

This translates into a renewed importance of the variety of perspectives and ideas within the marketing team, which must synergize with Sales from a holistic and cross-functional perspective.

A diverse marketing team can help better understand customer needs, adapting the strategies accordingly. For example, a team composed of individuals with different backgrounds can ensure a greater understanding of the cultural nuances that influence the purchasing decisions of international customers, avoiding common communication errors driven by prejudiced assumptions and cognitive biases.

An inclusive and integrated approach in B2B marketing can help create an environment where every customer feels represented and respected, increasing trust levels and building stronger and longer-lasting relationships.

According to a Harvard Business Review study, if even one team member has traits in common with the customer, the entire team is 152% more likely to understand the customer.

This is why, beyond rhetoric, "the value of diversity" should be interpreted in a broader sense: alongside origin and gender, factors such as age, education, life experiences, and personal and character profiles are also included.

There is no doubt: with sources in hand, a variety of perspectives translates into a competitive advantage for the company. This is how ethics and business strategy converge, with verifiable results. Let's see which ones.

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Tangible Benefits of Diversity and Inclusion

The benefits of Diversity and Inclusion in B2B marketing are not only theoretical. Numerous studies have shown that companies promoting Diversity and Inclusion have better financial performance.

Deloitte (March, 2024) found that diversified companies generate 2.3 times higher revenue per employee than less diversified companies, with significant positive returns in customer experience.

Gartner (January 2020) also reports that inclusive and highly diverse teams improve performance by up to 30%. Moreover, a McKinsey study states that companies with a gender-sensitive approach and leadership positions focused on reducing the gender gap are 15% more likely to achieve above-average financial returns for their sector.

Furthermore, companies that promote Diversity and Inclusion show a competitive advantage in attracting new talent.

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Conclusion

In a highly competitive environment with new risks of alienation, talented professionals largely seek companies that respect individual qualities and inclinations and value personal time, tending to join companies that reflect their values.

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SOURCES

• K. Hopkinson in Agenda Digitale (2023), Cinque modi in cui la Diversity & Inclusion influisce sull’esperienza dei clienti
• A. Zavaritt in "Alley Oop", part of Il Sole 24 Ore (2022), Diversity in azienda: parte della strategia, ma non strategica
• Osservatorio Imprese Lavoro & Business International (2022), Future of Work, Diversity & Inclusion
• S. A. Hewlett, M. Marshall, L. Sherbin in Harvard Business Review (2013), How Diversity Can Drive Innovation
• K. Wong for Deloitte (2024), Diversity and inclusion in the workplace: Benefits and challenges
• Gartner (2020), How HCM Technologies Can Scale Inclusion in the Workplace