Every organization has a vested interest in improving their bottom line. Diverse Sales Teams are key in making this come into existence. We will look at several aspects that illustrate the increased revenue and diverse sales team correlations.
- Brand Loyalty: Consumers value organizations that make diversity, equity, and inclusion a priority. Companies with diverse teams show commitment to their own values. Additionally, when customers feel represented, they will likely refer and recommend products and services to other people. This can increase overall organic sales and growth.
- Larger Networks: Members of these often bring unique connections and relationships to the table. In most cases, teams can increase their ability to generate leads and build key partnerships. This also helps to reach a greater swath of people that non-diverse teams cannot reach.
- Improving Customer Relationships: Prospective clients are more likely to trust and relate to customer service or sales personnel with a shared demographic or cultural experience. When trust and rapport are properly fostered, this also improves overall sales retention.
- Creativity in Sales Strategy: Teams with different viewpoints are often better equipped to identify and meet the needs of various groups as opposed to simply one group. These different perspectives can also be reflected in product positioning, sales teams, and presentations.
- Improved Team Performance: Teams that demonstrate inclusion show more ways to collaborate and solve problems. This advantage leads to higher productivity and overall better sales results.
Here are some statistics showing the improved performance:
- Corporations identified as more diverse and inclusive are 35% more likely to outperform their competitors. (McKinsey)
- Diverse companies are 70% more likely to capture new markets. (HBR)
- Diverse teams are 87% better at making decisions. (People Management)
- Diverse management teams lead to 19% higher revenue. (BCG)
Let’s look at ways diversity can be leveraged for revenue growth:
- Quality Sales Training: This will give all team members the tools to address and understand their customers better.
- Adjustments: Properly analyzing and modifying areas for greater performance
- Celebration: The right highlighting and marketing of the diverse team can show it is better attuned to the customer’s needs.
- Recruitment: Intentional searches for talent from underrepresented groups to indicate the sales team reflects the customer base.
Companies will always desire to reach and maintain a customer base to their needs. Representations of all groups ensure that customers are aware that an organization works to meet the needs of its chosen market and all groups who comprise the market. Strengths in numbers also lead to strength in profits.