(GayWebSource.com – Gay Media & Press Network) – Posted by Michael Lamb – Echelon Magazine

Driving revenue from the fastest growing U.S. consumer segment

By Mya Reyes, CMP, CTA

Inside the hotel suite sat an exquisite amenity that would have impressed even the most discerning traveler. Cristal champagne, Bitto cheese, Beluga caviar and fruit and nuts from every corner of the world.  There was no doubt, the couple occupying this suite would immediately recognize they were highly esteemed by the hotel.  With great expectation, they entered the suite, opened the welcome card and to their dismay it began: “Dear Mr. & Mrs. Switzer…”.

Of course the note sent a very sincere message of appreciation for their business, but the damage had been done.  David Switzer, CEO of one of the nation’s most profitable corporations and his partner of over 20 years, Ryan, had recently been married and planned a romantic honeymoon at their favorite hotel.  And though they had not been questioned about their request for a king bed; received a copy of the local gay guide upon check-in; had been asked their preferences on a number of amenities prior to arrival, and received assistance in booking a couple spa treatment during their stay, the start of their 5-day celebration had been less than ideal, and one, unfortunately, they would probably recount to friends and colleagues.

This is but one example of a well-intentioned company whose marketing initiatives had gone awry as a result of an innocent mistake made by an employee who had not been properly trained.  This hotel prided itself on ensuring all guests were welcomed with the five-star treatment upon which they built their brand, and this commitment extended to the LGBT traveler they had made a conscious decision to court.  What could have been a PR nightmare for the company, however, presented a learning opportunity that prompted enhanced training for every existing and new employee, and the faux pas was not only corrected but also served to catapult the company to being one of the country’s preferred hotels by LGBT travelers.

The LGBT consumer market is an increasingly coveted segment and is comprised of a number of communities, each of which represent a unique business opportunity, and for whom a dedicated marketing strategy must be developed.   With annual U.S. spending power of more than $790 billion, the LGBT consumer not only offers tremendous financial benefit to retail and service providers, but is also extremely brand loyal, and supports and refers companies who support LGBT people and causes.  According to Catalyst Research, even if a brand is costlier or less convenient, 71% of lesbian and gay people would remain loyal to that brand should they be supportive of and friendly to LGBT issues.

So how do you position your company to capture more than your fair share of this relatively untapped consumer market?  Building an effective marketing initiative is paramount, however, it’s important to remember that there is no such thing as an LGBT marketing campaign. There are lesbian, gay, bisexual and transgender consumers and each one requires a customized outreach. The first step is to decide which of the markets you want to target, keeping in mind that each is comprised of several niches.

In building your campaign it is also important to remember that LGBT business must be EARNED.  Your targeted consumers are smart, early adopters/trendsetters, computer savvy and network extensively all over the globe.  They KNOW marketers are pursuing their business and if you want to stand out from the crowd there are a couple of things you must do.

Start by taking an introspective look at your company and get honest answers to the following questions:

• Is my company really committed – do we have buy in from the top?
• Are we willing to dedicate the necessary resources to succeed in the market?
• Have our employees been trained to understand the bottom-line benefit of our LGBT initiative?
• Are our initiatives really inclusive?
• Do we, or will we consider offering domestic partner benefits?
• Are we in it for the long haul?

If the answer to any of these is no, then you have more work to do.  The additional tips will also help:

Perfect your product – You don’t have to re-invent your product/service, however with the proper research and focus-group feedback, you can create a customized program that will send a positive message to your potential clients and ensure your space in the marketplace.

Perfect your message – You must develop a customized message for each of the sub-groups you’ve decided to target.  Learn how messaging to lesbians and gays differs, and how to maximize the opportunities presented by both.  Many marketers have made the mistake of thinking they can take their existing advertisements, slap on a rainbow flag and call it a day.  It just doesn’t work that way.

Implement top-down staff training – Without the buy-in from the top, your program will languish.  Those at the top are primarily interested in one thing…the bottom, and if you can show the revenue potential of the market, you’re on your way.

Align with the community – There are a number of opportunities within local and/or national communities that will allow your company to align with a program that gives back.  The benefits of this measure are nothing but positive.

Develop an effective social media and advertising/promotional campaign – One cannot say enough about the importance of social media in all segmentation and studies show that the LGBT consumers spend more time engaging in social media than the general market.  Creating an engaging story about your company and ensuring an effective campaign is disseminated on the most visited social media sites will bring results.  Of course your social media program must be enhanced by an equally effective advertising/promotion campaign.

Companies who are not attuned to the benefits of embracing the LGBT market today, may find themselves playing a game of catch-up tomorrow.  Those who effectively position themselves now to earn the business of the LGBT consumer will reap the benefits in a big way and for a long time. Which side of history do you want to be on?

ABOUT THE AUTHOR

Mya Reyes is a speaker, trainer and founder of Straight Talk on the Gay Market, a consulting firm specializing in positioning companies to drive revenue from effective LGBT sales and marketing initiatives. A Certified Meeting Professional, certified Steven Covey trainer, and one of only 13 LGBT travel specialists in the U.S., Mya advises domestic and international companies on their LGBT outreach efforts and sales initiatives. To find out more about her speaking and consulting, please visit www.myareyes.com or call 702.575.1080.

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