What same-sex marriage means for business.

Trump, sex scandals, ISIS attacks, David Bowie, Prince, North Korea, 2017 has been a rough year to say the least. And, as 2018 closes in quickly, we’d like to remind you that Game of Thrones season 8 will not be released until 2019… It’s almost like that light at the end of the tunnel is actually a freight train heading right towards us.

 

But then, just as all hope had seemed lost, some good news draped in an auspicious rainbow flag appears, Australia has officially legalised same-sex marriage. Woo! It’s news so good that it Trumps the fact that “the Donald” will be president for another three years (pun intended).

 

So, what does this mean for your business?

 

According to ANZ senior economist Cherelle Murphy, the legislation of same-sex marriage in Australia could contribute more than $650 million to the economy annually. Whilst most gains will come from money spent on weddings, a demand in retail trade, hospitality, arts and recreation, and professional services can be expected.

 

Even better news, many small businesses will find work as a result of this change. Research is predicting an annual boost to the national economy of $500 million due to nuptials alone, and spiralled that into a total economic benefit of up to $1 billion. The biggest beneficiaries? Small business and the service sector. If you’re a mum and pop business, you’re probably at home rubbing your hands together thinking of the possibilities this change might bring.  

 

Yes, this is good news. But before you change your businesses Facebook cover photo to a rainbow flag, or paint the walls of your law firm pink and green, it’s probably a good idea to know who exactly who your customers are and what your advertising strategy will be.

 

The legalisation of same-sex marriage is fantastic and will contribute significantly to our economy, but it’s important to do your research first. Who is your customer? What is your buyer persona? How do I reach this audience?

 

As specialists in traditional and digital media, we’d be more than happy to help you maximise your potential. Even if you’re unsure of who your customer is and how to best peak their interest, so drop us a line.