New report out from the Kellogg School of Management at Northwestern University. “Customers Will Pay More for Products That Feature Diversity in Ads.” How true or false have you found this to be, in your professional experience?
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I haven't really seen any hard data on this sort of thing, but it's something I've wonder about. This article is pretty interesting. With something like the navigation app I could see it very much being the case that diversity in the ad would provide a boost. I imagine that would be true of a great many products, and it's definitely something to think about.
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The first thing that came to mind for me was the hair care products my sister used to buy. They all had little black girls on it so I can see how and why diversity in advertising helps in that case.
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This is interesting. I’d like to know what customers are willing to pay more. I’d bet it’s customers from marginalized groups that are more likely to pay more for products by companies that have shown a commitment to those communities. Like the effort to “buy Black” to keep funds in the community. That is a key piece to this.