Why Women Rule The Modern World (or at least it's purchasing power)
You've heard it just like I have - a business who says, "I know that women control 'something like' 68% of purchasing decisions, but that's just grocery store behavior. Mine isn't a grocery store product."
Want me to shed some real light on the limits of that scope of thinking, and the danger it creates for a brand? Happy to.
Here are some fast facts about modern women. Why they dominate modern thinking, the modern statistical control of the global economy, and why it's time to seriously reconsider one's approach to marketing to them:
1. As a market, women represent a bigger economy than China and India combined.
2. Women talk about brands (good and bad) incessantly -- an average of 92 times a week.
3. In control of $20 trillion in consumer spending, the scope of women's control is predicted to reach $28 trillion in the next 5 years.
4. 91% of women say that marketers don't understand them. 59% feel misunderstood by food brands too.
5. 89% of women have a social media profile, and they spend 40% more time online than men.
6. Modern living and business trends demand qualities that are more naturally inherent in women: flexibility, openness, and collaboration are highly valued leadership traits in modern America.
7. Women want to build and maintain relationships and to join and build a TRIBE.
8. Women expect (and expect) brands to educate them.
9. The average woman is significantly more right brained than left. This means she thinks with creativity, is more impulsive, thinks with emotion, is intuitive, and is connected to visuals, sound, and scent.
10. Women want a BRAND EXPERIENCE.
A lot of businesses are now "realizing" they need to work for brand loyalty from women, but aren't sure how. On top of this, each business has an age-related subset of women who have differing priorities based on their age, habits, and lifestyle. Many experts and educators are pointing out why this is important, but not "how" to work on it.
Here's a basic primer on reconnecting to female consumers with 3 simple moves:
* CREATE PRODUCT LEADERSHIP - MAKE FEARLESS CHOICES
* FASHION A BRAND CULTURE THAT'S SENSITIVE TO WOMEN - MAKE THEM SAFE
* DESIGNATE CLARITY WITHIN THE BRAND MESSAGE - REMOVE THE CLUTTER
The businesses that lead by connecting to one of this generation's most obviously dominate audiences will own the marketplace.