Marketing to women is a very broad topic so we’ll be writing several articles on this fascinating subject – this time we’re covering why women are so powerful and profitable as consumers and how they process information differently and how that can help you target them.
Marketing to women because they are POWERFUL
We all know women like spending money – but did you know that equates to about 85% of all consumer spending!? They certainly have the power of the purse strings as they spend both their wage and most of their family budget too. The purse is only getting bigger with wealthy women growing by 68% compared to wealthy men growing by 36% (but knowing that this is from a large base).
| Women account for 85% of all consumer purchases including everything from cars to health care:
– 91% of New Homes – 66% PCs – 92% Vacations – 80% Healthcare – 65% New Cars – 89% Bank Accounts – 93% Food – 93% Pharmaceuticals
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Marketing to women because they are PROFITABLE
There are 2 factors that women a more profitable market – loyalty and referrals.
Women are very loyal, and while they may take longer to make a purchase decision, once they have chosen a product they tend remain loyal and to do a lot of repeat business.
What women buy, they also sell – with 92% passing on information about deals to friends. They recommend products providing valuable word of mouth that is more credible and persuasive than any paid marketing. In addition, as many as 55% said they made their purchase because of a recommendation.
Get it right and you have the foundation of a very successful business.
PROCESS DIFFERENTLY
It’s important to know that it’s not the products and features that should drive the marketing, but how you satisfy her needs. You might use those features TO satisfy her needs, but until you know what those needs are, selling on features is a waste of time.
Let me give you a little example here; my Mum was looking to buy a Suzuki Jimny and the salesperson started to tell her about how good it was offroad and for camping. She’s 76! If he had asked what she was looking for he would have known it was the height off the ground that was attractive, and that it looked small so it was easy to park. She didn’t buy the car.
Women buy from people they like and from those who can both identify and best satisfy their needs.
Not to get a bit technical, but just because this is so fascinating… The female brain is also wired differently. Men’s brains are more localised, specialised and efficient at focusing whereas women’s are more distributed, connected and better at integrating lots of different data, which allows them to pull together details from different sources like sight, speech and emotional overtones. Men favour the right side brain whereas women use both, and this is important in marketing to women because everything has to be synergised – if your marketing is incongruent this is taken as an (often) unconscious warning sign.
If your business needs help with marketing to women, you’ve found the right people here at ADhesive. Get in touch with us for a chat – we’ll provide the coffee!
