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Understanding the LGBTQ2+ Consumer: The importance of market research for addressing diverse needs

Understanding the LGBTQ2+ Consumer: The importance of market research for addressing diverse needs

In today’s market, marketers and brand leaders must understand LGBTQ2+ consumers – a diverse group with significant buying power.

By gaining insight into the unique needs and preferences of this community through market research, businesses better serve them and create a more inclusive and diverse market. Focusing on the specific identities within the LGBTQ2+ community and using data-driven approaches to gather information will help businesses better understand and serve this market.

Who is the LGBTQ2+ consumer?

The LGBTQ2+ community is a diverse group of individuals who identify as lesbian, gay, bisexual, transgender, queer, two-spirit, and other identities. The term LGBTQ2+ was coined to create a more inclusive group that recognizes all gender identities and sexual orientations. While some people in the community prefer to use the term queer over LGBTQ2+, both terms can refer to the same group of individuals.

In Canada, as of 2018, approximately a million people, or 4% of the population aged 15 and older, identify as LGBTQ2+[1]. Similarly, in the United States, as of 2020, 5.6% of the population identifies as queer, up from 4.5% in 2017[2].

The queer community is a growing population, and understanding the complex and diverse needs of this market with inclusive market research is essential for businesses looking to provide effective products and services.

What are some of the challenges when understanding LGBT+ consumers?

Understanding and marketing to the LGBTQ+ community presents some challenges for businesses and organizations. This community is diverse with unique needs and preferences that aren’t easily captured through traditional marketing.

It’s essential to keep in mind that this community encompasses many different identities, and members may have different needs. Transgender individuals, for instance, face higher rates of health disparities than those who are cisgender and may have different medical demands than others in the community.

The challenge is that this demographic isn’t always easy to understand, particularly if you’re not a part of the LGBTQ2+ group. Market research is essential to better serve their needs and wants, to understand what they’re looking for, their priorities, and additional information related to the products or services you want to offer them.

For example, nearly 25% of LGBTQ2+ individuals are 18-24 years old, and nearly half experience anxiety[3]. Having this knowledge helps create a better understanding of the community’s general experiences and the needs they may have from the businesses that serve them.

How can I better serve LGBTQ+ consumers?

Connecting with and understanding the LGBTQ2+ community can be challenging for businesses and organizations, much like other niche groups such as ethnic minorities or rural residents. These groups may not always be easy to locate, and members may be hesitant to engage with your research and brand, leading to low response rates.

There are, however, ways to engage with LGBTQ2+ consumers, including traditional campaigns, focus groups, and intercept interviews at local community centers or clubs.

To focus on the LGBTQ+ community in your marketing strategy, make sure they are part of every aspect of your marketing plan. Having conversations and focus groups with an LGBT panel to understand what they are looking for, what’s important to them, and what they want to hear from the businesses they work with is vital.

To better understand and serve this group, marketers must embrace a data-driven approach. Recruiting from diverse data sources, like Decision Point’s multicultural panel, helps to gather enough information about the market to make better-informed decisions. Working with a team experienced in reaching niche groups will help you better understand and engage with the LGBTQ2+ community.

At Decision Point Research, we offer years of experience reaching hard-to-reach groups across the world and a large multicultural database, making us the ideal partner for conducting your LGBTQ2+ market research. We are well-equipped to meet your market research needs with our large population databases, including participants from niche groups of varied communities and identities.

Don’t wait any longer – contact Decision Point Research now and start reaping the benefits of diverse and representative market research.




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