Takeaways
- Women are a very important customer segment for any business (maybe the most important)
- Most businesses overlook their importance, with a generic marketing approach or none at all -this leaves the vast majority of women feeling underrepresented in media and advertising, and this is really bad for your business (and the economy)
- To get it right with female customers, businesses need to 1) make an effort to truly understand women and ditch the stereotypes, 2) Be inclusive to build a community rooted in trust and 3) Tell a story that shows you’re paying attention to their unique needs
The global economy is dominated by purses, not wallets!
We often hear very wise individuals echo the universal truth “happy WIFE, happy LIFE” -which can be translated into marketing jargon to read more like “happy FEMALE customers, very happy, very PROFITABLE, and very SOLID business (and thus… very WEALTHY business owners)”.
In today’s global economy, women dominate in purchasing power, controlling a staggering $31.5 trillion in consumer spending worldwide, with $10 trillion in the U.S. alone -that’s more than the total market value of Apple, Microsoft, Amazon and Tesla combined!
But this is only a small fraction of the absolute power wielded by the female consumer. Women drive nearly 90% of consumer goods purchasing and influence countless purchase decisions through their roles as caregivers, household leaders, and friends or supporters. In other words, they often have the last word to buy (or not) a product or service, even if it isn’t for them. This makes them intelligent consumers, engaged recommenders, and creators or destroyers of brands.
I imagine that at this point you’re maybe blown away by the stats but not so much by the underlying truth behind them: Women are a very important customer segment for any business (maybe the most important). But despite this obvious truth and all the data to support it, many businesses overlook their importance, with a generic marketing approach or none at all. As a result, the vast majority of women often feel neglected and underrepresented in media and advertising, and this is really bad for your business and the economy as a whole.
So if the purse beats the wallet, why is it that businesses have it so wrong when it comes to marketing to women? It’s really about failing to see the huge opportunity in the obvious.
- Women’s influence in purchase decisions is often indirect -they are head of their household and the primary caregivers for children and the elderly. Many businesses are blindsided by this and ignore this key fact when designing product and service journeys or experiences. For example, think about the potential to improve healthcare experiences with more empathy and better communication, if we were to design them with women as a key stakeholder in the journey.
- While women have reached incredible heights in corporate America, leadership positions are still male dominated -only about 10% of Fortune 500 companies (the largest 500 corporations in the US) have a female CEO. This lack of representation at the top translates into lack of customer understanding, which ignores opportunities to grow and create markets.
- Most businesses still think that slapping a pink label on their products is a “successful marketing strategy”, failing to embrace and celebrate the complexity of the female consumer. Their messaging falls flat because it’s based on the wrong assumption that all women fall under a single segment without regard for their diverse backgrounds, age groups, educational attainment and many other attributes.
Get it right with your female customers, before your competitors do.
The good news about this issue is the immense opportunity that it represents for any business with the willingness to do the work and get it right with their female consumers. As I said before, women are makers of brands -they are customers with a multiplier effect that can be used strategically by businesses to improve their value proposition, increase their competitive advantage and grow profitably in the long term.
These are three actionable insights to start marketing to women effectively:
- Make the effort to truly understand women and ditch the stereotypes: Don’t approach your target female demographic with a broad stroke. Don’t ignore their individual differences. Embrace the diversity in traits and backgrounds, and tailor your marketing strategy accordingly. Take the time to do the research and dive into the questions to understand differences and unmet needs. For example women differ from men in how they process information -while storytelling appeals to both genders, men prefer factual data, while women respond to emotional connections. Avoid stereotypical portrayals of women and focus instead on human-centric approaches that recognize the diversity among women with customized messaging that considers factors like age, location, and life stage.
- Be inclusive to build a community rooted in trust: Whether you’re targeting 30-something moms balancing education or empty nesters navigating a new phase, don’t underestimate the power of inclusivity. Gone are the days of one-dimensional stereotypes and women value brands that embrace their multifaceted identities. To manage this effectively, create specific and accurate personas for your customers, but be flexible to acknowledge and adapt to the nuances within your target market. Finally, involve women in your brand’s community-building efforts, as communities drive rapport and influence. This will increase their trust in your brand and brands that prioritize community building inspire loyalty -for example, 38% of moms are more likely to purchase from brands endorsed by other women (this what I meant about women customers having a multiplier effect).
- Tell a story that shows you’re paying attention to their unique needs: Integrate women’s stories into your marketing strategy to authentically connect with female consumers. Focus on the benefits your product offers in storytelling, not so much on the technical details -this is an area of enormous opportunity for businesses to get it right with their female customers. Explore the real issues that women face to promote awareness and change. Women want genuine solutions tailored to their needs, not just stock images or product shots. The content of the message is crucial for effective branding when marketing to women. Be thoughtful, genuine and intentional, and tweak your marketing strategies to better resonate with women -they will accelerate your business growth with the might of their purse and their ability to multiply their influence.
In summary, women are very powerful consumers that are often ignored and underrepresented -which represents an incredible growth opportunity for businesses that are willing to do the work to get it right with their female customers. By understanding the complexities of the female demographic and embracing inclusive, authentic approaches, businesses can unlock unparalleled growth opportunities and build lasting connections with women. At Commeta, we’re committed to guiding businesses in leveraging the power of marketing to women effectively for sustainable and long-term growth.
If you’re interested in learning more about how to craft and execute a successful marketing strategy to win the hearts of your female customers and unlock their multiplier potential, please contact us at info@commeta.us. We love to hear from you!
