But veteran CMO advisor Lola Bakare disagrees with the notion that CMOs’ increasing operational and financial responsibilities should be considered separately from DEI initiatives because, she argues, these objectives are inherently interrelated.

“If treated correctly, DEI enhances financial performance and growth. It enhances operational efficiency and product innovation,” she said. Prioritizing financial performance, she added, “involves how you incorporate more diversity, equity, inclusion and representation into what you make.”

Studies underscore her point. For example, the 2023 Diversity, Equity and Inclusion Report published by global management consulting firm DDI stated that “overall, companies with greater gender and racial/ethnic diversity tend to outperform their peers financially.” McKinsey & Company has reported that “top-quartile companies for racial and ethnic diversity were 35% more likely to have financial returns above their national industry medians.”

MediaLink’s findings suggest that many CMOs already know this correlation, even if they’re not giving diversity efforts priority treatment.

“These figures likely tell a more nuanced story,” the study notes. “Many marketers now consider DEI as a critical means to achieving growth.”