Written by Account Services Intern, Erin Piepenbrok
As women begin to wield more and more influence over the worldwide economy, it’s clear that all aspects of business must adapt and tailor their approach to connect with the female shopper. Currently, connecting with the female shopper is a formula that’s still being demystified, but those businesses that have successfully made the connection through mediums like blog marketing ultimately gained a boost in sales and loyal, returning customers.
At present, a disconnection exists between marketing and women. Women currently control more than $20 trillion dollars in worldwide spending (and $5 trillion in the US alone, half of the country’s GDP), yet 91% of women feel that marketers do not connect with them. Furthermore, women control or influence 85% of all US consumer brand purchases and carry heavy influence in purchases in the following categories:
Why should marketers take notice of this? Because recent studies have found that because women are so influential in the market, 80% of new products fail because they don’t connect with women. So to say that women are a niche market, as marketers often do, couldn’t be further from the truth. If anything, they are a critical market.
Who Are These Women: Understanding the Target Market
A study conducted by Mediative entitled “A Glimpse into The Online Behaviors of Women” identified women shoppers as falling into three categories: Young Women, Professionals and Digital Moms. Each of these categories of women have specific tastes and trends that apply to them, to understand them will be beneficial to any business. Young women, who are active and present on social media, are more likely to look at consumer generated content than are middle-aged women. They are also more influenced by consumer reviews, mobile coupons and friends social media posts. Professionals spend less time on the computer at home and more time on the computer at work. According to Mediative’s study, “they shop online an average of 10 times a month, go on social media sites 18 times a month, and casually surf the internet nearly 30 times a month. In 2011, the majority of a professional woman’s online purchases were made between 12 PM and 1 PM.” Digital Moms have a particular set of considerations that include the age of their children and the age of the Digital Mom. For example, women who were under 35 were more likely to use mobile browsing and text messages, and women who were over 45 preferred to use online news sources and consumer reviews.
Connect the Disconnect: What Women Want
It’s been one of society’s most famous questions: what do women want? In the realm of marketing, this question is beginning to be answered and some clear trends are beginning to develop that marketers can capitalize on:
Women are essential to a business’s success and understanding how they operate in a shopping experience has opened up a door to new marketing initiatives and creative ways to connect. If you can connect with them, you’ll gain a loyal, returning customer.
What do you think women want to see from a company?