As you might know already, we’ve extensively worked on communication-marketing strategies targeting women online in the past years. We’ve called our division BFF* (*Built for females). Focused on apparel, cosmetics and online media we’re more and more asked to provide our expertise in other industries.
Many studies and reports have recently been published and I’d like to share with you my highlights and take-away on these. As we all face it, we don’t necessarily have time to go through all those very interesting things we find online, so for these ones I’ve done the reading ☺
Reality is that we’ve been through a tough year, and marketers are looking at unexploited business opportunities. Fact is that many researches confirm that women are one of these yet untapped markets.
Considering women as a way to extend your business can rapidly generate revenues without the cost of extending abroad markets like Asia.
The notes and thoughts below came from the reading of:
- “Women Want More” from Boston Consulting Group, September 2009
- “The Power of the Purse: Gender Equality and Middle-Class Spending”, Goldman Sachs, August 2009
- “All About Moms”, National Retail Foundation, August 2009
- “The Female Economy”, Harvard Business Review, September 2009
- I didn’t include comments from this report in here, but it’s always a good reference if you’re targeting mom “Digital Mom”, Razorfish, 2009
1. Some industries offer a greater potential some should look at diversifying
The greatest potential concerns 6 industries: food, fitness, beauty, and apparel. And two less expected ones are financial services and health care. At a global level, women are mainly responsible for purchase decision for food, healthcare, financial products, education, childcare, consumer durables (washing machine) and apparel. Some industries that are not in that list might be affected long-term by not being considered by women as a priority.
Women feel vastly underserved. They still appeared to be undervalued in the marketplace and underestimated in the workplace. The above industries have huge opportunities if they start designing products or services specifically for women.
For example, in cosmetics, the number of choices is huge for a woman that barely has time to take care of herself. By focusing products lines on a few significant product that will combine technological improvement as well as sustainable brand-values, you will certainly gather her attention.
2. She lacks time. So give her some time!
They are constantly dealing with conflicting priorities: work, home, family. Few companies have responded to their needs for time saving solutions.
Women feel there are just too many things to do in a day. Many women put themselves and their own needs last on the list of priorities, which also explains why they feel so pressured. “Not enough time for me” was at the top of the list for almost half of the surveyed respondents. How could you align with that reality? How could you fulfill one of her need without being demanding?
Why not trying to clarify her time usage? You could support her with her tasks accomplishment or at least listen to her and find ways to make her life easier. If you do care for her she will adopt you and, for sure, spread the news among her peers.
3. Stop nurturing her stress
“Much of my daily stress is because so many people need so much from me.”
Globally, women report the same three challenges: managing her households and finances, too many demands on her time and not enough time for herself. Why not changing the way we’ve been doing it for years? Why not designing products and services that deliver against her technical, functional and emotional needs?
As a brand, I believe you shouldn’t pretend to ask for her attention and be one of those stress sources. By shifting the game and positioning yourself as an entertainment, good time provider, you will fulfill a need instead of nurturing a stress.
4. Why don’t we stop polluting her “free time”?
As marketers, we contribute to her frustrations instead of helping her because we’re in the middle of her favorite TV show and we keep playing ads that makes her show longer, that makes her feel stressed because during the commercials she’ll try to do another 10 things. Why don’t we let her enjoy a good TV show without ads? Why don’t we offer what the Internet offers to her? Imagine the brands that will pay for her to have access to commercial-free content? At least an emotional connection will be certainly created.
Moms like finding time to sit down and enjoy “some quality time”, offering quality and commercial-free entertainment might be a good direction to consider, don’t you think?
5. Stop creating outdated marketing narratives.
Although they control spending in most categories of consumer goods, companies keep conceiving outdated marketing narratives that promote female stereotypes. Women will increasingly resist being stereotyped, Dove clearly understood this at once. Seems like they forget it though…
6. Being driven by TIME and TASKS is a huge DIGITAL opportunity
Women, and especially those who are mothers, really feel that their work is never done. They’re Queens of multitasking and they’re experts in simultaneous use of media. While talking on their cell phones, most prefer listening to the radio, watching TV and using the Internet. Even if TV remains their preferred activity during the day (91.2%), checking emails (90.3%) and surfing the internet (86.2%) are also high on their lists.
Internet is women’s and moms’ best friend. It’s a timesaver that makes their lives easier.
They’re looking the get the most out of their time. TIME and TASKS are driving women so if you conceive your web strategies in order you’ll get them. By bringing them usefulness via tools like www.mint.com you’ll definitely resonate with that market.
Portable devices are a huge untapped market, 41% of moms versus 27,3% of average adults are texting, that’s huge! What are they texting to whom? Have you considered this tool in your mix? Cell phone usage ranks at 69.8% versus 58.2% for the average adult, is your brand available at their fingertip? Imagine a brand that will provide them with a portable and useful service or product?
7. 40-yrs old women: the biggest potential?
Women are happiest in their early and later years and experience their lowest point in their early and mid forties. That’s when they face the greatest challenges in managing work and home. They must deal with children and aging parents.
This group is probably really receptive to products and services that can help them better control their lives and balance their priorities. But… They also certainly influence purchase decisions for products targeting aging parents and teenagers/seniors.
8. Promote emotional well-being
Are you part of global goodness? Women seek to buy products and services from companies that do well for the world, as part of your brand reputation, your corporate culture does impact her purchase decision process.
If you care for one woman, you care for all women. Women from every background and archetype express the desire to help those less fortunate than themselves. Charities and enhancement of women groups tend to be valuable tactics to resonate with women. And keep in mind that women are not alone, they’re always surrounded and influencing other women. If you’re company encourages love and connections between women, you will certainly draw their attention with what they’re trying to accomplish very single day.
9. Do you have a long-term sustainable vision for your activities?
Well, if you want to resonate with that market you might consider adjusting your business strategy – or to start capitalizing on these in your communications. The Goldman Sachs’ research has demonstrated that child nutrition is better in households run by women compared to those run by men, even when the women’s families is poorer.
For example, drinking water is likely to be a greater concern to women, who are often responsible for obtaining it, than to men. Roads are also a major concern to them because they expand access to markets and to education.
Focused on children, women are living with the future of their family in mind. They do take decisions today but by planning on the sustainability and long-term value of the decisions they make for their loved ones.
10. She’s looking for the perfect purchase.
Women look carefully for technical differences in terms of design, technology and materials. The functional performance AND the emotional benefit (brand values, company reputation) are required to gain her respect and loyalty.
Emotions will come from surprising by technological improvement or a true difference in the company culture. She’s always looking for the next thing. Remember she’s living today with tomorrow in mind.
Women always want more. They’re looking for the PERFECT answer. No other diagram that the one from Marti Barletta “Marketing to women” can explain that notion of more.
That “more” hides a huge potential for you to rejuvenate your offer and challenge your competitors. Instead of adapting to each other, why not shaping your offer based on the very specific needs of women and see what happens?
Women are looking for SOLUTIONS that will solve the present with simplicity and ensure future stability.
Key insights to help you convince the boardroom:
- Women control about $20 trillion in annual consumer spending and represent a growth market bigger than China and India combined.
- Women control half the wealth in The United States.
- The number of working women n the United States if about to surpass the number of workingmen.
- H&M seems to do particularly well with women because each store visits offers an element of surprise due to the quick turnover of stock.
- 15.3% of moms declare maintaining a blog, in terms of long tail, being showcased in those environments will definitely help with your online awareness.
- They do influence your online brand reputation, they do Tweet, Facebook and blog about your product and brand. In fact, 97.2% of them declare giving advice regularly or occasionally about products and services. And they look to others before making a final decision at 93.6%.
- The key factors that are accelerating women change into powerful consumers worldwide are: education, career opportunities, politics and social leadership. The spread of technology also impacts traditional norms of household decision-making.
- The average woman spends 18-hrs per week performing households tasks like cleaning, doing laundry, preparing meals, and managing household administration.
- Women say they NEED: time, love, family, relationships, community.
- Women believe that the key factor in achieving their goals will be their own hard work.
- A night away from the kitchen is appealing to mom 73.1% of moms say they enjoy dining out (higher than the average American adults 67.7%).
- Globally, women head 20% of all households (either no adult male is present or no adult men contribute to household income). Isn’t this amazing?
- In the UK, women are responsible for more than three-quarters of household expenditures on childcare, food and education, but less than half of spending on tobacco and about one-quarter on alcohol.
- 80% of women believe that China’s future as a country and a global player is bright
- Globally, women are more likely to purchase goods for their households and specifically for their children including food, healthcare, and education, clothing and personal care products.
- 48% of women say managing households finances is the top challenge
- 25% (only!) believe that are extremely or very attractive
- 44% rarely or never feel powerful
Post by Isabelle Quevilly, Oct 2nd
