Marketing to women and targeting female customers
THE POWER OF WOMEN AS AN ECONOMIC FORCE
Evidence shows women are a global economic force that has been neglected for far too long. Forward thinking world industry leaders are finally waking up and leveraging gender differences, not out of fairness, but because of the business case:
- Women represent the world’s largest market opportunity, bigger than China and India combined;
- Women worldwide control the majority of consumer spending (about $20 trillion), whether its electronics, houses, home furnishings, travel, financial services or automobiles - a figure that may grow as much as 40% in the next five years to $28 trillion;
- Women earn $13 trillion a year, a number that could increase to $18 trillion in the next five years.
Clearly, recognising the power of the female customer will help companies and communities become more prosperous and sustainable.
WHO IS THE FEMALE CONSUMER?
Now that we have substantial economic facts on why women are such an attractive customer segment, it is important to understand some of the universal trends that drive this economic growth? Over recent decades, the number of women in the workforce has increased significantly. As a result, women need more and different products and services. In many markets, women are also delaying marriage. With more disposable income, women are increasingly buying their own homes, cars, financial products and other items typically purchased by men. The divorce rate has also increased across many countries, with implications on the number of goods required. Finally, as women tend to live longer than men, there are more older women who are outliving their partners and who have inherited their parents’ wealth. Evidence suggests this segment will increasingly seek out a range of new products and services not currently on offer that cater to the ageing population.
The bottom line is that marketing to the female customer is key.
APPEALING TO FEMALE CONSUMERS: CAPTURING MARKET SHARE
Chances are that if a man needs a pair of socks, a shirt or a tie, it is most likely his wife will buy them. Not only do women shop for themselves, they are also very likely to shop for all others in the household, including friends and aging parents. So what are women looking for when they make their purchases? How can you capture their attention to not only buy your products or services but keep them loyal to your brand?