women’s purchasing power

Marketing to Women: Money Talks

When the Financial Industry Markets to Women

The Financial Industry and Marketing to Women

Women control $8 trillion in assets in the U.S., and by 2020 are expected to control $22 trillion, according to TD Ameritrade. Consider these statistics:

89% of financial account openings are controlled by women
Women sign 80% of all checks, business and personal
Women take care of 75% of all family finances
66% of women maintain separate investment accounts from their spouses
27% of all millionaires are women

But while women like and need financial advice, they’re not so keen on the financial industry – having expressed that they find this industry the least responsive to their needs out of 32 industry sectors. So how can financial marketers get a piece of this lucrative market?

When marketing to women, the industry needs to understand that they view money and wealth in a different way than men. While men are much more competitive about money management, a woman’s end goal isn’t typically to accumulate money, but to improve her life and those of her family. Financial professionals who want to attract and retain female clients need to speak to women in the language that most appeals to them. For example:

Women like to connect and learn in communities, whether it’s in a casual home environment, or on social media channels
Women want to establish relationships with their advisors, and seek referrals from other women
While men address their finances in a more transactional way, women want to talk through their financial decisions

What have been your experiences with the financial industry? And marketers, are you communicating effectively to this important audience?

Why Market to “PrimeTime Women”

Marketing to PrimeTime Women

The Importance of Marketing to PrimeTime Women

We’ve all heard about the seniors, the middle-aged, and the mature market. Cultural convention says youth is fun; maturity is not. But women ages 50-70 are the healthiest, wealthiest generation in history, and over the next two decades they will control the majority of the purchasing power in the United States.

These “PrimeTime Women,” as coined by gender expert Marti Barletta, are not gray, passive women, but energetic, vibrant women who consider themselves to be in the prime of their lives.

According to Barletta, PrimeTime is a life stage, not a generation. Currently it’s the baby boomers that are moving through the PrimeTime window – and as we know, the boomer generation is unlike any other generation to date. Boomer women are the first generation to go to college and into the work force in equal numbers as men. They’re definitely not our grandmother’s generation.

Consider this: Adults ages 50+ control 79 percent of all the financial assets in this country; and women in those households control 85 percent of all household spending. From 2006-2016, 96 percent of the growth of the U.S. adult population will be made up of people over 50. So do the math. Though conventional Madison Avenue wisdom is to target the young 18-34 demographic, these PrimeTime Women simply have more purchasing power.

If marketers don’t make their brand relevant to PrimeTime Women and boost the effectiveness of their marketing communications, they can kiss their bottom line goodbye. And in order to be truly relevant, they need to take the time and effort to understand who this influential target really is.

Bic Pens For Women Have Some Laughing

Bic Attempts to Market to Women

Here we go again. Bic is taking quite a hit for its “Bic Cristal For Her” pens. Shocking that a company of this magnitude doesn’t understand how to market to women. With women influencing 85% of all consumer purchase decisions, why is it that marketers won’t take the time to truly understand this important audience, and put the time into building authentic relationships with them?

The Public Reacts to Bic’s “Cristal For Her” Pens

Women (and men) have been mocking the pens on Amazon.com and Twitter. Below are just a few examples:

“Oh my goodness – where have these been all my life? My hands are tiny, delicate and perfectly formed. I have to admit that they’re more suited to activities such as petit point and kitten stroking than writing; in short, they are nothing like a man’s fat, hairy mitt. Up until now I’ve spent countless hours sobbing that there was no writing implement designed especially for ME. I haven’t actually tried one of these BIC beauties yet as they’re just so adorable all I want to go is gaze at them and lick the pink one from time to time.”

“We’re all joking about this, naturally (a woman using a pen – ridiculous!), but this could have serious implications. What’s next, ladies attending universities? Pens to encourage literacy in the lower orders? The modern world is a mad place indeed.”

“I allowed my wife to write the grocery list with one of my pens. Shortly thereafter she went out and bought a bunch of flannel shirts, cut the sleeves off and grew a mullet. While she was writing her feminist manifesto, I secretly switched out the man pen with a BiC For Her. She’s now back to baking apple pies, vacuuming in heels, and popping bennies in order to keep her girlish figure… like a proper American gal.”

“I had my man read me the packaging details because it was so beautiful I just HAD to know what was inside. I discovered that it contained something I did not ever believe possible. A pen. For me! Now I just need some pastel coloured books so I can learn to read and I’ll be able to use them to write by myself. At last! Thank you, thank you bic. My womb is throbbing at the very thought of holding such a thing! My husband says before long I’ll be able to write my very own shopping lists and cake recipes.”

“Someone has answered my gentle prayers and FINALLY designed a pen that I can use all month long! I use it when I’m swimming, riding a horse, walking on the beach and doing yoga. It’s comfortable, leak-proof, non-slip and it makes me feel so feminine and pretty! …

And here’s a great blog post from LikeARollingStone featured on Huffington Post:

Bic Boss: Jenkins, get in here!

Jenkins: Yes sir.

Bic Boss: I’m thinking we need to go after the female market.

Jenkins: Excuse me?

Bic Boss: Women consumers, man! Women do most of the buying in this country so we need pens just for women.

Jenkins: What’s wrong with our regular pens?

Bic Boss: Aren’t you listening? Women want womanly things — pink and purple and flowery and… I don’t know… what are you doing?

Jenkins: Just writing this all down — pink, purple, flowery. Ooooh, diamonds. Women like diamonds.

Bic Boss: That’s good. Work diamonds in there somehow. Only not real diamonds. Just make them diamondy.

Jenkins: Diamondy, right. Anything else?

Bic Boss: Let me think. What does my wife like? Hmmm, cleaning. She loves to clean. No, that doesn’t help. Uh, she’s reading some book about gray shades. Make sure one of the pens writes in gray.

Jenkins: Shade of gray, got it. Should the other pens write in pink?

Bic Boss: Good grief no. We don’t want to be condescending.

Reaching women more effectively can require some extra effort by marketers – but in the long run it is so worth it.

All the Single Ladies

Ann Marie - The Single Lady

The Changing Face of Single Women

Single women on TV have historically been a reflection of our changing societal times. First there was Ann Marie – AKA “That Girl.” Then there were Mary Tyler Moore, Murphy Brown, Ally McBeal and Carrie Bradshaw. All unique women in life stages as complex as the times they were living in. These were not their mother’s daughters, but a whole new era of modern single women.

Today’s women are responsible for in this country. A large segment of these women – 59 million to be exact – are single. Even with that staggering number, advertisers aren’t taking the time to learn how to speak to them or, more importantly, listen to them. Single women are not necessarily moms, and they’re definitely not married with children. They are as unique in their opinions, influences and buying habits as any other consumer group, and want to be recognized for the economic influence they yield.

Marketing to Single Women

Marketers can let go of outdated stereotypes by listening to this group and exploring their unique lifestyle. Just as ad campaigns now reflect moms as multi-faceted with many things going on in their day besides doing laundry or cooking dinner, brands must recognize and reflect the ways in which single women choose to live their lives, and how their lifestyle influences everything from parenting and politics to shopping and brand loyalty.

Marketing To Women: 30 Stats To Know

Stats to Know about Marketing to Women

I was really pleased to see the following article by Ekaterina Walter for MediaPost. It’s rare to find such a great compilation of stats (including some from Girlpower Marketing) that drive home the purchasing power of women. Thanks for including us!

Marketing to Women: 30 Stats to Know

Women are earning, spending, and influencing spending at a greater rate than ever before — and they account for $7 trillion in consumer and business spending in the United States, and over the next decade they will control two-thirds of consumer wealth. Women make or influence 85 percent of all purchasing decisions, and purchase over 50 percent of traditional male products, including automobiles, home improvement products and consumer electronics.

But 91% of women say that advertisers don’t understand them.

Recognizing the power and influence of women must be a top priority for marketers if they are going to tap into the market’s full potential. Here are 30 surprising stats to help marketers get a handle on this misunderstood demographic.

Earning Power

1. The average American woman is expected to earn more than the average American male by 2028

2. Fifty-one percent of U.S. private wealth is controlled by women

3. Women account for over 50% of all stock ownership in the U.S.

4. Women control more than 60% of all personal wealth in the U.S.

Spending Power

1. Women account for 85% of all consumer purchases, including everything from autos to health care

2. Women make 80% of healthcare decisions and 68 percent of new car purchase decisions

3. Seventy-five percent of women identified themselves as the primary shoppers for their households

4. Women influenced $90 billion of consumer electronic purchases in 2007

5. Nearly 50% of women say they want more green choices, with 37% are more likely to pay attention to brands that are committed to environmental causes

Women and Cars

1. Women buy more than half of the new cars in the U.S., and influence up to 80% of all car purchases

2. Women request 65% of the service work done at dealerships

3. Women spend over $200 billion on new cars and mechanical servicing of vehicles each year

4. Forty-five percent of all light trucks and SUVs are purchased by women

Mom Power

1. Moms represent a $2.4 trillion market

2. Fifty-five percent of active (daily) social media moms said they made their purchase because of a recommendation from a personal review blog

3. 18.3 million Internet users who are moms read blogs at least once a month

4. In 2014, 63% (nearly 21 million) of all online moms will read blogs

5. Moms mention brands an average of 73 times per week compared with just 57 times per week among males

6. Seventy-seven percent of mom bloggers will only write about products or brands whose reputations they approve of, and another 14% will write about brands or products they boycott

7. Ninety percent of moms are online vs. just 76% of women in general

8. Sixty-four percent of moms ask other mothers for advice before they purchase a new product and 63% of all mothers surveyed consider other moms the most credible experts when they have questions

Women Online

1. As early as 2000, women were found to have surpassed men in Internet usage

2. Seventy-eight percent of women in the U.S. use the Internet for product information before making a purchase

3. Thirty-three percent research products and services online before buying offline

4. Women account for 58% of all total online spending

5. Twenty-two percent shop online at least once a day

6. Ninety-two percent pass along information about deals or finds to others

7. The average number of contacts in their e-mail or mobile lists is 171

8. Seventy-six percent want to be part of a special or select panel

9. Fifty-eight percent would toss a TV if they had to get rid of one digital device (only 11% would ditch their laptops)

The sources for the statistics cited in this article are as follows: She-Economy, Ms Smith Marketing, StartUpNation, Clickz, Inc.com, Girlpower Marketing, Catalyst, Forbes.

Pinterest: Are Women Driving Its Explosive Growth?

We know that women are the gateway to sales, making 85 percent of all purchasing decisions in the American household. Well over half of all female shoppers are using online social networks to find the newest and best products for themselves and their families.

The latest online social network is Pinterest. Launched in 2010, the site is a runaway hit, growing from 1.6 million visitors in September 2011 to 11.1 million visitors as of February 2012.

I’ve been an active member of Pinterest for a while now. The greatest thing about Pinterest is that I can selectively choose what I want to follow. I use Pinterest much like I would use any notebook where I would keep clippings of things that inspire me, recipes, books I want to read, or anything else I can think of.

Currently women make up about 82 percent of Pinterest active users, according to Google Ad Planner. Whether that’s because women are already using social networks 30 percent more than men, or simply because they’re earlier to the party remains to be seen. Pinterest may be attracting women because of its storytelling aspect that women relate to – women are attracted to the feel of a brand and to the “why” behind every company. Whatever the answer, the real question remains: How will businesses start using Pinterest as a marketing tool to speak to their customers?

One of the most straightforward ways for brands to use the platform is to exhibit items or services that traditional appeal to women. Companies like Lilly Pulitzer and Chobani Yogurt are showing ways to use their products. Nordstrom, Lands’ End and Better Homes & Garden magazine have added buttons on their websites to let visitors easily pin photos on Pinterest. Virgin America airlines, Gilt Group and Barneys New York have started their own Pinterest pages.

Whether women continue to dominate Pinterest remains to be seen, but as marketers review site user demographics they will continue to tailor their messages to the primary Pinterest users. As a result, Pinterest may become a haven for women on the Internet, with products, content and images tailored specifically for them. Because, as with all marketing to women, building relationships is the key to long-term brand commitment and loyalty.

Women’s Purchasing Power

How Do Women Wield Their Purchasing Power?

More women are taking the reins with their own finances, holding 60 percent of the country’s personal wealth, and 51 percent of all U.S stocks. In addition, the number of wealthy women in the U.S. is growing twice as fast as the number of wealthy men, according to Virginia Tech.

At home, the majority of women act as “chief purchasing officer,” influencing or managing 85 percent of all consumer purchases. And that’s not just diapers and detergent. Women buy more cars, insurance and consumer electronics than men as well.

See the infographic below from the Business Insider for more fun stats on women’s purchasing power:

It bears repeating that women are the top marketing opportunity in today’s economy. They make 85 percent of all consumer purchasing decisions, and account for $7 trillion in consumer and business spending. Savvy marketers understand this, and will continue to look at ways to build relationships with this key consumer.

Engaging the Mom Market

How to Engage the Mom Market

Recently Maria Bailey created a list of places a brand needs to be in order to engage with moms. Her list was right on the money, so I thought I’d share it here.

We all know moms are constantly on the go, and use numerous technology tools to stay connected. Mobile apps, iPads and Smartphones are just some of the tools that help brands market to moms and engage them at the right time and with the right message. Here are some additional tools that should be part of any marketers toolkit when reaching out to the mom market.

1. Engage Moms on YouTube

As the second largest search engine, YouTube provides moms an easy way to not only search for products, but to also learn how to use them. Create short videos — less than three minutes — that tell moms how to create solutions with your product. Use mom vloggers or mom employees to produce videos in order to create a relevant connection with the female audience.

2. Mothers Can Be Found on Pinterest

If you haven’t discovered this hot, new social media community yet, make it a New Year’s resolution to do so. This is not only where moms are migrating for ideas and product suggestions, but it’s cool to her tween and teenage kids as well. The next time a mom blogger tells you she loves your product, ask her to “pin” it on her Pinterest bulletin board.

3. Find Moms in Their Homes

An article by the Associated Press,“Why Are Toys Selling Out? Might be Mommy Blog Buzz,” focused on the success of LeapPad Explorers and their popularity, thanks to the buzz created by MommyParties. It’s using the fun of in-home Tupperware parties without the pressure to buy items. Allowing moms to test and share your product in a social setting is an effective way to fully engage mothers in peer marketing.

4. Reach a Mother in Her Email Box

We often forget the power of email; however, moms are still reading emails several times a day. In fact, most say they learn about sales and promotions via email. They also say they don’t want numerous emails promoting the same deal or emails that have no relevance to their lives. In other words, don’t send a mother with teenagers an email promoting baby food. An “unsubscribe” is sure to happen, followed by a delete of your company from her buy list.

5. Look for Moms at Smaller Niche Conferences

Brands love to sponsor conferences but often do so without a plan or strategy behind it. Sometimes bigger is not better. There are over 30 mom blogger and social media conferences in 2012. Some of the smaller, more intimate conferences can provide you a better platform to truly engage with the moms in attendance. It’s not about being a logo on a brochure, but rather truly engaging with those who are at the conference. There are conferences for Christian Moms, Frugal Moms, Video Moms and many others. Look for the conference that fits your brand and message.

6. Engage Moms on Their iPads

“There’s an app for that” and moms on average have 31 of them on their iPads. One-third of them is there at the request of her children. Make sure you are among the solution-oriented apps that she downloads to her wireless device in 2012.

7. Connect with Moms on iTunes

More and more moms are listening to podcasts. It’s easy and inexpensive to create a podcast for your brand. Consider what solutions you can offer mom and pull up a microphone. For example, if you are a car company, create product podcasts on travel ideas or destinations for families. If you are a food brand, consider a cooking podcast. If you can’t find a radio guru in your hallways, think about contracting with a mom podcaster to host your show for you.

Utilizing the tools above will help brands build those engaging, ongoing relationships that are so critical in the mom market.

Happy 2012 everyone!

Insights for Marketing to Women

Marketing to Women Insights

Marketing to Women: Helpful Insights

By now we all know that women are the primary consumers in the U.S. today, making over 85 percent of the consumer purchase decisions and influencing over 95 percent of total goods and services purchased. Women’s consumer and business spending is fast approaching $8 trillion – more than the economy of Japan. When marketing to women, businesses need to keep the following in mind:

There is no “women’s market” — there’s your women’s market.

Marketers should not segment women strictly by age. Whether a woman is 28, 39, or 52, she’ll respond more to marketing messages that address her life stage, not her biological age. Unlike previous generations, today’s women are experiencing life in a less linear fashion; women are having babies in their 40s, starting new careers in their 50s, and re-entering the dating scene in their 60s. Marketers need to clearly understand the differentiation in marketing to the different life stages of women, and tailor their messages accordingly.

Pink is not a marketing strategy.

Today’s women are not looking for a watered-down version of a male offering that has been feminized with clichéd colors. 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.

Instead of relying on outdated assumptions and stereotypes, marketers must do the hard work to be relevant to women consumers – taking the time to learn what motivates them to order to present their brands in a meaningful way. A woman’s b.s. meter is always on – she knows when she’s being addressed in an authentic way…and when she’s not.

Recognize that women think different than men.

All human brains start as female brains, until the male brain is flooded with testosterone. But there they part paths. A woman’s brain has four times as many connections between the left and right hemispheres as a man’s. All of those signals hurtle down the superhighway into her right brain – the home of emotional memory, intuition and experience. A woman not only reads – she attaches feelings to what she’s reading. A woman’s heart is in her brain – tell her a story that is filled with emotion, and explain why your brand is relevant to her.

Sounds simple, but many businesses develop and market products without ever asking their female customers what is most important to them and why. Companies such as Best Buy and Volvo have made gaining women’s input a key part of their marketing process, leading to product improvements that both men and women appreciate, along with marketing messages that resonate with both.

Don’t buy into a woman’s “Half Truth.”

A Half Truth is what a woman is willing to admit, while the Whole Truth is what she really believes, does and buys. For example:

“I am happy with my looks.” (Half Truth)

“If given a choice, I’d like to look better than I do.” (Whole Truth)

A woman’s half-truth can cost marketers billions of wasted dollars not just in concept development and market research, but in the marketplace where it really hurts. Marketers need to take the time to really understand the women they’re talking to – what motivates them and what makes them tick.

How Marketing to Moms Is Like Marketing to Boomers

Marketing to Boomers

In preparing for this year’s M2Moms –The Marketing to Moms Conference, I’ve touched based with a number of the speakers to find out what’s on their minds. I’ve been struck by how much of today’s best practices for marketing to the current batch of Millennial moms can be directly applied to marketing to their Boomer mothers.

Moms are Brand-Disloyal: So are Boomers

Stacy DeBroff founded Mom Central, a consulting firm and online resource for moms and mommy bloggers. Her recent research has shown her that “Moms have become untethered in their brand loyalties, partly as a result of the Recession and partly as a result of the social media culture. Moms are willing to leave brands.

I’ve written before about the willingness of Boomers to leave brands as well. Old stereotypes assumed that brand loyalty, once gained, was never lost as consumers grew older. If that stereotype was true in the past, it isn’t any longer, for Moms or for Boomers. As women find new ways to connect with each other, they also find new brands that meet their ever-changing needs. Or, as DeBroff says, “We’re entering the age of relationship marketing and it’s fascinating but for many brands a real struggle.” The brands that win this struggle are the ones that deliver useful resources online and serve the social platforms where women connect.

Mommy Bloggers: They’re not all 30

Emily Bader from the Zocalo group is bullish on Mommy bloggers; she says that there will be 4.4 million of them by 2014. And if Bader is bullish on Mommy bloggers, I’m even more bullish on Boomer bloggers.

What does the growth of mommy bloggers have to do with Boomers? First, many of these millions of women will keep blogging as they age. So get ready for a giant wave of Boomer bloggers who keep influencing other women after they turn 50. Second, Boomer bloggers deliver the same benefits for marketers as younger Moms. They generate meaningful conversations and they share actionable recommendations around issues meaningful to other women like them. That’s what brands need, whether the blogs reaches women aged 25 or 55.

Bader says there’s no limit to the number of meaningful Mommy blogs as long as each one generates meaningful conversations. That leaves a lot of room for Boomers to launch blogs, and marketers to leverage them for results.

Marketing to Millennial Moms through their Boomer Mothers

Miriam Arond runs Hearst’s Good Housekeeping Research Institute and has been studying female consumers/readers for many years. And she sees that Boomer moms have entirely different relationships with their child-bearing daughters than they had with their own mothers.

This shift has created a new playing field for marketers. “Don’t assume there’s a generation gap” between midlife women and their grown daughters, Arond says. “Moms and their 20-somethings are listening to the same music, shopping together, talking together. What the mom thinks about a product or store really does matter to her daughter.”

The average CPG brand describes its target consumer as a “Mom.” But reaching that young mom is different than it used to be. And increasingly, it looks a lot like marketing to her own midlife mother.

Original post by Stephen Reily for MediaPost

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