During Pride 2024 many brands will show support of the LGBTQ+ community prominently during the month, but many still have a long way to go in representing diversity and inclusivity. True support must be more than rainbow-hued posts. Brkthru agrees.
Consumers are giving a more watchful eye to how the brands they buy participate in Pride, and companies must go deeper than rainbow advertising, website headers, social media posts and packaging. Brands are watched for authenticity and some are being called out for purporting to support the LGBTQ+ community, even when some have a history of donating hundreds of thousands of dollars to anti-LGBTQ+ legislation.
It makes sense for companies to support the LGBTQ+ community, given estimates it’s now a $4.7 trillion worldwide market. This market is called “pink money,” and it is no longer fringe. LGBTQ+ members are the fastest-growing minority segment in America with regards to spending power.
Financial services company Credit Suisse recently noted that their stock basket of LGBTQ-inclusive companies consistently outperformed the overall market. Publicly traded companies that choose to pursue pink money and overall solidarity with the queer community deliver above-average financial performance. The LGBTQ+ community is a loyal and lucrative market when properly engaged; pink money is a powerful economic force, and pink money donations will increasingly influence political campaigns in coming years.
How can your organization better reach the LGBTQ+ market and make your Pride month genuine? A few thoughts from Brkthru:
- Normalize year-round awareness and support
- Embrace it within the business. It’s one thing to project an image of being a company that values equal rights for the LGBTQ community, but another to live by those standards. At Brkthru, we foster an environment where all employees can be their authentic selves every day
- Make it last. If you’re serious about LGBTQ rights, then show it all year round. Don’t just change your logo to a multi-colored background for a month as an easy marketing ploy.
- Make a charitable donation. Give to a relevant organization or good cause that helps to provide resources, supports or helps to the gay or LGBTQ community
- Avoid “rainbow washing.” If a brand opts to build a campaign around Pride but has taken actions in the past that fly in the face of the cause, it can be viewed by consumers as shallow and opportunistic
The Pink Money monsoon is coming. Brands that figure out how to acknowledge and respect LGBTQ+ demand will be ready to claim greater market share.
If you are an advertisers or marketer interested in showing your support this Pride and every month, and reaching the LGBTQ+ community and its supporters, reach out to us Brkthru. We’ve successfully managed hundreds of digital advertising campaigns reaching the LGBTQ+ community.