Engage: Boomers: "The Most Powerful Gender" brings some facts and figures up to date for those of you whose clients wonder who has the buying power and to what degree...
"According to a new Nielsen study, Women of Tomorrow: U.S. Multicultural Insights, women are the worlds most powerful single demographic. They control the majority of household spending decisions, their influence is growing, and they are increasingly exercising this new-found power in a variety of ways. From 21 countries, representing 60% of the worlds population and 78% of GDP, there is one very positive commonality: women believe their roles are changing for the better.
As overall consumer demand shrinks and companies look for new segments of growth, the multicultural female consumer represents a significant opportunity now and in the long term. The report provides good insights into understanding the needs of multicultural women and is applicable to women of all stages of life. However, the most powerful gender is the women between 50 and 70 years of age.
In her book, Prime Time Women, Marti Barletta discusses the Power of the Prime Time Purse. She admits, My ill-informed assumptions would have been that old folks didnt have much money, and middle-aged women didnt have much moxie. Shame on me. She goes on to say they are the prime target opportunity for marketers in almost every category.
Im in charge! Connect with me! If youre not hearing this, you arent listening.
- Women are the worlds largest economy
- Annual spending power - $2.1 trillion
- All consumer purchases 83%
- Home furnishings 94%
- Houses 91%
- Consumer electronics 51%
- Health care 80% of decisions and 2/3 of spending
- And businesswomen control significant purse strings and women-owned business = 40% of all U.S. companies.
To be successful in older female customer marketing and sales, show you understand in what circumstances woman appreciate being treated differently. Knowledge gives you the confidence to create successful sales communications approaches:
- Understand better who women are and why women are worthwhile customers
- Understand the why of selling differently to women
- Understand what actionable tactics are available
- Challenge your thinking to blast you out of the cave
- Realize that different is not dumb
Mens selling typically doesnt work with women. There are clear gender-based differences in perceptions, attitudes and communications styles. Women have a very different set of priorities, preferences and attitudes and they respond differently to media, messages, language and visuals. And women deliver profit in two ways, loyalty and referrals. You also get two satisfied customers for the price of one. Women have higher expectations and, if you meet them, youll fulfill the demands of men.
Woman need to connect, and deciding factors are related to biology and evolution. They are wired differently and have better intuition and integration skills. Women experience greater intensity that is expressed more often and articulate feelings better. Titillate emotions stories do this best. Barletta says, Women are more people oriented; they like talking. They build bonds with people.
- Men do stuff together and side with the law
- Women side with the person
- Men here are the rules Truth, Justice and American way
- Women it depends
According to Barbara and Allan Pease, gender differences have significant implications for marketing and sales. A woman knows her childrens friends, hopes, dreams, romances, secret fears, what they are thinking, how they are feeling. Men are vaguely aware of some short people also living in the house.
Men and women dont think the same way, dont communicate the same way, dont buy for the same reasons, says trendspotter Faith Popcorn. He simply wants the transaction to take place. Shes interested in creating a relationship. Every place women go, they make connections.
Become a Gateway to Desired Female Customer Experiences. The way a woman shops when she is 18 years old is the same way she is going to shop when she is 43 years old and older. It is a lifelong mind-set. However, there are clear gender differences Dont Jump to Conclusions."