Harvard Business Review recently released their study ‘Out in the World: Securing LGBT Rights in the Global Marketplace’ and noticed gay-friendly companies excelled in three things – attracting and retaining top talent, winning customer loyalty, and harnessing the insight of LGBT employees to drive market innovation.
Seventy-one percent of LGBT respondents and 82% of allies across our multimarket sample say they are more likely to purchase from a company that supports LGBT equality — critical majorities, given that global LGBT buying power is estimated at $3.7 trillion. The global ally market has yet to be properly quantified, but with close to three-quarters of CTI survey respondents in the U.S. self-identifying as LGBT allies, it’s bound to be a consumer segment that companies can ill afford to overlook.
Some companies, like American Express, are already tapping these segments. In 2012, the company’s PRIDE network launched a Shop Small marketing initiative in Provincetown, a popular LGBT destination, to entice LGBT and ally cardholders to spend more at local small businesses. The campaign was a runaway success: card spending grew by double digits. American Express has since extended Shop Small to 10 locations in the U.S., and plans are in the works for an LGBT Shop Small campaign in Brighton, United Kingdom, as well.
Click here to read the full report.