Thankfully, they allow us to live in it. Women are the single most important decision makers in the consumer economy. Don’t think so? Well, let’s look at the facts.
• Approximately two-thirds of college graduates today are women.
• Women handle 77% of the family finances.
• Women purchase 70% of all new cars and influence 80% of all car purchases.
• 78% of women state that they not only know what they want out of life, they also know how to make it happen.
• Married women who work are more likely to act as CEO’s of their home (when it comes to financial issues).
• Women represent 50% of all stock market investors.
And female expectations continue to rise. They are more certain as to what they want and aren’t timid about acting on their own convictions. They have a firm hold on their aspirations in all areas of their lives and refuse to settle for anything less. And their ever-growing responsibilities extend throughout many more domains (more than their male counterparts) including; family time, career, personnel fulfillment, social, travel, education and finances, than ever before.
So as a marketer, heeding the relevance of what is important to women, can help us focus our marketing and advertising efforts in a way that can mean the difference between success and utter failure in the marketplace. For the former, it is imperative that our marketing efforts take into consideration the values, preferences, behaviors, attitudes, beliefs, lifestyles and other dimensions that motivate women to buy. First and foremost today, more than ever, women believe that a lack of time is a bigger problems in their lives than a lack of money.
5 “Listen-Up” Facts:
1.) Women are looking for speed and ease in their overall shopping experience.
2.) A woman’s balancing act (work and family) results in a time famine which means they are demanding things such as; convenient shopping hours (their time not yours), convenient store layout, and proximity to where they work and live.
3.) They are actively seeking out products and services that help them SAVE,MANAGE and make the most of their precious leisure time.
4.) Women are more likely to be brand loyal since brands represent an opportunity to reduce comparison shopping and the stress that goes along with it.
5.) Most women agree that “most of the time the service people I deal with don’t care much about me or my needs.”
So, there you have it. I suggest we all wake up and smell the perfume.
James McKenna is the branding manager for the City of Lee’s Summit. Reach him at JMcKenna@lschamber.com.