Rooted in the word diverse is the idea of taking a different course and following a particular path.
If your organization is committed to using Diverse Suppliers, you may already be experiencing the positive impact that diversity provides.
What Supplier Diversity Offers You
- Fresh perspectives in solving problems and devising solutions.
- Loyalty of diverse consumers.
- Additional transparency to share with your customers on the commitment you’ve made.
The Gains You Realize
- Broader thought leadership at all levels of your organization.
- Increased revenue.
- Increased regard for your brand.
How much more likely diverse consumers are to purchase from companies that use Diverse Suppliers. a
How much diverse consumers will contribute to the increase in purchasing power in the United States through 2045. b
a 2021 Community Marketing Annual Survey b US Department of Commerce 2021 Study
Who Are Diverse Suppliers?
- Disability Owned Businesses (DOB)
- LGBT Business Enterprises (LGBTBE)
- Minority Business Enterprises (MBE)
- Women’s Business Enterprises (WBE)
- Veteran Owned Business (VOB)
Five Ways to Ensure a Successful Supplier Diversity Program
- Check for certification. Be sure the supplier carries the appropriate national certification, which is authorized by designated third-party organizations.
- Size of company—yours and theirs. Limit your scope of work with each Diverse Supplier to no more than 20% of their annual revenue. If the unforeseen occurs (like a pandemic) and you need to cancel the contract, this will minimize the impact on each supplier.
- Ask for references from recent customers. Frame your evaluation based on their past five years of business.
- Match your geographic footprints. While a Diverse Supplier’s reach and experience may not be as broad as yours, especially if you’re a global entity, it should be comparable.
- Do they walk the talk? Ask prospective suppliers about their own Supplier Diversity programs, and request examples of their DEI initiatives. This way, you know your partner is as committed as you are to supporting—and benefiting from—Diverse Suppliers.
In Search of Supplier Diversity
Number of monthly Google searches tracked
over a 10-year period for “Diverse Suppliers”:
Take PRIDE in Diversity!
June-August is LGBT Pride season, an excellent time to engage with certified LGBT Business Enterprises.
Established in 1995, Acronym is among the world’s largest independent search and performance marketing agencies. Acronym’s DEI profile is 75% total workforce diversity and 83% leadership team diversity (for women, minorities and LGBT).
Acronym is certified as an LGBT Business Enterprise through the National LGBT Chamber of Commerce.
Grow your Supplier Diversity by partnering with Acronym for digital marketing. Schedule a time to talk with us today!
Acronym is an award-winning search and performance marketing agency. With experience in nearly every vertical marketplace, we manage campaigns in over 70 countries and in dozens of languages. With offices in New York City, Toronto, London, Berlin, and Singapore, we have the global reach to service clients of all sizes all over the world. And, as an independent agency, we have the agility our clients require to lead them to new levels of performance, turning insights into action and action into results. In short, we help you to lower your cost of acquisition, better engage with your customers and achieve your business goals. Learn more at: https://www.acronym.com/what-we-do/.