The Financial Power of Women Continues to Grow

The Growth of Women’s Financial Power

Men.  Who needs ‘em?  A recent Newsweek article noted that women are the ones driving the shopping –– and, economists hope, the recovery.  That growth represents “the biggest emerging market in the history of the planet,” according to the article –– more than twice the size of the two hottest developing markets: India and China.

Really?  Really? Hasn’t this song been sung by the enlightened for many years now?  Is this still news?  It’s true that women no longer are the “minority” market so many companies have considered them for decades.  They are, in fact, the majority market.  Yet many marketers still refuse to recognize the importance of women’s purchasing power.  Are they afraid that, by targeting and building relationships with women, they somehow will lose men in the process?  If that’s the case, they couldn’t be more wrong.  Because the reality is, when you meet the needs of the woman, you more often than not exceed the needs of the man.

Women clearly are the major consumers in far more than traditional female categories.  They purchase, or influence the purchase of, 91% of new homes, 66% of PCs, 92% of vacations, 65% of new cars, 93% of food and 89% of bank accounts.

All too often, the opportunity to engage female customers is missed because marketing strategies are drawn up along masculine lines that fail to recognize the differences between male and female purchasing motivations.

It doesn’t matter whether it is cars, cosmetics, or even products for men –– female consumption power is the leading consumption power in the world.  Any company that overlooks women as the primary purchase decision makers is making a huge mistake.

So my question is –– are marketers still not getting it?  Or is the tide finally turning?

I Heart My Uggs: Word of Mouth Marketing Works

I Love Uggs: An Example of Word of Mouth Marketing

One of the best things about winter in southern California is that I FINALLY get to wear my Uggs on a regular basis.   I look forward to this time of year when I can wear my Uggs all day, every day.   I love my Uggs. Yes, I’m a brand advocate –– an ambassador, if you will.  Marketers, take note –– word-of-mouth is a powerful thing, but only when the product delivers an amazing experience.  My Uggs do not disappoint.

I was first introduced to them when I started spending most of my free time in freezing ice rinks watching my son play hockey.  Some of the other moms and I were talking about how it’s difficult to look stylish and warm at the same time.  One of the moms was wearing Uggs, and initially I was repelled by their lack of style.  But I finally decided to try a pair, and the first time my cold, exhausted feet felt that lush lambskin, I was sold.  I didn’t care how ugly they looked; I wanted them in all colors.  I’m still grossed out by the vision of Pam Anderson in a bikini and Uggs, and think it’s odd to see young girls running around with mini skirts and Uggs, but I totally understand why they would want to stay in them as much as possible.  It’s like being on vacation, without going anywhere.  And so, though some of my more chic friends continue to shake their heads, my Uggs are here to stay.

Why I Broke Up With My PC

Falling in love doesn’t take long.

A few weeks ago I plunged into the world of Mac after spending my entire technological life with PCs.  Following the initial adjustment that is inevitable when you make the transition, I finally asked myself –– why had I waited so long to switch?

I love my Mac –– I truly love it.  From the moment I flipped the “on” switch, I felt like it was trying to anticipate my needs and make whatever I wanted to do go as smoothly as possible. It almost seems human. With a PC, no matter what version of Windows I used, it always felt like handling a stick of dynamite.

A year ago I seriously thought about getting a Mac, but I didn’t think it was for me –– I thought it was for the “creative” side of my industry –– the graphic designers, Web site developers, etc.  I wasn’t planning to make an indie movie.  I email; I surf the Internet; I blog; I write; I build PowerPoint presentations; I take photos and simple videos.

My wait was unnecessary.  It didn’t take long to be up and running on the Mac, doing everything I did on my PC –– and so much more.

But as much as I love my Mac, I love the Apple experience even more.  Apple has successfully managed to integrate itself into women’s lives with intuitive design, well-lit stores and learning centers that provide genius bars, in store workshops and one-to-one personal training.

And while the folks at Apple aren’t specifically marketing to women, they certainly recognize how to speak to them.  They understand that women need products that fit into their lives and serve not only their needs, but also those of the rest of their families.  And that when you meet the needs of women, you typically exceed the needs of men.

Lessons From a 12-Year Old

My son leads a charmed life.  As the youngest child in our family, he experiences more perks than the others did.  But amazingly enough, he takes nothing for granted and seems to have dodged the entitlement gene.  He is my hero.  From the very first minute he entered the world, I’ve been completely in awe of him.  Daily I wonder who really is the parent and who is the child, as it seems that it is he who is teaching me.  Among the many life lessons I’ve learned from him, the following stand out:

  • Never give up
  • Be humble
  • Admit mistakes –– and learn from them
  • Don’t look left or right –– live your own truth
  • Don’t take it personally
  • Compete hard, but never compare yourself to others
  • Success is what’s in your head . . . and your heart
  • Sensitivity to others is the mark of a true gentleman
  • Have fun
  • Be passionate

Five Global Trends For Marketing to Women

Marketing to Women on a Global Scale

According to Bridget Brennan, author of “Inside Why She Buys: 
How to Reach the World’s Most Powerful Consumer,” there are five major trends driving the global female population, which are key to determining their wants and needs. These global shifts are just beginning to be tapped by businesses to their fullest potential.  Studying the trends of women among all age groups will lead to a better understanding of how to deliver the goods and services that women want and need.

  1. More Women in the Workforce – More paychecks = more disposable income.  Women are the “bulls-eye” for consumer goods manufacturers.  These working women are not just making money –– they’re spending it.
  2. Delayed Marriage — Young women are no longer waiting for Prince Charming; they’re buying big-ticket items and services now!
  3. Lower Birthrates – Kids have become a lifestyle choice – the percentage of women having only one child has more than doubled in twenty years.  Across the world, parents are lavishing more time, attention and money on fewer children.  These kids are becoming brand-savvy at a very early age, and have tremendous influence on their parents’ purchasing decisions.
  4. Divorce Economy Means Two of Everything – Divorce rates are skyrocketing.  With the economic freedom to leave a bad marriage comes more need to create new households and buy specialized services.
  5. Older Women Redefine Market – Boomer women, who live longer than their husbands, stand to inherit money from both their parents and their spouses over the next twenty years. This is a new breed of older women: active, engaged and not afraid to spend.

Mom’s Use of Technology Recognized at CES

Moms Use Technology

Moms Use Technology: Who Knew?

For the first time, this year’s CES (International Consumer Electronics Show) dedicated a series of sessions to the use of technology by moms –– demolishing a long-held stereotype that women/moms are technologically illiterate.  And a recent survey by BabyCenter LLC, a leading online global resource for expectant and new moms, indicates that nothing could be further from the truth.

“The 21st Century Mom Report,” shows a sharp increase in moms’ use of social media, up 462% from three years prior, and the use of cell phones to go online up 348%.   Other survey results include:

  • 63% of online moms now regularly use social networking sites such as Facebook and Twitter, compared to only 11% three years ago
  • 44% use social media sites and blogs for purchasing and brand recommendations. The percentage of moms reading and writing blogs also has increased dramatically since 2006.
  • Other online trends revealed in BabyCenter’s survey include fewer moms taking their kids to the doctor. This means that more moms are becoming Dr. Mom – researching their children’s illnesses on the Internet–at times, even making their own diagnosis. Specifically, the report showed that
  • 82% of moms were actively seeking second medical opinions via the Internet.
  • Moms are using PDA technology to manage hectic family schedules, digital cameras to share family life and gaming consoles to connect with their children.

I’m not sure if any of this came as a surprise to me, but then again, I am a mom.  I am a Digital mom who sometimes feels that she lives on the Internet – both for work and pleasure.  I shop online (oh, how I love Amazon!); I bank online, and evaluate products online.  I would be lost without Google.  I love that I don’t have to stand in line at the post office to buy stamps.  And I particularly love that I can stay in contact with long-distance relatives in a way that was impossible just a few years ago.

So, if we’ve come this far digitally in just a few short years, where does that tell us we’ll be going over the next five years?  It’ll be fascinating to find out.

I’ve Flipped For the Flip!

Flip Phone Markets to Women

The Flip: A Marketing to Women Success Story

I recently purchased the Flip video camera.  While I originally purchased it to throw in my purse for personal use, as time goes on I find that it’s becoming very useful in my professional life.

These easy-to-use video cameras are about the size of a digital camera, record by just touching a button, and connect directly to your computer with a built-in USB.  There are several models out now due to the popularity of the original model.

The size and features make it very easy to take the camera with me to record family events, my son’s sports events, school activities, etc.  But the Flip, at under $200, also makes it very affordable to publish video stories, make video presentations, and for bloggers to enhance their blogs with video stories.

Women have totally embraced the Flip, and for good reason.  It’s a great product that is small, easy to handle, convenient to throw in a purse and intuitive to use.  It can even be personalized.  Women do not respond to a marketing campaign that simply has been “feminized’ with clichéd colors and topics. Today’s women are not looking for a watered-down version of a male offering. Instead, they’re looking for solid information, ease of use, stellar customer service, and brands that are looking to build real relationships with them based on their interests, personal identities and problems that they need to solve.  Thanks to the makers of Flip for hearing us!

A Hockey Mom’s Thoughts From the Sidelines

Marketing Notes from a Hockey Mom

Okay, I have to admit it –– I am a hockey mom. It is amazing how those words can stir such controversy.  It seems that nearly everyone has their idea of what a ‘hockey mom’ is –– some kind of crazy lunatic who can communicate only in screams and shouts. She is a woman with a one-track mind –– make her kid a hockey star…no matter whom she has to step on.

While I’ll admit there are a few of those moms out there, I am not one of them. And I’m sure this personality type can be found in any sport, not just hockey. I’ve also met several fathers who fall into this category. So I guess what I am trying to say is that most hockey moms are just that: moms.

That said, I do understand how a hockey mom can turn crazy. The investment and time commitment are enough to make one take a huge gulp as they write out the check for yet another tournament or clinic.  My son soon will be at the age where travel outside of our home state will become a regular occurrence, with additional air travel and hotels becoming part of the mix.  And we seem to constantly be defending ourselves against other sport parents who ask why we let our child play such a dangerous sport –– even when they’re totally unaware of what the safety rules are at this age.

A hockey mom juggles her schedule to accommodate ice times and car pools that can be at six in the morning, or eight o’clock at night.  She is continually washing uniforms, searching for mouthpieces, filling water bottles and making sure that all of the equipment is accounted for.  She is personal assistant, chauffeur, equipment supply officer, cheering section and chief fundraiser.

So why do I do it?  It’s simple, really — it’s good for my son.  It teaches him commitment, how to play on a team, how to think strategically, work toward a goal, and to persevere. That, and his father and I love watching him play.

Yes, hockey moms are intense, but we’re also extremely loyal –– sitting in freezing rinks to cheer on our teams while drinking bad coffee and eating stale food.  Today’s marketers would do well to have this kind of loyalty targeted at their brands.

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