Conclusion

The customer centricity movement is big business. So much so that the Harvard Business Review devoted two recent editions to answering these headline question: 'What does your customer really want?’ (2016) and ‘How to win and keep customers’ (2017). The esteemed authors wrote about pricing, product/service quality, data, innovation, habits, prototyping and storytelling. Each of these is important. But the list was incomplete.

Few mentioned customer segmentation, and if they did so, no reference was made to the experiences of diverse groups. No-one talked about the threshold issues of fairness and respect, nor the multiplier effects of negative and positive experiences within diversity communities (e.g. detraction/advocacy). No-one spotted the extra selling power of positive messages of support for equality beyond a single and specific diversity target group.

This is the value created by ‘Missing out: The business case for Customer Diversity’. And it is very timely. Our community is becoming much more diverse, customers are becoming more empowered and choices – particularly via online channels are manifold.

In this context, the persistence of stereotypes and biases would seem quaint if they weren’t so damaging. Damaging to the retention of existing customers as well an organisation’s ability to access new markets.

On the flip side, there are substantial rewards for those organisations which embrace these diversity insights and capitalise on new opportunities. No wonder then that our sponsoring partners spanning diverse industries are taking it seriously. We’ll let them have the last word.

'Operating in a country where 28% of our population were born overseas, organisations have the best incentive to understand and represent that diversity if we are to resonate with and be relevant to all Australians. SBS was established with a clear purpose to promote the benefits of diversity, and in doing so help Australians understand each other better and our place in the world – and that has been driving all that we do for more than 40 years. Our commitment to diversity is not only demonstrated through the stories we explore in our programs, in the way we deliver content to audiences across our platforms, and in the way our radio services help migrant communities to understand Australian cultures and values, but it’s also ingrained in our way of operating. We are motivated by our belief that by inspiring greater understanding and connecting communities, we can shift perceptions and make a difference – socially and economically.'

Michael Ebeid

Chief Executive Officer and Managing Director SBS

'Whether it’s your customers or your workforce, respecting diversity and treating people inclusively is the right thing to do, plain and simple. It’s also the smart thing to do, because if you’re appealing to the widest range of people, you’re strengthening your ability to grow, attract the best talent and innovate. This report makes those benefits clear.'

Alan Joyce

CEO, Qantas

'As a company entering its third century in business we know that our success lies in delivering great service. Being Australia’s oldest company and first bank, we have a strong history of supporting customers who have a wide range of individual requirements. Our service philosophy is based on the foundation of knowing our customers, empowering them and then wowing them through outstanding experience, so that they in turn can prosper and grow. This approach is founded on making inclusion a priority in how we deliver our products and services. We want all our customers to feel welcomed and included so they can reach their full potential, irrespective of their individual requirements.'

Brian Hartzer

CEO, Westpac Group

'QBE’s purpose is to give people the confidence to achieve their ambitions. That means we want to help everybody - no matter who they are, whether they are a customer, an employee or someone in our broader community - and practice inclusivity in the development and delivery of our products and services. There is still a lot for us to learn and we are committed to becoming a better organisation to enable business growth and innovation, particularly when engaging with customers and their varying needs.'

Pat Regan

CEO QBE Australian & New Zealand Operations