June is Pride Month!!! So are you ready for the parades, events and opening your arms to the LGBT community? If you answer no, then you are missing out on some revenue opportunities. Sex toy shop owners can no longer ignore LGBT consumers. It is part of mainstream discourse. There are big business opportunities for any retail store to expand and grow their business with the LGBT market. Even in our sex toy industry, it is still a largely unexplored market. So how big is it? Well, according to Witeck Communications, the LGBT market is currently estimated at $830 billion dollars in the US alone. The biggest reason why this consumer group is expanding is that the overall consumer population is becoming more accepting of the LGBT community; companies will show that sexual equality makes good business sense.
I thought I would share with you some tips and ideas on what you can do to bring more traffic to your brick and mortar store. Here are some tips to be part of this ever-growing market:
Bring in Products with Brand Loyalty
Are the factors that influence the brand selection of gay consumers really that different? Yes, the LGBT community is more likely to pay for quality brands that support the LBGT community. Most store owners don’t realize that LGBT consumers are a source of word-of-mouth marketing for brands. In a recent survey of Community Marketing, 64% of gay men and 65% of lesbian women agreed that when they find a brand they like, they are likely to make a point of telling their friends about it. That’s twice the average of all other U.S. consumers. This is also why brands like Oxballs, Swiss Navy Lubricants, Perfect Fit and Strap-U are growing in popularity. If you are not sure what brands would work in your store, contact us here at Honey’s Place and we can recommend you some great products that will complement your store.
Consider Sponsorship Opportunities
What successful stores have done is to embrace the LGBT community is to sponsor Pride events, drag queen bingo, workshops and other worthy events to show that this retail store supports the LGBT community. It also helps to put your brand or your business in front of the leaders and the tastemakers of the LGBT community.
If you are not sure what products or events you should bring into your store, just ask your local LBGT community leaders on how you can promote your business within the LGBT community. Many of their suggestions can help bring foot traffic to your store. There may be space needed for workshops or ask to be listed as an LGBT Friendly retail store on their website.