She-Conomy: A Power to be Reckoned With

• June 23, 2017

 

Women executives may have a slight upper hand when it comes to marketing. Did you know that women make 85% of all brand purchases, and 70 to 80% of all consumer purchases as a whole? Unless you are marketing a product or service that is specifically geared towards men, you should always market towards the female consumer. Most women make purchasing decisions for themselves, as well as their families.

 

In 2012, studies showed that women were responsible for $7 trillion dollars of all business and consumer purchases. However, a whopping 91% of these women said that they felt advertisers didn’t truly understand them as women. This is why women executives may have an easier time understanding how to market to the female demographic. If you’re marketing to a demographic that is mostly female, having a considerable amount of women in leadership positions throughout your company will boost your success rate as well.

 

Studies have also shown that women will earn more money than men by 2028, and most family purchases aren’t finalized until they are okayed by the woman of the house. In fact, 75% of women consider themselves to be in charge of all household spending. Both women executives and male executives need to familiarize themselves with certain statistics so that your business and your brand can grow to be unstoppable together. For instance, did you know that almost 37% of all women would rather purchase a product that is environmentally friendly, while 50% wish they had more environmentally friendly purchasing choices. That’s something that can truly help market your sales to female consumers.

 

In 2012, 55% of female mother consumers said that if a certain brand or product is recommended in a review blog, they will buy it. Since 2012 the number of moms taking to blogging and social media has, of course, increased. So blogging is definitely something that will help boost and promote the sales of your brand and/or product. Most women truly value good customer service, so make sure you have an outstanding customer service team, as well as policies that cater to the consumer. If you take consumer opinion into consideration and offer great customer service, your brand and your demographic will be unstoppable together.

 

Although brands like Louis Vuitton, Gucci, Nike, and Prada are popular among people that have a very padded bank account, the average women’s list of top brands looks more like this:

 

 

When you are in a position of leadership and you are marketing your brand to women, you also have to take the average financial situation of your consumers into consideration. This is something executive women have to keep in mind. If you’re trying to market to the “soccer mom” type, an ad that is reminiscent of a Louis Vuitton advertisement isn’t going to make them feel like you understand them.

 

For example; as a woman I’ve always looked at a certain cleaning product commercial, and thought, “Oh please! Who cleans in heels?!” I was immediately turned off by that brand because I felt they didn’t really know what they were talking about. So how could I trust their product?

 

The recent presidential election in the U.S. has sparked a lot of controversy between female consumers and certain brands. Ivanka Trump is now the first daughter and she has always been a successful designer. Recently, certain stores have been refusing to sell her brand because of her father’s presidency, while others are being boycotted because they openly chose to continue carrying her line in their stores. Women have every right to refuse purchases based on a political standpoint, but how does that affect business for women in leadership?

 

If you have been thinking that making your political stance known to your consumers is a good idea as a woman in leadership, my honest opinion would be to keep business and politics separate. The problem here is no matter how you look at it you’re going to lose a percentage of your customers. Some of these brands and companies may be trying to send a different message, but the truth is the message is already clear.

 

When Macy’s boycotted Ivanka Trumps clothing line, their democratic customers were proud and overjoyed. However, they also lost a lot of customers that support the president. In fact, women all over the U.S. were canceling their Macy cards live on social media. So, the best thing to do in a leadership position is to keep politics completely out of your marketing approach. Besides, women executives should be thinking of ways that we can Be Unstoppable Together, not apart.

 

Be Unstoppable Together

 

Connie Pheiff, Unstoppable DIVA

 

Do you have questions or comments about the issues in today’s post? Want to know how to apply them, or how to help others with them? If so, contact me at connie@pheiffgroup.com or CLICK HERE to schedule a 20-minute discovery call to discuss with you personally.