5 critical trends in marketing to women
Tuesday, July 15, 2014
Most marketing teams recognize that women are an increasingly powerful part of the purchasing power equation. A recent study found that only 9 percent of women think they are being marketed to effectively. The percentage drops in ages 50-plus to a scant 7 percent.
Considering that the latter demographic holds nearly three-fourths of U.S. financial wealth, there is a good chance that your business is not only missing the marketing target, but wasting money as well. These five trends will influence marketing in the coming year and beyond while offering improved results for the marketing techniques of your business.
1. Less miniaturization and glamorization and more value
It is common knowledge that most purchasing decisions are finalized quickly and, in many cases, through habits. Many marketing approaches hoped to use this to score quick sales to women by simply making items smaller or more feminine in appearance. This might have worked in the past, but the approach is officially dead.
Women are increasingly analyzing and determining the value of goods and services. Instead of pitching a cute appearance or lightweight design, sell and market based on the value offered within their lifestyle and family.
She-conomy reports that roughly 51 percent of women are moms, and 41 percent hold an undergraduate or graduate degree. Whether you are marketing toward career-driven women or the homemaker, there are plenty of ways to integrate value into your marketing approach.
2. Increased emphasis on the whys Instead of the whats of sales
Big data, social media and other tools have made an unprecedented level of information available to marketers and businesses. While many previously relied on what was being purchased, what influenced purchasers and what sales figures changed based on approach, the emphasis is quickly shifting toward why.
By combining quantitative data from these new sources with qualitative data from in-depth interviews, focus groups and observational studies, businesses now have greater access to the inner workings of women and other potential customers. The Washington Post outlines a number of ways businesses with nearly any budget can implement qualitative research to improve marketing efficiency.
3. Increased segmentation of the women's demographic
Increased access to data points and information is bringing another trend to the forefront as well. Not long ago, women were grouped into a few major groups in terms of targeting and demographics. New trends emphasize the need to further segment the women's market and optimize your approach accordingly.
From the female CEO and wealthy boomer to the single mom or female college student, behaviors and value vary drastically. It is simply no longer good enough to market toward women; you must choose a specific audience to have any chance of realizing your goals.
4. Tap into the power of emotion
Advertising Age recently discussed the cultural impact that the rise of women's power has created. From increased empathy to an emphasis on family values and interaction, most of these impacts have one thing in common — emotional connections.
From tapping childhood nostalgia and promoting family safety to striking confidence and evoking a sense of power, creating an emotional experience is a sure-fire way to improve sales efficiency.
5. Take engagement to the next level and build marketing relationships
All of these aspects combined help to create the latest trend in marketing to women. Sales and marketing is no longer a one-way street of ads, packaging and placement; it is a constantly evolving and interactive relationship.
From social media and social influence marketing to customer loyalty programs and personalized advertising, if you are not making your audience feel like they are personally noticed and valuable to your business, they will go elsewhere.
With the rise in availability of information and access to consumers' lives has come an expectation of improved service and better understanding of the individual. It is important to be genuine and consistent in your efforts. The same tools and technologies that make this level of interaction possible also make it easy for your potential audience to talk about inconsistencies or find a new product or service provider the moment that your business disappears.
In an age of increasing female influence, marketing to women is as important as ever. However, the old methods are not only ineffective but also could have a negative impact on your marketing efforts.
Moving away from stereotyping and increasing focus on the individual female experience and their needs has major benefits for businesses of any size. As markets and technologies continue to evolve, so will the methods of marketing. These five trends are considerations to watch in the coming year and beyond to boost marketing success for your business.
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