by Carol Jagic
She’s educated, she’s a homemaker, she’s a business entrepreneur. She’s a woman. And right now, she is the single greatest influencing factor over whether your product will be purchased. Globally, women control over $20 trillion in annual consumer spending. They have influence over the vast majority of spending in most major consumer categories, and the rate of growth of women’s wealth is rising rapidly. Marketeers have an opportunity to set themselves apart by focusing on their fastest-growing market: women.
Why brands need to focus on women
Around the world, women still oversee every point of the path to purchase for their household. In this role, 80% of women are making their household’s buying decisions; from everyday needs, to gifts, to helping parents and in-laws with financial and health-related choices. In our Insiders campaigns, our female Insiders are more likely to mention either purchasing the product on behalf of a male family member or to include family member experiences in their reviews.
Brands have room for growth when it comes to female messaging
In a recent Insiders electronics activation, a mother reviewed a product used primarily by her teenage son. With the same tone of voice she uses to describe her grandchildren, our Insider’s detailed review clearly articulated the device’s technical functions and features. Although it’s tempting for marketeers to “pinkify” their product to appeal to a female audience, women increasingly feel misunderstood and misrepresented by brands. With women more open to impulse purchases and twice as likely to switch brands than their male counterparts, it’s imperative to hit the right messaging throughout every stage of the customer journey.
Utilizing women to appeal to women
Regardless of which generational group they belong to, women have some common values, particularly around communication. Women dominate social media, making up almost 70% of online influencers, and are eager to share experiences about products and brands. Utilizing the Insiders’ findings on the importance of UGC, marketeers can refine messaging by tapping into content already created by reviewers. By engaging with and responding to reviewers, brands can increase conversion rate by being tuned into their key female audience.
In the developing world it’s expected that one billion women will enter the workforce, and thereby attain affluency, during this decade. Brands which work now to understand and meet women’s needs, will get the full value from this key target market.
16 April 2019