Recent marketing studies reveal that most marketing strategies directed toward women fail to live up to potential due to lack of appropriate market segmentation.
Businesses that are the most successful and consistently reach women with targeted marketing efforts take advantage of the different ways in which women collect information and make consumer decisions. As a business owner you can capture the female buying power through specifically targeted marketing strategies toward women versus the traditional marketing strategy.
A recent Vanguard study found women trust:
• Female family members
• Financial Institutions
• Newspapers
Interesting market facts:
• Women perceive and behave differently to consumer marketing. Women are generally more demanding in making the initial purchase, however, once they make the decision they are more brand/product loyal. For a business this means selling to women yields greater retention rates, more repeat customers and better word-of-mouth advertising. For the advertiser it means marketing in a new way.
• Women spend 14% more on electronics than men.
• Women own 49% of American businesses operating in the U.S.
• Women are the fastest growing group of business owners (2 times as many women, than men, are starting their own business.
• Women purchase 74% of all NBA and NFL apparel.
• Women, who are single bought 2 times as many homes as single men (57% of single women own their own home.)
• Women make up 50% of computer sales.
• Women purchase 65% of new cars and influence 80% of all car sales.
• Women buy or influence 85% of consumer goods and services.
• Women in the U.S. represent the 3rd largest economy on the globe.
• Women take the lead in suggesting the purchase and begin doing the initial research for big-ticket items.
• Women are 3 times more likely to recommend a brand or service.
• Women make decisions on most big-ticket purchases in the family household.
Marketers have only scratched the surface of the growing purchasing power of women. The outlook for the female consumer market is remarkable. Businesses are just beginning to recognize the women’s market for its own merit.
The outlook is exciting! You can impact your bottom line by understanding the growing purchasing power of women.
Sources:
The Women's Magazine
Trends and Information: Marketing Services
Trends and Information: Real Estate Services
Dorothy M. Neddermeyer, PhD, Life Coach, Hypnotherapist, Author, "101 Great Ways To Improve Your Life." Mind, Body, Spirit healing and Physical/Sexual Abuse Prevention and Recovery. As an inspirational leader, Dr. Neddermeyer empowers people to view life's challenges as an opportunity for Personal/Professional Growth and Spiritual Awakening. http://www.drdorothy.net
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