Roll Out the Rainbow Welcome Mat and Activate the Power of LGBTQ+ Consumer Loyalty with Matt Erickson

Imagine Belonging at Work

This episode is the 2nd of a three-part Pride at Work series, where we take a deeper dive into learning how one company, Northwestern Mutual, moved beyond performativity, and embraced impactful actions that have led to meaningful progress. NM, along with other brands of choice, know the competitive advantage of creating a more LGBTQ+ inclusive culture. Specifically, they know that LGBTQ+ inclusive workplaces are:

1) Better at retaining and attracting talent from underrepresented groups at work.

2) Capable of building brand strength and consumer loyalty.

3) Skillful at unlocking innovation, creativity, and business success.

These three factors lead to stronger financial performance – specifically, better share price performance, higher return on equity, higher market valuations, and stronger cash flows.

In this particular episode, we amplify how LGBTQ+ inclusive companies build brand strength and consumer loyalty when they show up for LGBTQ+ people and our communities, especially during these challenging times when so many states are introducing anti-LGBTQ+ legislation that is bad for business. Afterall, the LGBTQ+ community is a powerful force in the economy. In the US, LGBTQ+ consumers spend an estimated $1 Trillion (with a T!) annually. There are a number of reasons why brands of choice ought to consider building more inclusive organizations for LGBTQ+ employees and their customers.

• First, the number of LGBTQ+ adults in the US is expected to reach 30 million by 2025, which means there’s a significant market opportunity to provide culturally specific products and services.

• Second, LGBTQ+ consumers are loyal. We are more likely to spend our hard-earned money with businesses that they feel are supportive of our community. We’re more likely to recommend those businesses to their friends and family.

• Third, LGBTQ+ consumers are affluent. On the whole, we tend to have higher incomes and higher levels of education than the general population. This means that we’re more likely to spend money on discretionary items, such as travel, dining out, and entertainment.

In today’s interview we are speaking with Northwestern Mutual – Park Avenue Financial Advisor, Matthew Erickson, whose practice focuses on the growth, visibility and prosperity of the LGBTQ+ community.

His relationship to Northwestern Mutual has led to his work on the Field Advisory Council for the LGBTQ+ segment for the company. He has worked closely with specialized medical risk in rolling out the Northwestern Mutual HIV+ programs now in place, has helped change and update underwriting procedures for the transgender community, and is the financial planning resource specializing in adoption, surrogacy and IVF planning with the organization Gays with Kids.

Matt offers powerful tips empowering your business to enjoy the power of LGBTQ+ consumer spending and boost your business profits.

Savor these insightful conversations, and if you’re looking for ways to connect with inspiring leaders building more inclusive workplaces be sure to join the Belonging Membership Community – a community of leaders committed to advancing their DEI goals while practicing community care. Members have the unique opportunity to engage with our guests 1:1 after our podcast recordings where they can participate in a private Q&A session with our guests.

You can learn more here: www.belongingmembershipcommunity.com.

Want more insights on how to build LGBTQ+ inclusive workplace cultures that last?

Register for our June 27th Pride Panel moderated by Rhodes Perry. The panel features some of today’s most celebrated transgender DEI thought leaders including Celia Daniels, Gavriel Legynd, and Rex Wilde:

https://belongingatwork.kartra.com/page/pridepanel.