I was in a new business meeting the other day where I was discussing the immense marketing muscle of women with a brand manager. This brand manager (a man) chimed in that he didn’t necessarily buy it — he wasn’t so sure that women had the buying power that they actually do. Which might explain why his brand (as great as it is) is languishing.
I walked out of the meeting more than a bit frustrated at his assumption that his point of view was the right one. Especially since it was so wrong.
When I got back to my office, my website home page (my screen saver) was staring at me. And so I read it. The facts about the power of women as consumers are indisputable. Their collective buying power exceeds the economy of Japan. They control more than 60 percent of the personal wealth in the U.S., and account for 68 percent of all total online spending.
According to Tom Peters, one of the world’s top marketing gurus, women are the top marketing opportunity for the foreseeable future. And it’s a scientific truth that women and men see and interpret things differently – because their brains work differently. But the reality is that if a product or brand meets the needs of the women, it also exceeds the need of men. Smart marketers understand this, and are willing to look at new ways to translate their brand’s marketing messages to reach this key consumer.
So here’s the skinny: women DO make 85% of all consumer purchasing decisions. Women DO feel that marketers don’t understand them. Women DO account for $7 trillion in consumer and business spending, which is a lot of buying power. The savvy marketer (and successful brand manager) knows this.