Marketing to the Most Powerful Consumer!
What makes women a worthwhile market?
They control 51.3 percent of the private wealth in the United States.
What’s the first rule of marketing? “Understand your Market.” The second rule? “Understand your Consumer.”
The numbers are unequivocal. The general differences are undeniable. The opportunity is ineligible. And the market is enormous. I’m talking about Marketing to the Female Consumer. The competitive advantage understanding “Why Women Buy” is inevitable. The opportunity equals trillions, yes I said “Trillions” of dollars in the United States alone. Do you have a piece of that pie?
The highest spending bands of women are between the ages of 50 and 70 years old. The unlike any previous generation of women in history, they are more educated, engaged, and energetic. They are setting the trend for all the generations of women to follow them. Because they’re in their highest earning years, and at a point where their household command their maximum asset levels, they’ve got a little more time, and a lot more money, than younger women, and they’re determined to put it to good use.
The straight line to your business success, is target market to women.
The opportunity to Market to the Female consumer amounts to trillions of $$$$$$ in the United States, trillions and trillions more around the world. “This” opportunity is even bigger than the Internet.
A women’s role is “purchasing officer” for consumer goods for not only herself, but for her family. Women’s economy accounts for over half of the US GDP about 7 trillion. Translation: Earth’s Largest Economy… “American Women.”
What makes this an opportunity? The plain fact that men and women are so very different.
Men when shopping move fast through the stores aisles. Men spend little time actually looking. They normally don’t ask where things are in the store. A man will move impatiently through a store to the section he wants; he’ll pick up practically the first thing he sees, and then, almost hastily he rushes to the counter and buys… For a man, ignoring the price tag is almost a sign of virility.
You must learn how to leverage these differences between a man and a women to create a real “woman strategy” that’s cost-effective and practical – that will drive your sales skyward and pull your profit right along with them.
What women believe in, they will “sell”; when they are pleased with your products or services, they talk about it to others – men and women. If a women has benefited from something, she cannot help herself but want to share that with others, to help them. The end result, word-of-mouth is thee most powerful marketing tool you could ever ask for. And not forgetting, it’s Free (not a bad benefit for those on a budget wouldn’t say?). The end result is that it’s more credible, effective, and persuasive than any paid marketing campaigner Every new woman customer you acquire creates a multiple effect of sales, referrals, and extra business.
How can a market so hungry and lucrative be overlooked?
The fact that a woman’s market has been crawling along under the radar for most businesses for a number of years, it is very, very real – and it is moving at a pace that will leave anyone who remains unconvinced about this market, behind in a very cloudy dust.
Why market differently to women?
Women priorities are completely different to a mans, along with their preferences, and their attitude. A women’s purchasing decision process is totally different then a man’s. Women need time to make a decision; men grab the first thing they find. And Women respond differently to marketing media messages, language, and the overall visual appeal.
It’s not your actual product, is the prospect that matters
Smart marketers know that it’s not the actual product or its features that make the sale; it’s the consumer and her actual needs.
The most dramatic change in the 20th century was women entering the workplace back in the 1960s. As a result, younger women’s income, and decision-making significantly changed from their predecessors. Most marketers today still overlook the wealth and lucrative growth of this generation.
Women are the majority, holding steady at 51% of the population. They are not a niche but a majority. Their buying power supersedes their representation in the world population.
Women over the past fifteen years have been acquiring the majority of college degrees. 57 percent in fact, or put another way, one-third more than men.
Women buy for themselves, they buy for their families, and, many of them have the roll of, buying for their businesses.
The two earner household, not only has more, they need more: big screen TV, two cars, two computers, 401(k) plans, cell phones, and so on. Women participate in the household big purchases. It’s her hard earned money, also, and she gets more say in how the money is spent.
Seventy percent of women who are working earn $100,000 a year. Earning more money than their spouse.
Forty-eight percent of estates worth more than 5 million dollars are owned by women, compared to thirty five percent owned by men. Women constitute forty-seven percent of individuals with assets over $500,000.
This is just the tip of the iceberg. The largest wealth shift in history is about to take place as baby boomers inherit from their parents. Because women usually outlive their spouse, the families’ assets are handed down to the boomer, women. Statistics show that these women will be widowed at age 67 and will outlive their husband by 15 to 18 years. This is a younger, healthier, wealthier, more educated, and a more ambitious group of retired women ever.
Nowadays, women drive the purchasing power in most categories:
53% of investment decisions
55% of consumer electronics
60% of home-improvement buyers; 80% of home improvement decisions
60+% of new cars
66% of computer
Women need their own car, computer, cell phone, and their own investment account. As well as many other large ticket items. Manufacturers are facing a whole new market and money making opportunity, if done right.
In 85 percent of U.S. family households, women are the ones taking care of pay the bills. They control the checkbook. When it comes to big – ticket items, not only does the women buy her own products –she has the corresponding share in the decision making process, such as car purchases, investment plan accounts, and the family vacation.
A more profitable consumer
The women buying process makes them a more profitable customer, than a men because of her loyalty, and referrals. Women are more demanding when making the initial purchase, But, they stay more loyal to the brand they’ve chosen in previous purchase cycles. Secondly, word-of-mouth is more common among women, they naturally like to recommend to others, whether friend or even stranger, those brands or salespeople that have impressed them, either through quality, or service. The company, or brand, will receive free marketing of the highest and most powerful kind. How many marketing opportunities do you know that can deliver higher sales and higher profit at the same time?
The businesses opportunity is there; the question is, are you?
Because women are more inclined to make a long – term commitment to your brand through loyalty, means that every marketing dollar you invest in acquiring women customers will result in a more profitable outcome. It just makes sense to put your marketing focus where you get a better rate of return.
BY: Fay B. Castro