Marketing To Women Could Be A Business Owners Best Decision
© Getty Images zeroWhen it comes to marketing to women, the numbers are compelling and clear. According to nonprofit organizations that help create good jobs for women, women control about $32 trillion in annual consumer spending worldwide. That's a lot of purchasing power.
In the United States, women account for 85% of all consumer spending and are responsible for a very significant and growing number of purchase decisions, including 93% of grocery and drug purchases, 92% of holiday purchases, and 91% of new purchases. . Homes and 89% bank accounts, 80% healthcare, 66% computers and 65% new cars.
In addition to the strong evidence of purchasing power, data from Mindshare/Ogilvy & Mather shows that women are also happy to share their spending stories, with 92% admitting to passing on online offers or recommendations to others.
On the other hand, the attitude of advertising agencies and the brands that serve them towards female consumers is not so impressive.
"Brandsplaining. Jane Cunningham, co-author of Why Marketing Is (Still) Sexist and How to Fix It , told the New York Times that she thinks the way women are often portrayed in advertising is "a complete misunderstanding of how women think." :
And most women seem to agree.
Research by the Yankelovich Monitor and Greenfield Online shows that 91% of women feel that advertisers don't understand them. While this number will likely be disappointing to women who feel invisible and resentful, it can be a positive number for brands looking to be more successful and launch marketing campaigns that pay off.
Marketing to women isn't just about product color
For brands looking to regain confidence in the promising female demographic's potentially lucrative spend, the good news is that while there's no magic formula for successful marketing to women, there are pitfalls to avoid.
To help your product or service appeal to sophisticated female consumers, the following five tips can help:
1. Avoid stereotypes.
Women are not a homogeneous group. A 20-year-old New Yorker will be different from a 20-year-old born and raised in Alaska.
Defining a woman solely based on her gender is another common problem faced by many marketers. Instead of crafting one message that they hope will resonate with all women, today's savvy marketers need to recognize that reaching women can often be successful when the issue isn't about gender, but simply humanity.
Furthermore, different life experiences and relationships create unique needs for women at different stages of their lives, so for all women, young or old, the idea of an introductory campaign should be a thing of the past.
2. Don't make everything pink.
It is definitely worth delving into the psychology of colors and using these insights to promote women more effectively. But it's too easy to paint everything pink.
3. Celebrate inclusion and diversity.
Women come in all shapes, sizes and nationalities.
To successfully market a service or product, breaking it down into specific goals is a step in the right direction. For example, you're targeting moms in their 40s who are exploring career options when their kids are older.
Identifying accurate and specific personas, not just those who identify as female, will help you create more effective marketing communications that speak directly to your target market and make them feel like you understand their needs and nuances.
4. Dare to challenge the feminine taboo
Creating true inclusivity in your marketing message means challenging sensitive or taboo issues that women face in the real world, such as: B. Hormonal imbalance, menopause or aging. By making women feel more visible and understood, your brand can resonate with them.
5. Stories support sustainable marketing results.
In general, storytelling in marketing is an approach that works for both men and women. However, how the story is told in a marketing campaign makes a noticeable difference.
While men are more likely to respond to surveys, the combination of extensive data and emotional connections can lead to more persuasive results for women.
Wealth Management Marketing for Women
For wealth management firms, finding effective ways to attract and retain female clients will be an important strategy for future growth.
Businesses that recognize and understand women's needs, including their preferences and attitudes about money management, have the best chance of success in the years to come. By 2030, experts predict that American women will control most of the $30 trillion in financial assets owned by baby boomers, whose wealth is approaching the current annual GDP of the entire United States.
With American women living an average of five years longer than men, older women will inherit a new future in financial decision-making. According to Spectrem Group, 70% of women move their business to a new financial institution within a year of the death of a spouse. As such, financial services brands need to take a more serious look at the potential of affluent older women to do business with this demographic.
It's never too late to start selling more effectively
While many small business and old-school advertising strategies seem to be a thing of the past, the good news is that it's never too late to get better. Building community and trust with social proof is one of the most effective tactics. Additionally, using testimonials from real women helps motivate other women to choose your products or services, and building relationships with a group of women who know, love and trust your brand helps build loyalty that can last a lifetime.
By telling women stories and letting them know that you are truly paying attention to their unique hopes, fears, triumphs, and needs, you will see results that can be built upon.
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