If I told you that there was an upwardly mobile demographic in the U.S. with buying power and no children? You'd be nuts not to market to them.
It's time.
One of the most diverse and interesting groups in America has not only been under leveraged, but have been downright excluded from the marketing conversation.
Who am I talking about? The LGBT Community.
The demographics speak for themselves: In the U.S. alone, the LGBT market is estimated to be worth $660 billion (2006) in disposable income. Approximately 4% to 10% of adult populations self-identify as gay, lesbian or bisexual, meaning between 12 million and 28 million in the United States alone.¹
That number is staggering. To put it in perspective? African-Americans are the second largest consumer group in America with a combined buying power of over $892 billion currently and likely over $1.1 trillion by 2012.² The second largest minority group in the U.S. can only muster approximately $230 billion more than a much smaller group of people.
Clearly the money is there. Why aren't advertisers and marketers though?
A lack of testicular fortitude.
I have a really hard time stomaching this. Especially because I feel we will look back at this time in history with the same disgust we look back at the 1960's civil rights movement. While not as overt, the invisible prejudice still exists and people aren't willing to take a chance to capture an enormously powerful buying bloc.
To date no brand has gone off full force after the LGBT community. We've seen light mentions, scattered innuendo and attempts to "sneak" the branding by the general public. Nothing that could be considered as a welcoming invitation for a call to action from that community. This is a huge opportunity for the right brand to step in and make an absolute killing.
This does not apply to every brand. Unfortunately, at this point this strategy would only apply to renegade brands trying to gain traction in major urban areas and on the two coasts. If I were selling bibles, this probably wouldn't be the route that I would go. If I were selling business class airfare for say an Expedia? Absolutely. This is no different then the marketing of any other product though. It's just a matter of finding the right fit.
The company that jumps in first will reap huge rewards both from a loyalty and community standpoint. This won't be an easy journey but it's one that needs to start now. Will you be on the cutting edge?
Which brands do you think could make this jump? Why?
¹"Gay Marketing Resources". CommercialCloset.org.
²Report: Affluent African-Americans have 45% of buying power.
Photo Credit: [Diz]
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tagged as difference marketing, diverse marketing, diversity marketing, lbgt marketing, lbgtq marketing, marketing fortitude, positive marketing
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