April 2, 2008
The Influence of Women in the Market
Most marketers and especially those online, make the fatal mistake of not considering the power that women have in the buying process. Let's talk about the powers of women:
- They control or share in the control of more than 60% of all the wealth and influence in the U.S.
- The U.S. Bureau of Labor Statistics reports that 25% of working women are paid more than their spouses (a 17% increase from a decade ago).
- Women control or influence 80% of all new vehicle purchases.
- 46% of all menswear purchases are influenced or made by women.
- 66% of home computer buys.
- 82% of supermarket purchases.
- 53% of investment decisions.
- 72% of home appliance choices.
It is clear, the influence of women in the economy continues with explosive growth. It is said that over 80% of the purchases online are either made or influenced by women. That is power, and power you must market to. Let's review some comment myths regarding marketing to women. This is taken from Jay Conrad Levinson's Guerilla Marketing. I have also included my commentary to help "fill in the blanks."
Commentary: This is why I love to do "points of difference" on my sites. Show the visitor why doing business with you is a smart decision. Who is mostly influenced by "points of difference? You got it, women.
Myth Two: Products are finite and self-contained. Another myth. Marketing needs to create a dialog. Each communication needs to become two-way.
Commentary: When you read this, it may not make sense, so let me give you the straight talk. This is referring to making your sales copy personal. We have discussed in the past of changing your copy from using the terms "I" or "We" to "you". Make your copy personal, almost like a dialog you are having with the prospect. According to surveys, women are greatly influenced in a positive manner with dialog copy and copy that is directed to them and how it can help them.
Myth Three: Women like to shop. A report by the Wall Street Journal reveals that 60% of women feel that shopping is a negative experience.
Commentary: Don't think that just because women like to shop that your navigational process can be shoddy. Reduce the number of clicks to buy, streamline the buying process, and most of all, tell them your opinion and why they should buy. In other words, leave out the "corporate speak" and get on the person's level. They will respect you more.
Myth Four: Single exposure advertising research is a useful guide to women's preferences. It isn't possible to gauge an ad's ability to build a long-term relationship with just one isolated viewing.
Commentary: Advertising is an investment, not an exercise in "get rich quick thinking." I will post more about this point in a future Gumbo, but remember, your ad has to be seen numerous times to convince most people to buy, and that is especially true with women. They are not easily influenced.
Myth Five: Corporation policies are unimportant. A company's values are inseparable from their marketing activities.
Commentary: Women tend to look at corporate policies more than men. If your policies are strict, customer unfriendly, etc. you will lose interest quickly from the female prospect.
Myth Six: Women aren't entrepreneurial. Women start companies at twice the rate of men and employ more people than the Fortune 500 combined.
Commentary: Women understand business and understand economics. If you fail to market to women, your business has a strong possibility of failing as well.
Look at your site's content. Are you effectively marketing to women? Do some tests. Redo your landing pages. See if marketing to women brings in a stronger conversion and higher ROI. Always test and test again.
Filed under Marketing by Jerry West
