Trends in the New York Business World: The Importance of DEI and Branding [JMCA web+]
This column is a full English translation of the article contributed to JMCA web+ on May 3rd, 2024.
https://plus.jmca.jp/newyork/newyork1.html
Japanese original text
The business scene in New York is constantly evolving. One of the most notable focuses in recent years is "DEI" - Diversity, Equity, and Inclusion. DEI aims to ensure that everyone is treated fairly, respected, and included within organizations and society. This effort has become foundational in business, not only in internal practices but also in how services and products are presented and marketed. It’s about integrating DEI into company and brand branding.
In this column series, I will spotlight trends emerging from global societal dynamics, focusing on how they are being adopted and integrated into branding, with intriguing examples and success stories. This initial column explains the crucial importance of DEI. Understanding and implementing DEI in business creates trends and directly ties to profitability. This is not just about making money; it’s about meeting demands and expectations, which translates to sales. The key lies in how well this is branded and made visible.
The Rise of Business Models Leveraging Diversity:
In New York, people from diverse cultures and backgrounds are driving businesses. One prominent example is the diversity in food culture, with numerous eateries catering to a wide range of dietary needs, from traditional steak lovers to vegan enthusiasts. For someone like me, who has maintained a mostly gluten-free diet for nearly a decade, the variety and ease of access to suitable products are impressive. Nowadays, businesses no longer cater to a uniform consumer base but identify and appeal to specific customer segments.
Companies Integrating DEI into Branding:
DEI has become a societal standard, meaning businesses must not ignore it but actively embrace it. Many companies are incorporating DEI into their business strategies. For instance, some fashion brands use models of various races and body types to promote their products, sending a message of diversity. This approach allows companies to make a statement to society, fulfill social responsibility, and enhance brand value by gaining customer empathy.
Strengthening Social Contributions through Branding:
U.S. companies, particularly in New York, prioritize not only profit but also social contribution. They reflect their values in branding through campaigns for environmental protection and social justice, thereby gaining customer support and increasing their social impact. In New York’s business world, DEI and branding are inseparably linked. Companies that respect diversity and emphasize equity and inclusion build sustainable growth and social influence.
Conversely, companies that superficially claim to support DEI and sustainability but fail to practice these principles are quickly exposed and face significant backlash. Even unintentional lapses in DEI understanding can lead to criticism, highlighting the importance of avoiding cultural appropriation. Gen Z, a generation embodying diversity, is particularly serious about these issues and has a strong social consciousness. Their increasing population and social media proficiency amplify their voice and purchasing power, making them a crucial demographic.
Is DEI Profitable? The answer is yes, but superficial understanding can lead to pitfalls. However, there’s no need to fear. By practicing DEI, companies contribute to a better society. Implementing even small steps is essential in today’s world. Hence, understanding the societal trends behind global trends and their underlying meanings is vital for companies to fulfill their responsibilities to society and customers.
This embodies the true essence of branding. A brand is a promise and trust between society and people, or between a company and its customers. In upcoming columns, we will explore exciting business trends, popular brands, their secrets to success, their integration of DEI, and their relationship with Gen Z. Stay tuned!
https://plus.jmca.jp/newyork/newyork1.html
Japanese original text