Diversity is the sum total of people’s different values, beliefs, practices and ways of life as a result of differences in their cultural, racial, ethnic and geographic backgrounds. These differences determine people’s purchasing habits and serve to broaden market demand overall.
Client diversity therefore is crucial to the success of any business as it creates ample demand for the goods and/or services that an organization takes to market. Lack of client diversity thereof can serve to shrink demand and eventually create smaller market for businesses. The less the diversity, the less the market is likely to be, and if this goes further, the demand (market) can shrink to the point where it is not sustainable for business organizations within the respective industry.
Viewed against this backdrop, lack of client diversity in any industry can hurt business growth. That is why organizations strive to create systems that embrace diversity by addressing the diverse customer needs.
This normally starts by creating an inclusive organisation and organisational culture where employees are comprised of different genders and come from different ethnic, racial and geographic backgrounds. The differences of all these people including sexual orientation, age, religion, education, ways of thinking, economic background and communication styles are respected, valued and utilised towards attaining a common objective.