You would need to be living in the Amazon Rainforest or totally dependent on Fox News to not be aware of the recent decisions in the United States regarding the legalisation of same-sex marriage.
The question that I ask is have you considered if same-sex marriage is good for you?
Firstly, I will clarify that I am not asking you consider changing your daily routine in terms of life partners. Rather I am wondering if you have identified any business opportunities or threats associated with same-sex marriage.
How same-sex marriage could change your life!
To get your mind thinking about opportunities and/or challenges for your business, here are seven industries and product or service categories that are set to change in line with an increase in same-sex engagement rocks.
The Wedding Industry
Naturally the entire United States wedding industry is in for both a bit of a shakeup but also some tremendous opportunities.
In the first instance same-sex marriage will mean more weddings and therefore industry revenue. It will also mean an increase in the average level of spend per wedding and will certainly change the look, feel and taste of weddings that will be demanded by happy couples making the ultimate sacrifice.
The wedding industry spans many categories including function centres, wedding cake suppliers, florists, food and beverage suppliers, wedding attire specialists, formal hire, hire cars, entertainers, gift registers, the bonbonniere purveyors and of course lawyers.
This means more weddings, more spend per wedding and the opportunity to carve out new marketing niches for savvy marketers.
Australian operators can start practicing and profiting from their same-sex savviness by being a wedding supplier or destination of choice.
More weddings equals more bachelor shows and more bachelorette parties. This means more catering and definitely more alcohol.
It also means more engagement parties benefiting venue operators and also off-license liquor operators who cater for the home based events.
Riding on the back of the surge in the number of same-sex and high cost weddings will be the travel operators.
Savvy marketers in the travel industry will identify numerous opportunities to differentiate their product and service offering.
Australian operators will need to carefully consider the implications of changes to their existing brand positioning as they strive to capitalise on the growth opportunities.
The Jewellery Industry
At last another niche for the jewellery industry to perfect. Increases in weddings not only leads to more engagement rings and wedding rings but a celebration of all of those anniversaries and milestones that can only be respected via a combination of gold (and I mean white gold or should I say platinum) and diamonds.
The Gift Industry, Clothing and General Retail
With all of those engagements and weddings comes more gifts and general retail spend. Not only do you need to buy a gift but you most definitely need a new outfit and it also costs money to get dressed up and go out to formal events.
Not sure how you would differentiate your brand of make-up or footwear to accommodate a same-sex wedding.
However, there is certainly plenty of scope on the gift industry side and I mean way past the ‘His and His’ or ‘Hers and Hers’ towel and slipper gift boxes.
All of these engagements and weddings also means more unwanted gifts so an added bonus for the ‘Gumtrees’ and the ‘Cash Converters’ of the world (because re-gifting is just so 2014).
Childcare Operators and Schools
Further down the track same-sex marriage will have implications for Childcare Operators and Schools as a result of same-sex couples increased participation in parenting and also adoptions.
Australian operators do well to monitor changes in the United States so that they can benefit from lessons learnt.
Of course our learned friends in the legal profession will need to accommodate a different set of scenarios. Again, this presents opportunities for marketing savvy operators to differentiate themselves.
Have you considered if your business will be impacted from existing changes or expected future changes to same-sex marriage in overseas or your local market? If you think there is opportunity or additional challenges then it will pay to map out at the very least a top-line marketing and promotions plan.
Please contact myself or Emily Troon if you think we can help you plot a course for your business to address the opportunities and challenges associated with these changes.