Until recently, any brand wishing to know the strength of its commitment to the multicultural market could never really be sure, because no methodology existed for it to find out. Now, however, the LERMA/ agency offers an original tool created to measure the exact performance of brands on the multicultural market.
“The Brand Inclusivity Performance Index was created by analyzing data from a variety of sources, measuring brands’ commitment to multiculturalism. We looked at what percentage of any brand’s customers are multicultural. We considered the diversity, equity and inclusion programs that a brand might have in place. We evaluated whether the brand was investing in multiculturally targeted media, if the creative work was unique to the market and if they were using a specialized multicultural agency to do the work. And we worked to determine if brands were investing in community oriented programs serving underrepresented communities,” said Pete Lerma, founder and CEO of LERMA/.
The data came from a variety of sources. The methodology can be found here: https://lermaagency.com/bipi-methodology/
. “Quadratic Insights is our partner in the science of data,” he said. “They help us integrate data sources and tally the results, making sure that the data points are adequately considered. They were an invaluable part of the project. We wanted to make sure that the tallies were precise and right in terms of the size and category of the brand. What’s more, if certain data were no available, they helped us calculate a tallying methodology that neither penalized nor rewarded brands unjustly. A project like this would be impossible without a great partner in the science of data.”
About the way the BIP Index benefits brands, Lerma explained that this unique tool helps brands react to multicultural audiences.
“Brands have pledged increased commitment to their multicultural customers. However, there aren’t tools that give them a benchmark for how they’re performing. This is the first tool that will give brands that benchmark. And by working with us, we can give them a more detailed breakdown of their scores, with insights on where they need improvement. We can help brands live up to those commitments,” he said.
Lerma added that he first client to use the BIP Index was The Salvation Army, which “hired us because of our ability to make them a more multiculturally attuned brand. The tool is being used to evaluate the areas in which the brand needs improvement. The Salvation Army serves a very multicultural constituency. And we’re excited to work with them to make them as diverse and inclusive an organization as possible. The tool will help them become even more relevant to underrepresented segments like the Black and Hispanic, LGBTQ+, veteran and special-needs communities.”