If you haven’t already incorporated LGBTQ strategies into your marketing plans, you could be missing out on a huge opportunity. Here are 5 reasons why you must have LGBTQ marketing strategies.
(1) $884 Billion U.S. Buying Power: According to Witeck Communications and Market Research the total buying power of the adult lesbian, gay, bisexual, transgender, and queer population is $884 billion.
(2) Higher average household income: A 2012 survey revealed that an LGBTQ household median income was 23% higher than the American general market.
(3) Stronger purchasing habits:
- 10% more shopping trips a year vs. average household.
- Buy 7% more at checkout than non-LGBTQ consumers.
- 24% more equity in their homes according to The LGBTQ Financial Experience report by Prudential.
(4) LGBTQ-friendly companies are rewarded by Non-LGBTQ loyal customers. Google's 2014 research "How Brands Are Taking a Stance on Issues" states that over 45% of consumers ages 34 and under will do repeat business with an LGBTQ-friendly company.
(5) Personalized marketing works. Our brand messaging works harder for us when we truly use messaging to connect people on a human level. By acknowledging the LGBTQ community and including them into your marketing strategies, you can open up a whole new market and significantly build your customer loyalty.
To see Anderson's full presentation on LGBTQ marketing opportunities, visit our slideshare here.
Wondering how to get a jump-start on marketing to and including this audience? Sign up here to be sent a questionnaire to receive a FREE LGBTQ marketing consultation.
Stay tuned next week as we continue our inclusion series, focusing on LGBTQ community.