Marketing and advertising to LGBTQ consumers, through advertising in LGBTQ media, using LGBTQ messages in non-LGBTQ media or sponsoring LGBTQ events, constitute the most direct way businesses can communicate to LGBTQ consumers. LGBTQ consumers cross with many other diverse segments in terms age, race/ethnicity, gender, ability and so on. Accordingly, the messages used and how those messages portray LGBTQ consumers demonstrate the depth of a business' understanding of and serious commitment to the LGBTQ consumer.
LGBTQ Buying Power
The total buying power of the adult U.S. lesbian, gay, bisexual, transgender and queer population is projected $917 billion (Huffington Post: Witeck Communucations 2015 Study)
- Packaged Facts Report: The Gay and Lesbian Market in the U.S.: Trends and Opportunities in the LGBTQ Community, 6th Edition
LGBTQ / Non-LGBTQ Purchasing Habits
A 2015 analysis from Witeck Communications studied the combined buying power and purchasing patterns of the LGBTQ adult population. The report found that LGBTQ workers, businesses and consumers are directly shaping the American economy. Additionally, contemporary market behaviors are favorably shaped my millennials who are the most LGBTQ- inclusive generation yet. For example, in August 2014, according to a Google Consumer Survey, over 45% of all consumers under the age of 34 say they’re more likely to do repeat business with an LGBT-friendly company. A majority of these consumers – more than 54% — also say they would choose an equality-focused brand over a competitor.
Echelon Magazine maintains a list of LGBTQ market-related studies and other research:
- GLBTQ market research [echelonmagazine.com]
List of LGBTQ Publications - United States [wikipedia.org]
Web advertising, such as that purchased through Google's AdWords, can target LGBTQ-specific websites.
Similarly, event and conference sponsorships can provide businesses with targeted audiences that can assist their bottom line. For example, businesses that support LGBTQ pride celebrations in particular cities can establish local connections with LGBTQ consumers. Meanwhile, many law firms attend and recruit from the annual Lavender Law conference, which provides attendees the opportunity to interact with firms that are very clearly interested in hiring LGBTQ lawyers.