Our next few posts are going to focus on targeting specific audiences. As marketers, we are always looking for dems that are not only willing to spend money, but are trend-setting consumer adventurers. Did you know there is a demographic out there that fits that exact profile? And if your company isn’t marketing specifically to this segment, you could be missing out on a generous, brand-loyal revenue stream.
It is estimated that Gay and Lesbian buying power will reach $835 billion by next year. And the average median income per household ranges from $62,000 for singles to $130,000 for couples living together (a group referred to as DINKs… Double Income No Kids). What is your company doing to tap into it and, more importantly, are you doing it right? According to a 2008 report conducted by Prime Access and Planet Out, gays and lesbians are 68% more likely to purchase from a company that is perceived to be “gay-friendly”. And just how do they find out if a company is gay-friendly? 69% say advertising/marketing. 89% of respondents said they are more likely to support a company with favorable LGBT employment practices (you don’t want a Target incident).
So what does this mean? Does your company have to start flying a rainbow flag and showing up at every gay pride event? Sure—if you want. But more importantly, you need to reach out to them in their media of choice. 95% of gay men made purchases on the internet. 85% consider advertising in LGBT publications to be a favorable motivator to purchase.
But here’s the kicker, it is NOT enough to advertise in Gay & Lesbian publications and say you are gay-friendly. You have to walk-the-walk, avoid stereo-types and, above all, treat the Gay & Lesbian market as equals (not only in your marketing efforts, but in all your company policies). It’s a tricky process and thinking your company can earn some fast cash and dash is the wrong approach. Consistency in your presence and messaging will reap greater rewards and earn brand devotion with this segment (a good policy to have for all your markets actually).
Need help creating effective marketing campaigns aimed at the Gay & Lesbian market? Give us call and we can guide you to success.
Next up? Hispanic marketing.