Women Count
Thursday, January 26, 2012 at 10:38AM Over 10,000 Egyptian women protested against the military's violence against women on December 20. Women are no longer willing to be silent. Welcome to the rise of the Sheconomy.
Although U.S. women earn 77.4% of men, yet control 51.3% of wealth (2010 U.S. Census). Time Magazine reports that women make 85% of U.S. household buying decisions and Harvard Business Review stated that "women control $20 trillion in worldwide consumer spending, which is more than China and India combined.
We women need to be understood. What are your female customers:
1. Demographics
2. Life-stage interests
3. Psychographics
4. Buying behaviors
5. Favored communications channels
Women are more wholistic in their approach to life. As a result, they appreciate a wholistic approach to marketing. The most successful brands marketing to women integrate their marketing:
Product: Women want a high-quality product that they can trust. Plus, the product design should be aesthetically pleasing. Think how your target defines chic, not pink.
Place: Give her back her time. Customize the product experience, brand, and messaging based on women's interests. For example, mothers may need products that come to them. The Association of Performing Arts Presenters (APAP) augmented their annual conference and Leadership Institute educations programs with webinars available any time and programs in members' cities through APAP/On the Road.
Price: Price signals quality. Build an array of products at varied price points, defining the value proposition at each purchase level. Coach launched Poppy in 2009 to achieve their goal of selling 50% of their handbags under $300.
Promotion: Personalize offers by in space and time. Key questions to ask your women customers are: Where and when does she want to hear from you? How does she communicate with others now? Are there certain times of the day when she reads emails, Facebook, or Twitter? If so, make sure that is the delivery time. Does she take public transit to make out of home a logical choice? What publications does she subscribe to online or print?
Egyptian women demanded to be heard. Are you hearing your women customers?
SOURCES:
Time Magazine, Woman power: the rise of the Sheconomy, by Belinda Luscombe , 11/22/2010
The National Post, Police beating of ‘girl in the blue bra’ becomes new rallying call for Egyptians, by Michael Higgins 12/20/2011
Forbes, Don't take this personally, but you take things too personally, by Molly Cain, 10/13/2011,
Harvard Business Review, The Female Economy, by Michael J. Silverstein and Kate Sayre, 09/01/2009
Wendy Wisner Roan
2011 Global Gender Gap Report: The Best (And Worst) Countries For Women
The Huffington Post reports that the U.S. ranks number 17 in the World Economic Forum's in the 2011 Global Gender Gap Report. Ranking is based on:
- Economic participation and opportunity, which covers the wage gap as well as the percentage of women working and women working in high-skill jobs.
- Educational attainment, which includes access to all levels of education.
- Health and survival, which measures life expectancy and mortality rates.
- Political empowerment, which measures how women are represented in decision-making structures (i.e. the government).
Women, earnings, marketplace, power
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