The knowledge that women wield the most influence over the household spending decisions is nothing new. For decades women have been credited with controlling the purse strings at a greater degree than their male counterparts. But as traditional societal male/female roles continue to evolve, the only difference for marketers is the realization that the numbers are getting bigger. Across the globe, women are controlling nearly $20 trillion in annual consumer spending. That number is likely to grow to $28 trillion in the next five years. Women represent a growth market bigger than China and India combined; verification that female consumers now drive the world’s economy. Over the next decade women will control two-thirds of all consumer wealth in the United States and be the beneficiaries of the largest transference of wealth in our country’s history.
Today more than 79 percent of women self-identify as the primary household shopper, making 70 percent of all the travel decisions and 90 percent of all the healthcare purchases. Nearly 60 percent frequent social networking sites and are the most likely consumers to use digital purchasing tools. The overwhelming majority (92 percent) pass along information about deals they have experienced online. Talk about influencer marketing!
Commanding as this economic segment is, most companies continue to struggle to effectively tap into the potential opportunity, and despite the remarkable strides women have made in market power and social position they continue to feel undervalued in the marketplace. “Success in reaching this powerful demographic often lives or dies in the marketing execution, and getting it wrong can be serious business. Mistakes and gaffes can go public, or viral, all too easily, alienating the very people a campaign was designed to attract.” David Levithan, says “Pink is female – but why? Are girls any more pink than boys? Are boys any more blue than girls? It’s something that has been sold to us, mostly so other things can be sold to us.” If there was ever a time where simply using pink to attract the attention of women was a viable strategy, that time has passed.
Gender is often a blind spot, both within company campaigns and within the make-up of company marketing teams. The old adage, it takes one to know one is sage advice. Gender diversify your marketing team if you want to make a meaningful connection with your target audience. If not, your approach to attracting female consumers may come off as patronizing and passive.
Remember, no one-gender market sector does a complete marketing segment make. Women now occupy, in significant numbers, every social and economic level of society. Today women are embracing the differences in their identities and exploring more progressive interests. Marketers need to identify products and services that answer the multitude of female consumer needs and interest if they are to successfully develop a winning marketing strategy. The messaging needs to align in content and tone with the diversity of the market segment.
For information on how Junction Creative Solutions (Junction) can help you formulate a winning women’s market strategy, contact our experts at 678.686.1125.