Over the past decade, the number of major brands participating in Pride events has been rapidly rising. But why? Can we just chalk it up to the age of being woke, or is there much more to this trend? Backing the LGBTQ community with sponsor dollars is the right thing to do, but at the end of the day, companies will make decisions with their bottom line in mind. Below are some important facts that many brands involved in Pride sponsorships are already aware of, and you should be, too.
Sponsorship Exposes You to a Very Brand Loyal Audience
LGBTQ people are arguably the most brand-loyal community, so getting in their good graces will improve your profitability. In fact, 76% of LGBTQ people say they are more likely to buy from a brand that they see as LGBTQ friendly, while only 11% of the community say friendly brands do not affect their purchasing decision. In addition to supporting friendly brands, the community also has a pretty powerful voice when it comes to boycotting brands they see as unfriendly. Think of Chick-Fil-A and that PR nightmare.
Queer People Often Have More Money Than Non-Queer People
Not only is the LGBTQ community brand loyal to those companies who support them, but they are also often in a position to spend more money with these companies than their heterosexual counterparts. Gay male couples make on average 55% more than straight couples, while lesbian couples make on average 11% more than straight couples. Higher-income levels coupled with the fewer children same-sex (especially gay male) households have, leaves ample disposable income in LGBTQ homes.
It Lets Your Employees Embrace the Rainbow
Sponsoring Pride events is a great way to attract a myriad of consumers to your business, but it can also boost morale within your company. Corporate Pride sponsorship is an easy way to let LGBTQ employees know that they are valued members of the workplace and can lead to higher employee retention rates. Additionally, letting these employees and their allies march in your local Pride parade is a great annual event that everyone can look forward to.
Even the Straight Community Wants To Buy From Pride Sponsors
According to Fortune.com, 48% of all Americans (not just gay people) prefer to buy from brands that are LGBTQ inclusive. So, show your inclusivity with a Pride sponsorship and about half of the country will be more likely to shop your products. It seems like simple math!
Pride fest at WorldPride - NYC 2019
Exposure Goes Way Beyond Just the Parade
Pride is much larger than just the flashy parade. Sure, the parade is usually the most prominent event, and the one most people think of when they hear about Pride events, but there’s so much more. Pride organizations often put on dozens of events that make up the whole Pride celebration. Look into having a presence at these other events as well, especially Pride festivals. During Pride festivals, your company can set up a booth, talk to members of the community about your brand, and give away swag. Use company employees or hire brand ambassadors to make a genuine connection with festival-goers and turn them into loyal customers.
If you’re looking to get involved in sponsoring an upcoming Pride event but don’t know where to start, reach out! Communify has ample experience helping clients get the most out of Pride sponsorships and we would love to help you as well.