Great news for businesses who are choosing to be friendly and supportive to LGBT consumers. The recent Harris Interactive national study reveals the LGBT community as a consumer that is fiercely loyal.
How loyal? How fierce? Well, 7 out of 10 of this high-value community said that they are more likely to remain brand loyal if the business was LGBT friendly. Further, they will continue to support the business–even if competing prices were higher or more convenient.
Such loyalty brings with it an enthusiastic consumer, too. Estimates on consumer spending from the LGBT community are forecast to reach $845 billion this year alone. With the buying power of the LGBT community approaching $1 trillion in annual spending, companies who choose to position themselves as supportive and friendly to the LGBT community will not be disappointed.
National brands are already discovering it’s good for business. Event marketing is especially popular, says David Alexander, Director of Institutional Giving for the National Gay and Lesbian Task Force. Events, such as the Winter Party Festival (February 29 to March 5, Miami Beach and Miami, FL) has businesses, such as Office Depot, Coca-Cola, Monster Energy, Grey Goose/42 Below vodkas, actively courting LGBT consumers to showcase their products.
Small companies don’t need to be left out either. An affordable and quick way they can get more exposure within the LGBT community as a gay-friendly or LGBT business is to list their business in a local LGBT-focussed directory. Typically, the LGBT community also uses such directories to promote events of interest to their community.
“The payoff for these companies can be tremendous,” Alexander says. “On the surface, they’re reaching thousands of potential customers with [their] marketing, but the [critical] message is that they enthusiastically support the LGBT community.”
Without a doubt, the LGBT community will enthusiastically support them back.