In business, keeping up with changing social values is of the utmost importance. This is wholly evident in the global push to bring LGBT markets into the fold as society becomes more and more concerned that civil rights are recognized for all. Accordingly, many businesses are working hard to establish methods for reaching this sought-after market. Mexico’s LGBT Confex brings together such forward-thinking businesses to work towards a common goal.
What Is the LGBT Confex?
Mexico is beyond the curve when it comes to adapting to the wants and needs of the LGBT community. That’s why the country is home to the LGBT Confex, a business forum that aims to celebrate those companies that value the patronage of LGBT consumers. The latest forum featured a collection of international businesses, including Jose Cuervo, Marriott International, the International Gay & Lesbian Travel Association, among many others.
A major focus of the LGBT Confex involved the development of marketing pushes geared towards LGBT groups. Businesses must be vigilant about serving the needs of burgeoning demographics, or those that are underserved in general. This encapsulates the LGBT community, as for many year companies were hesitant to engage in LGBT-friendly marketing due to fear of backlash. This has changed a great deal as attitudes about LGBT rights and lifestyles have become more progressive across the board.
Why Are Businesses Looking Into the LGBT Market?
The tourist industry in particular is enthusiastically courting LGBT consumers due to exponential market growth. The LGBT travel market is showing a 10 percent increase on a yearly basis, whereas mainstream travel markets have far less growth potential at just 4.7 percent in the same time period. This affords prime opportunity for travel companies to design products tailored directly to LGBT needs and interests.
Ethics also plays a role. Inclusivity is simply the right thing to do these days, no matter the group in question. Accordingly, companies are striving to set the right tone for both consumers as well as workers. Many companies have revamped their internal policies towards LGBT employees to illustrate that decisive action must accompany LGBT-positive talking points. These acts resonate across the community, and support often comes in the form of loyal patronage.
A Change Is on the Horizon
Those businesses that adopt a progressive point of view have the best chance of success. Those that don’t run the risk of alienating emerging LGBT markets, as well as being considered antiquated by allies. While these issues are certainly important, ensuring that all consumers have equal representation is even more so.