Earlier this week we spotlighted 5 big brands that are hitting the LGBT marketing sweet spot, but what about smaller companies?
Is there a business case for lesser known brands allocating precious marketing dollars to this audience segment?
The answer is a resounding yes!
According to Experian, there are several factors marketers should consider when targeting the gay market:
The number of Americans self-identifying as LGBT continues to rise
As states pass marriage equality, the number of couples in same-sex marriages continues to grow
Gay and lesbian Americans have always been early adopters of the Internet
Gays, lesbians and bisexuals are mobile and technology leaders
Married or partnered gay men have the highest household income
Gay men have the highest discretionary spending per capita
Besides these compelling statistics there is also the case for not only targeting gay Americans, but also including messages of inclusion in all marketing efforts.
Millenials and underrepresented minorities are twice as likely to spend money with an organization with similar values, which based on presidential voting, is in favor of marriage equality and legislation that protects those traditionally discriminated against.
If you’re thinking of targeting the LGBT market, I highly recommend downloading Experian’s 2013 LGBT Report (PDF), and reading through the extensive research on this emerging audience segment.