August 31/September 7; Volume 30/Number 6
By Kelly McDonald
It has been called the “she-conomy”—the more than $5 trillion that U.S. women spend on consumer goods and services each year. To give some context for just how much of an economic engine women are, $5 trillion is a larger economy than Japan. And of that $5 trillion, women with children are responsible for $3 trillion.
Women represent a major opportunity for you to grow your business with a customer base that is large, lucrative and loyal. But you can’t simply advertise to women; you must connect with them. They typically don’t want a transaction. Instead, they want a relationship with you. You have to show that you understand them.
Ninety-one percent of women maintain that advertisers “just don’t get” them. Although this is not a pleasing statistic, it should encourage you to create a brand that easily stands apart from your competition.
So how do you stand apart? How do you reach the women who are your target audience and have their wallets in hand, ready to spend? It starts with recognizing that your marketing approach targeted to women can’t be the same for men. Women and men are different in numerous fundamental ways, especially the way they process information and make decisions.
Women tend to like options and are not usually overwhelmed by having a lot of choices. In fact, most women admit they are empowered by choice. Being able to look at all their options makes them feel confident about their decisions because they carefully studied each possibility and made the right selections.
When marketing to women, dealers should show them all the appropriate products they offer. Women will patiently—and happily—wade through a myriad of choices and tons of information to find just what they want. And when they do, they feel confident about their purchase decisions.
There are other ways to connect with your female prospects. Following are three key values that have proven to be universal to all women.
Sharing is caring
Women like to share information about their lives, experiences, preferences and opinions with other women. In your store, showcase past female customers sharing helpful tips, advice or testimonials.
Simplicity is key
Women often lead very demanding lives, so anything that helps make their busy lives better, easier or simpler is appealing. Your marketing should show how women can benefit from your products. Are they quick and easy to clean? Does your featured product represent tremendous value? Show the female buyer how your products will make her life easier and you’ll be on your way to winning her business.
Women tend to support other women. As such, women look favorably upon those businesses and brands that support females. You can support a local women’s group, partner with female-owned businesses on a special project, donate to a high school girls’ team or fund a local scholarship; the possibilities are endless.
Women pay attention to those businesses; show them that you are connected to a cause and they are likely to reward you with their business.
Female consumers are a marketer’s dream: They consist of a large, lucrative and loyal customer segment. They share their opinions and experiences freely with one another and can boost your sales and profits to new heights, both now and in the future.