By realigning your marketing budget, you can build trust and drive inclusivity in four ways

When it comes to deciding where to spend their money, today’s consumers and businesses look to trusted brands. Marketers have traditionally relied on content marketing to interact with and engage their customers in order to develop trust. In fact, 96 percent of top-performing B2B content marketers say their audience regards their brand as a legitimate and trustworthy source. 

However, some marketers have failed to recognize that in today’s marketing landscape, trust and diversity go hand in hand.

Let’s have a look at the evidence: 

  • Customers are more likely to trust firms that advertise in a variety of ways, according to 38% of customers. 
  • According to The Female Quotient, 64% of buyers took some action after seeing an ad that they deemed to be diverse or inclusive. 
  • Consumers said they would be willing to pay more money to support products and services from a trusted brand, with 71% saying they would.

By realigning your marketing budget, you can build trust and drive inclusivity in four ways

Yes, trust and inclusivity are important, but how can you include them into your content marketing strategy? It’s not just about producing excellent marketing; it’s about how your organization spends its marketing budget. Let’s look at four approaches to realign your marketing spend to increase revenue while also building trust. 

1. Increase the variety of media you use

It’s not only about what you say in your content marketing; it’s also about where you say it. “There isn’t a bank in the world we can deposit your words,” said Byron Allen, the founder, chairman, and CEO of Allen Media Group, at AdAge’s Black-owned media upfront earlier this year.

Brands should invest five to fifteen percent of their media budget on Black-owned media, according to Allen. He also stressed the importance of including Black-owned media in your marketing budget in a way that is long-term, sustainable, and relevant. 

2. Invest in a wide group of people

Look at who is influencing your material to make a bigger effect with your content marketing. According to McKinsey research, the more varied your workforce is, the better they can predict changes in client wants and consumption patterns.

When it comes to outsourcing, the same guidance applies. Consider where you’re acquiring your photographs instead of merely being careful of using a variety of stock photos. Consider selecting sites that are known for having representative photos, such as CreateHER, TONL, or Nappy. 

Consider Verizon as an example. Verizon stated earlier this year that it would devote 30% of its marketing operations budget to “diverse-owned video, experiential, and print production firms.” This financial contribution contributes to Verizon’s marketing inclusion and has a favorable impact on the entire industry. Media companies are also participating in the inclusive movement.

3. Make appropriate use of your platforms and budget

Consider how you may use your marketing budget or advertising platforms to assist underrepresented voices. Forbes EQ is one of the ways we’ve accomplished this (Equity Quotient). 

Forbes EQ is a content marketing space dedicated to amplifying the voices of underrepresented communities and sharing their powerful insights and stories with Forbes’ highly engaged audience of entrepreneurs, business decision-makers, and philanthropists. It is part of Forbes’ Representation and Inclusion practice.

We’re excited to invite brands like Lumin, MLT, Malomo, Cashdrop, Wellory, Returnships.org, and the National Diversity Council to tell their experiences on our second flight, which just debuted. Read their perspectives or suggest a worthy cause for our next travel. 

4. Budget throughout the year, not just during Black History Month

You won’t be able to create trust if you simply put out effort around major events. It’s vital that your marketing strategy and budget are year-round, not simply for “buzzworthy” occasions like Black History Month and Juneteenth. After all, one of the top four reasons D&I projects fail is the lack of a long-term strategy. 

By taking a more long-term approach, you may concentrate on authenticity rather than opportunity, which can help you gain trust from your target audience. The more consistent your efforts are, the more likely you are to reflect and connect with your customers throughout the year, not just during the holidays.

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