January 16th, 2010
by Pamela Sherman
No matter your gender, as a business owner or marketer, it’s important to think further about how you target and address the WOMEN’S MARKET.
It’s been reported that up to 85% of all BRAND purchases are made by women! (Not certain of the complete accuracy of this statistical source. –However, even with leeway, it’s highly significant!)
I remember back in the 80’s when women weren’t taken seriously as a market segment by most companies. They were virtually ignored by larger corporations (with the exception of cleaning products, etc.). At the marketing firm I worked at, we were extremely progressive, presenting the value of the women’s market and an exciting new strategic approach. –It was breakthrough! We helped large corporations accelerate their relationship and alliance building by entering “circles of trust” (important for any target market). This overall strategy of healthy “RELATIONSHIP MARKETING” still holds water today.
You can develop a competitive-edge by targeting the Women’s Market. -Especially since so many companies are still missing the boat (in my opinion). …Perhaps the lack of women creative directors at large corporations (only 3%), has impacted their focus and results?
If women use your product or service –or– if they’re gatekeepers, researching and recommending purchases for men, pay attention… “Engage in SMART-MARKETING,” as Lorrie Thomas, founder of Web Marketing Therapy says.
Address women’s needs, lifestyles, interests and desires. Incorporate women’s vast and growing use of the web. We all know the Internet is being used as a time-savor and deal-finder (logical, especially these days, right?). Yet, the Internet also helps to develop and support relationship building and integrate all areas of marketing.
As people grow and change, our marketing needs to do the same. Anticipate needs, be ahead of the curve for greater success.
KNOW & UNDERSTAND THE WOMEN’S MARKET…
1) Think “Life Stage” Not “Age.”
Simply bulking women into age groups is no longer effective for targeting. For example, many women are postponing child-bearing and becoming mothers later in life. Many choose to go back to school for higher degrees or become entrepreneurs and start new businesses (at all ages). Focus on the stages of women’s lives, not so much on their ages.
2) Females Exceed Males in Higher Education.
58% of college grads are female. What might this mean for your business? …”Education” may be one of the values they feel most passionate about (if not for themselves, their children). When marketing, find ways to align with your target market’s values and lifestyle.
3) Women-Owned Businesses Represent Big Dollars for Our Economy.
48% of all privately-held firms are at least 50% owned by a woman or women. They create and build businesses and they buy product. The following are just some examples of the annual expenditures derived from women-owned enterprises:
a) information technology = $38 billion
b) telecommunications = $25 billion
c) human resources services = $23 billion
d) shipping = $17 billion
Between 1997 and 2004, the estimated growth rate in the number of women-owned firms was nearly twice that of all firms (17% vs. 9%), employment expanded at twice the rate of all firms (24% vs. 12%), and estimated revenues kept pace with all firms (39% vs. 34%). ***Statistics provided by The Center for Women’s Business Research.
4) Women’s Jobs Are Generally More “Recession Friendly.”
It’s been covered in the news and elsewhere that women in this economy seem to have more job security. Some researchers even believe women may surpass men in the job force (according to this New York Times Article).
5) Women are Not Responsive to Degrading Humor.
In a study based on Super Bowl Ad responses, women (particularly over the age of 30) had negative responses regarding degrading, put-down humor. –Their responses to “empathic humor” and heartwarming or inspiring ads are well-received by women. –The two together seemed to be golden!
6) Senior Women -A Population That’s Rapidly Growing.
Women on average, live five to six years longer than men. With the baby boomer generation, the % of senior women will increase massively. Even in 2000, it was reported that there were almost twice as many women as men over age 85.
7) Money Management and Retirement Decisions are Resting More Significantly on Women.
Today’s decisions about money management and retirement investments become far more significant in the long run for women. Many women are likely to become single in their lifetime. 1 of every 2 women over 65 years old is divorced or widowed. (*Sadly, women also make up 75% of the elderly poor today. –-Hopefully, self-reliant women will help influence and change this statistic.) *Read about these statistics and more, provided by the Chicago Sun-Times.
BEFRIEND WOMEN…BUILD RELATIONSHIPS!
When developing a relationship with women… it’s exactly that. –It’s showing you know them, understand them and can respond effectively to their needs and interests. As a business owner or marketer, become a relationship developer or a “match-maker.” Seek to build customer enthusiasm with a little magic and ongoing romance with your company and brand.
Web Marketing Therapy Related Links:
- Web Marketing Therapy’s Wild Web Women Honor Top Women in Social Media For Their Marketing Leadership, Innovation and Inspiration
- Product Innovation: Market Research & Focus Groups
- To Create a Powerful Brand… Get Connected and Emotional!
- Facebook Marketing Tips on the Marketing Therapist and Wild Web Women Blog Talk Radio Show
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The Marketing Therapist
(January 18th, 2010 at 1:40 pm)
Pam,
LOVE your post! The data is so powerful and the emphasis on making RELATIONSHIPS before being oversold is such an important point to remember in marketing.
Women are not a minority - we are a powerful voice and I think the web has really opened doors for us personally and professionally and old-school marketers have to WAKE UP to the new rules of marketing and get ready to make relationships!
Relationships make us money honeys - marketers need to get better at listening and understanding to win big in business.
-L (The Marketing Therapist)
Shana Pearson
(January 20th, 2010 at 12:43 pm)
This information reminds me of a book called: “Women Want More” and it is an extremely detailed book which surveyed over 12,000 women and focused on the market capacity and power of the female consumer across the globe: http://www.womenwantmorethebook.com/ . I’m still reading, but it’s awesome (and also scaring me a little about having a kids, a full time job and a clean house + meals…. Wow).
Lorrie Thomas
(January 22nd, 2010 at 2:16 am)
Thanks for the post Shaina! What? Women want more? More work, more cleaning? Kidding! I’m off to check out the book!
-L
Pamela Sherman
(January 22nd, 2010 at 9:10 am)
Thank you Lorrie — Yes, women ARE powerful, especially as we build greater team-power (–that’s one of the reasons I always enjoy working with the WMT Team!)
Shana –Thank you so much for your post and your book recommendation! –I’ll definitely check it out! I feel you… it can be scary. You know, we do have the power to do everything over our lifetime… However, I think, one of the keys is in realizing it doesn’t ALL have to happen at the same time. Here’s to our choices, priorities, and very creative solutions! Hang in there… Write back and connect anytime!