Small businesses will be a critical factor in the economic recovery. They add innovation, flexibility and stability to supply chains.
Many large corporations have supplier programs. Importantly, these programs could play an even greater role in the recovery of the U.S. economy. Until recently, to document the impact these programs have, supplier diversity departments relied on counting the awards they received, how much their spend increased. Some even tracked the positive impact these programs had on small and diverse businesses.
The survey is conducted among 3,000 U.S. consumers. The sample is balanced for income, age, race, and ethnicity. Business-to-consumer and business-to-business companies can segment the data to see results by the personal or business demographics that are important to them. “We’re now able to show how awareness of supplier diversity lifts the perception of a brand valuing diversity,” said Francis. “On average, it lifts scores for different metrics by between 25% and 70%.
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