Trending Now: JewelryReaching the LGBT Dream Market
Marriage equality creates new opportunities.
Marriage equality is a dream come true for same-sex couples across the country—not to mention businesses that target the soon to be wed. The LGBT market stands to be an extremely lucrative new frontier for marketers in the jewelry and wedding businesses.
The LGBT community was first declared a “Dream Market” in the Wall Street Journal in 1988 due to its propensity for well above average household incomes, percentage of individuals holding professional or managerial positions, and luxury product consumption. Jewelry industry experts predict that by 2018, nationwide spending on same-sex marriages could top $2.6 billion , with more than 20% of same-sex couples spending more than $20,000 on their weddings. Savvy business owners are already fighting tooth and nail to grab a piece of the LGBT wedding cake.
It’s about inclusion—not rainbows.
“We need to engage the consumer and do something experiential, something relevant to their lifestyle. We have a long standing relationship with the LGBT community, but we don’t take it for granted. We have to constantly innovate if we want to stay relevant.” – Jeffrey Moran, Vice President of Public Relations, ABSOLUT
This quote may come from outside of the jewelry industry, but Jeffrey Moran’s words ring true for any business trying to connect with gays and lesbians. Marketing to the LGBT community effectively can be tricky; slapping a rainbow on an ad doesn’t make a business an ally. The messaging has to be crafted very carefully to make the appeal to LGBTs known, while simultaneously avoiding any cliché stereotypes. And it’s more than just one ad; the whole brand strategy has to show that the company cares.
The most effective strategy to target the LGBT community positions the brand as inclusive and understanding, often including verbiage and imagery that touches the audience emotionally. Within the wedding and jewelry industry specifically, marketers should acknowledge the generations of struggle towards acceptance of gay and lesbian relationships, affirming the validity of those relationships and bolstering their sense of pride.
Digital media is worth its weight in gold.
LGBTs tend to be early adopters of new technology, spend more time on their mobile devices, and are more likely to actively use social networks than the average American adult . As such, companies need to make good and creative use of advertising on new media platforms in order to appeal to this lucrative market. A well-developed social media strategy should include the use of paid ads to drive website and social traffic, targeting users based on their browsing history and self-reported interests and demographic information. Marketing the wedding and jewelry industry is highly visual, which lends itself well to social media marketing, particularly on Facebook, Pinterest, and Instagram.
We can help!
If you need help targeting the right audience to grow your business—LGBT or otherwise—we can help. We’re the area’s most powerful media and marketing organization with all the tools you need to reach your best prospects. Contact us online or call 607.798.1325.
1. Braverman, Beth “The $2.6 Billion Gay Wedding Boom.” TheFiscalTimes.com, 1 Jul. 2015. Web. 16 Jul. 2015
2. 2015 Audience SCAN