The result is that, in the name of efficiency, minority-owned or targeted players end up being eliminated from consideration before they even have a chance to make their pitch.
Ad buyer misperceptions: Many media teams are known to inaccurately label minority-owned properties as “small” or subscale, despite evidence to the contrary. In an ecosystem that is already dominated by a few tech giants, the majority of digital media companies struggle to stand out. This becomes even harder for minority-aimed publishers, which are perhaps lesser known to many ad buying teams and are compared to the walled garden partners.
That said, many of these publishers boast of large and growing audiences, despite the lingering view that they can’t deliver the reach on the level of “general market” properties.
Doing the right thing for the bottom line
To be sure, this lingering scale perception challenge isn’t just about a lack of equity, but one of lost opportunities for marketers. That’s because reaching diverse audiences is vital to driving business results for modern brands, while ignoring these groups can prove even more costly.
In fact, nearly 7 out of 10 multicultural consumers say that brands purposely investing ad dollars with media that is owned or focused on them strongly demonstrates support for their communities.
Moreover, the same research shows that almost 90% of multicultural consumers report taking action because of a company investing in their community, including telling others about the brand, sharing their support on social media or even switching away from a competitor brand.
Simply put, ignoring these communities, particularly while using scale as an excuse, is bad business.
It is important to also note that investment in minority-owned media is not limited to minority-targeted campaigns, as the depth and breadth of minority-owned media brands is vast. Consider Tyler Perry’s multiplatform empire, which ranges from movies to sitcoms. The Allen Media Group has a longstanding TV syndication and distribution business, while also owning The Weather Channel and its digital arm. Ironically, brands that ignore these properties are missing out on significant scale while failing to further their diversity goals.
If nothing else, the business argument for diversity would seem to trump any scale concerns.
A call for more profound change
There has been some positive momentum in the industry, as many businesses have fashioned dedicated efforts toward supporting social justice and a more egalitarian approach to marketing spending. Yet too often, minority-owned media vehicles are left fighting against both structural obstacles and institutional biases.
As a result, business progress is lagging behind sentiment and rhetoric. Again, this is not about fostering equality, but the vital importance of targeting upwards of two-fifths of the U.S. market in a way that demonstrates understanding and ultimately winning more customers.
