Customer obsession is table stakes for today’s firms: As brands in every industry have elevated customer experience, business leaders now face heightened demands from customers and employees to do the right thing.
With large challenges come great opportunities. Our analysis for “The Forrester Wave™: Customer Database And Engagement Agencies, Q1 2021” revealed an intersection we’d previously not explored: Diversity, equity, and inclusion (DEI) and data ethics are increasingly interconnected — brands must do both well in order to foster authentic, meaningful, and sustainable customer relationships. Our new report, “Everyone Benefits When Data Ethics And Diversity, Equity, And Inclusion (DEI) Converge,” explores this intersection and provides a business case and recommendations for getting started.
In short, CMOs who prioritize both disciplines will:
- Build consumer trust built on accurate data. Firms that embrace this strategy will be best positioned to form lasting and loyal relationships with customers who share the brand’s values. They’ll deepen their first-party data assets with context, preferences, and intentions that are voluntarily shared by customers who trust the brand. In an era of data deprecation, this is the holy grail.
- Create customer experiences that deliver on the promises of representation. By and large, businesses continue to fall short in engaging with a diverse customer base. Brands that are thoughtful about DEI and ethical data sourcing will be able to deliver empathetic, relevant, and authentic experiences for traditionally marginalized customers — a multibillion-dollar opportunity.
- Attract and retain a more engaged workforce. It doesn’t take a Forrester analyst to tell you that people want to work at places where they can feel seen and heard. Savvy business leaders will invest in DEI and data ethics, not only for the ways it benefits customers but also for how it will enable them to foster a company where a wide range of individuals can bring their best selves to work.
Brands cannot be truly customer-obsessed without an engagement strategy that allows them to deliver superior experiences to every stakeholder. This may mean putting specific risks and rewards aside when it comes down to it, interconnecting a thoughtful DEI promise with an ethical data strategy.
To learn more about this topic, check out the agenda for our upcoming Data Strategy & Insights event this November.