Article originally published on Orlando Business Journal
Open your mind and success will follow. Consumer markets are evolving constantly. Your business growth — and ultimate success — depends on how well you can change with or even ahead of them.
At the end of the day, it’s not about changing the way you’re doing business. It’s all about embracing other audiences and speaking to their specific needs.
There are big business opportunities for any corporation to expand and grow their business with the lesbian, gay, bisexual and transgender (LGBT) community.
Consider: The U.S. LGBT adult population has a total buying power of more than $830 billion dollars, according to an analysis by Witeck Communications in 2013.
And marriage equality in Florida opens a big opportunity for business owners to grow and expand their businesses, now that the ban on gay marriage was lifted on Jan. 5.
Wedding destinations are a perfect example, and there are plenty of them here in Florida. “The economic impact that same-sex marriage brings will be huge,” said Carlos Guillermo Smith, public policy specialist with Equality Florida.
He added that most studies estimate about 25,000 same-sex couples will wed in Florida just in the first three years following the beginning of marriage equality in our state, and that could bring more than $180 million to Florida’s economy, including another $12 million in tax revenue for local and state government.
In addition, the average spending total for same-sex partnered households for consumer package goods is 25 percent higher than the average U.S. household ($8,651 vs $6,898), according to a Nielsen study called “State of LGBT Consumers.”
“Wedding vendors certainly will be doing what they can to get in on all the new business, as will many other related industries,” said Smith. “The time is now to start planning. For example: The city of Orlando has a 100 ranking from Human Rights Campaign, and this sends a huge, clear message for companies relocating here that all are accepted and valued.”
The key for marketers is to choose the right media and the right approach.
For instance, Central Florida has different publications that target the LGBT community, such as the Watermark newspaper. Also, the Metropolitan Business Association of Orlando has networking groups and is the parent of the annual Come Out with Pride parade, one of the largest LGBT events in Florida.
The LGBT community also can be marketed to effectively through mainstream media: Companies like Ikea, Hallmark, Coca-Cola and Honey Maid already have been featuring same-sex couples in some of their ad campaigns.
And your company may want to do this too. But be careful how you do it, cautions Eric Rollings, Realtor at uOwn Real Estate in Orlando and Orange County Soil & Water Conservation Supervisor. “If people are advertising to the LGBT community for the first time, I would highly propose that they have someone from the community proof their work first,” he said. “Sensitivity should be taken, especially when writing. Words or phrases from years past might not be relevant or could even be offensive to the community today. As with all minority groups, or groups of minorities within another minority group, it is essential to double check all aspects of your advertising efforts to get the best results.”
So how can companies better serve the LGBT community? According to Ted Maines, president and founder of Ted Maines Interior: “Show respect: adopt fair and equal employment practices, offer equal benefits and treat all employees with dignity. Having a diversity program that includes all minorities is a great step toward making people feel included and valued.”
If you really want to be successful when marketing to the LGBT community, stay away from stereotyping and show your support.
For example, businesses can get listed in local, state, and national pro-equality indexes that identify LGBT-friendly companies. In addition, Equality Florida publishes such an index at ab4e.org. Companies can visit that site to find out how to add their business.
You may find it well worth the effort. After all, LGBT consumers are a very savvy, loyal demographic and are more likely to pay for quality brands and to influence others, as well, according to Nielsen’s study.