Bellevue, WA, June 18, 2018 --(PR.com
)-- “LGBT Pride,” once a grassroots counterculture movement, has gone decidedly more mainstream. To some, Pride has morphed into a marketing extravaganza, replete with top-name corporate sponsors and rainbow-themed campaigns specifically targeting the Lesbian, Gay, Bisexual and Transgender (LGBT) community.
A recent quick poll of LGBT Americans by insights and analytics firm Kompren found that the vast majority (87%) view Pride as both a social and political event. Moreover, the LGBT audience is highly sensitive to the approach and messaging of corporate sponsorships at Pride.
“With an estimated annual purchasing power approaching $1 trillion, the LGBT market now rivals other minority groups,” said Ben Piper, Principal Analyst at Kompren. “This is a fact not lost on marketers, who are increasingly executing outreach strategies aimed at attracting and retaining the segment.”
The role of corporations in supporting LGBT Pride has inspired much debate, but a majority (69%) of LGBTs surveyed have a favorable impression of companies sponsoring Pride events, and 59% say they’re able to recall specific brands afterwards.
Simply slapping a rainbow flag on a product is not enough, however.
“Our research suggests that while LGBT audiences value these statements of inclusivity, they are also looking for authenticity,” said Tara Forth, Principal Analyst and co-author of the study. “Brands must strike the right balance between advocating and advertising.”
The Kompren study, “LGBT at Work: The Business of Inclusivity” focuses on social, workplace and consumer facets of LGBT life in America, and is scheduled for release in late June.