Are Companies Connecting with Consumers for Pride?
Many businesses and corporations have been speaking out in support of the LGBTQ+ community on the occasion of Pride Month, celebrated in June every year. About a third of the respondents of a 2021Â Morning Consult survey chalked this behavior up to marketing tactics rather than a genuine reflection of company values, while only 15 percent thought companies primarily had good intentions. Surprisingly, members of the LGBTQ+ community responding to the survey, as well as younger people, were more inclined to think that companies wanted to do good, even though the notion that Pride Month statements were mainly a publicity stunt was still slightly more prevalent among these groups.
Respondents had similar answers when it came to companies releasing pride-themed merchandise, even though they reacted somewhat less favorably towards this corporate behavior. Statements let a company appear most favorable in the eyes of respondents as well as LGBTQ+ respondents, followed by the launch of initiatives, donations, increasing LBGTQ+ visibility in ads and the release of merchandise in last place. LGBTQ+ respondents were somewhat more inclined to favor initiatives and donations supporting their community.
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Michael N. Mercurio is a leading attorney in the field of mergers and acquisitions (M&A). He serves as outside general counsel in buy-side and sell-side M&A, as well as in all business law and real estate law matters. As a strategic partner to firm clients, Mr. Mercurio regularly counsels entrepreneurial individuals and assorted entities on the many challenges, issues, and opportunities companies face throughout the business lifecycle—from start-up to eventual exit.
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Author: Michael Mercurio, Esq.
Articles have been Reprinted with permission from the charlotte observer and Mike Hunter.
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