The phrase ‘Pink Pound’ was created years ago to identify the economic power the gay community – the focus being mainly gay men at the time – had. No kids, plenty of spare cash. It was a marketer’s fantasy. Brands such as Absolut made the connection a d forged an ongoing relationship.
Decades later and the need and economic sense of engaging with the wider LGBTQIA community is obvious. Procter & Gamble – home of Gillette – have just earmarked $1m to increase LGBT inclusion in their advertising.
Is that boring?
We don’t think so. Each and every time there is a sense of corporate world ‘getting’ the need to reach out and include – however closely that is linked to the bottom line – it says things are changing. For the better.
P&G are the second biggest advertiser on the planet after Amazon and home to global brands like Artel Bounty, Olay, Tide and more. What they do makes a difference. They are getting publicly involved with The Visibility Project – itself dedicated to creating a template for how to best embed LGBT inclusion and representation in advertising.
The company’s chief brand officer is a driving force here commenting: ‘As one of the world’s largest advertisers, we’re committed to using our voice and reach to increase visibility of the LGBTQ+ community in advertising and media.'
A study sponsored by P&G and GLAAD in the US back in February had some interesting results and helped fuel the new initiative with 81% of advertisers and 41% of agencies worried about inauthentic representation of the community.