While consumers may be making their lists and checking them twice this time of year, businesses are already looking ahead to 2010. And you better believe after this year, their checking budgets — more than twice.
With near daily coverage of the economy and its effect on businesses, media largely overlooked how the year's recession uniquely impacted LGBT businesses and franchises. To get some greater insights, the Out Front Blog thought we'd have a virtual cup of coffee and chat with the editor of some of the leading publications and resources for LGBT businesses, Michael Lamb, editor-in-chief of Echelon Business Media and president of GayFranchise.com.
1. It was tough year for businesses of all kinds, but what specifically unique challenges (especially communication challenges) did LGBT businesses face?
Lamb: LGBT businesses, like all businesses suffered more challenges than usual this year due to the recession.
During these times, every company is looking to maximize their sales by spending the least amount of money.
Target marketing has always been the route for many companies as a consequence of an economic downturn. The LGBT community in particular is a very desirable target as they possess a high disposable income and many households do not include children. A business professional identifies as an “LGBT” business owner to further connect with the community and entice these customers to buy from a like-minded company.
Fortunately, the LGBT community has a knack for survival and a penchant for technology according to market research. I would postulate that these talents have been utilized well by LGBT business owners.
With less advertising dollars on hand, social media has also grown into a major part of every company’s marketing strategy and understanding how tech-savvy the LGBT community is, could blossom into a gift from God for LGBT business owners.
Therefore, the biggest communication challenge LGBT business owners faced was to understand how social media works and how to integrate it into their ongoing business plan.
2. Over the past few years, how have companies changed in the way they communicate/interact with gay employees or gay business owners?
Lamb: Overall, the divide in communications between mainstream businesses and the LGBT community has lessened. With every year that passes, there are more corporations achieving 100 percent in HRC’s Corporate Equality Index, more companies are signing on with the National Gay and Lesbian Chamber of Commerce to do business with certified LGBT business owners and all of these activities translate into an increased level of acceptance and equality.
3. What are your predictions for LGBT businesses/franchises and LGBT communications in 2010?
Lamb: The world is a much different place with President Obama in office despite recent LGBT criticism. Just by being the leader of our country, he puts out a message to the world that it is ok to be different. With that said, I think we are going to see many more companies advertising directly to the LGBT community. On our sister site, www.gayfranchise.com, we have already accumulated over 75 concepts in our directory and we foresee it being doubled in 2010.
Check back later today for the conclusion of our conversation with Michael. In the meantime, we'd love to hear your predictions for the year ahead.
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