We’ve all seen the headlines. “Brand X accused of tokenism…” “Campaign Y tone-deaf, say consumers…” Look, I get it. Marketing to diverse audiences can feel like navigating a minefield. But here’s the thing – ignoring those diverse audiences? That’s a mistake you can’t afford to make.

I’m talking about the 10.8 million multi-ethnic consumers in the UK, sitting on £4.5 billion in disposable income. That’s £4.5 billion your brand is leaving on the table if you’re not talking to them effectively.

And that was the crux of the conversation at a recent CMO Roundtable I hosted as Chair of the DMA’s Black Marketers Council. The message was clear: the old tick-box approach to diversity is dead. While there's a time and place for targeted campaigns that resonate with specific cultural nuances, the days of simply 'checking the boxes' with token representation are over. Consumers want to see themselves authentically reflected – in your workforce, your values, and your communication.

Lumping people into simplistic categories (White, Black, Asian) ignores the rich tapestry of lived experiences, heritage, and crucially, needs within those groups. A Nigerian-born woman living in Sussex will respond to marketing messages very differently than a young Muslim man in Wales. A middle-class Londoner may struggle to connect with a working-class single mum in Newcastle. These nuances matter.

The good news? There are brands out there getting it right. Take Next, with their line of Islamic menswear, or beauty brands partnering with specialist retailers to cater to the specific needs of Black women. These brands understand that 74% of consumers from diverse backgrounds are more likely to buy from brands with inclusive product ranges. They understand the power of that £4.5 billion prize.

And it’s not just about product lines. It’s about the entire customer journey. It’s about understanding that multi-ethnic consumers are twice as likely to switch banks and 1.9 times more likely to buy property – and tailoring your marketing messages accordingly.

We’ve seen the power of this first-hand at Oliver. Our own ‘Change Makers’ network is helping brands like Unilever (with their new range of inclusive Matey bubble bath) and WorldRemit (championing the positive impact of migrants) deliver campaigns that resonate and deliver real results.

So, how can your brand move beyond the tick boxes and unlock the real power of diversity?

Step one: Get real about representation

Take a long, hard look at your marketing team. Does it truly reflect the diversity of the audience you’re trying to reach? If not, why not? Partner with HR to attract and retain diverse talent. Listen to their lived experiences, their unique perspectives. Empower them to shape your campaigns.

Step two: Invest in understanding

You can’t market effectively to people you don’t understand. Partner with specialist agencies like Word on the Curb who can help you conduct meaningful research and craft authentic, culturally relevant campaigns. Tap into the expertise of organisations like the Diversity Standards Collective. Run focus groups, workshops, delve into data analytics. Yes, it takes budget, but remember that £4.5 billion?

Step three: Build genuine relationships

This isn’t a one-time fix. Building trust with diverse audiences is an ongoing process. It’s about fostering dialogue, listening to feedback, and continually adapting your approach. It’s about showing up authentically and consistently.

The brands that get this right – the brands that truly embrace diversity in all its messy, wonderful complexity – will be the ones who win not just market share, but the hearts and minds of consumers.

And in today’s hyper-competitive landscape, that’s an edge you simply can’t afford to ignore.