As female economic power continues to explode, now, more than ever, marketers need to understand how to reach these key decision makers. Because 91% of women still say that advertisers don’t understand them.
The average U.S. woman is projected to earn more than the average man by the year 2028. In the United States alone, women control up to $15 trillion annually. As incomes grow, women’s spending power and influence do, too.
Women are responsible for 85% of consumer household purchases—from cars to healthcare, to family vacations—and that power is growing by the day. With such growth drivers as delayed marriage and children, educational attainment, rising incomes and breadwinner status (women are the primary breadwinner in 40% of U.S. households with kids under 18), almost all income growth in the U.S. over the past 15 or 20 years has come from women.
Brands need to look beyond the superficial and understand that the women’s market isn’t a niche–it’s a driving force. Women respond to marketing messages that show marketers understand them, and that portray them in a strong and powerful way. Following are tips to consider when you market to women.
Remember There is No “One” Woman
There is no “one” female demographic; the female market is huge and diverse. From baby boomer women who are experiencing a healthier, wealthier lifestyle as they inherit from parents and spouses to the single professional who has more discretionary spending because they are child-free, each female sub-set has its own unique interests and values that influence purchasing behaviors.
It’s About the Benefits, Not the Features
Understand the differences between men and women, without being patronizing. While men typically focus on exterior styling and horsepower, a woman may or may not care. But tell her how the vehicle can make her life easier and safer and watch her perk up. Fuel economy, safety features, the number of cup holders, built-in cold storage, and third-row seats. Depending on the life stage she’s in, any of these more practical points will be important to her.
Focus on Time-Saving Solutions
With 70% of women with children under 18 in today’s work force, many women are working both inside and outside of the home. They are multi-taskers seeking solutions and work-life balance. Opportunities to provide stress-management solutions, convenience, timesaving products, and one-stop shopping opportunities will earn her patronage and loyalty.
Lose the Stereotypes
“Shrink it and pink it” is probably the most common stereotype when brands market to women, but there are others that may not be quite as obvious. For instance, 41% of mothers had a child outside of marriage this year. That’s 41% of your audience that doesn’t connect with marketing messages about traditional, nuclear families. Women appreciate marketers who acknowledge their accomplishments, both at home and in the workplace, and show them in roles of empowerment.
Are you confident in your marketing to women strategies? Creating engaging, thoughtful campaigns that reach female consumers is what we do. Please reach out if you’d like to talk about how Girlpower Marketing can help your brand.