Economic trends continue to point to women as the most profitable customers not only of today but of the future. Smart companies are focusing on women as a business strategy.
YES, THERE ARE DIFFERENCES BETWEEN MEN AND WOMEN
While men and women buy many of the same products and services, they often have different criteria and preferences that influence their decision making process. Those differences affect how they respond to marketing and sales pitches and what they want from your customer experience. Brand X is recognized as one of the foremost authorities on female consumer research. We’ve conducted over 3,000 research studies to better understand the female consumer, who she is and why she buys. We bring this intellectual capital to all of our client projects.
WOMEN ARE THE CUSTOMER OF THE FUTURE
Women’s economic power continues to increase.
BRAND X RESEARCH STATISTICS (2016):
- 82% of men say they are influence by women when purchasing products and services.
- 79% of women say they are solely responsible for over 90% of household purchases.
- 67% of middle school girls are planning to get a degree in STEM.
- 71% of women are postponing child birth to pursue a high-level of education.
- It is estimated that by 2030, women will control two-thirds of the nation’s wealth.
Also, when couples make purchasing decisions, it is often the woman who does the initial research. If you’re not on her radar, you may not make it into the consideration process
WOMEN FEEL MISUNDERSTOOD BY BRANDS AND MARKETERS
Despite their best efforts, many marketers are still failing to truly to connect with female consumers.
BRAND X RESEARCH STATISTICS (2016):
- 79% of millennial women believe retail experiences could be much better.
- 67% of millennial moms believe healthcare marketers do a terrible job of communicating with them.
- 92% of baby boomer women believe that investment marketers pay no attention to them.
- 45% of millennial moms find advertising images offensive and won’t allow their kids to see it.
- 52% of women turn off their “cookies” because they find online ads irrelevant.
- 34% of first time moms don’t trust mommy blogs.
- 64% of women are not influenced by celebrity testimonials.
- 72% of black women feel poorly represented in advertisements.
- 43% of women that travel feel disappointed by hotel amenities and kid’s programs.
- 75% of millennial women would prefer to go to a sporting event instead of shopping.
- 43% of senior women find healthcare communication disturbing.
- 56% of women believe customer service can be improved.
- 31% of millennial women prefer sporty cars.
- 49% of millennial women wouldn’t refer a physician to their friends.
There is a tremendous need for companies and brands to better understand their female customers. This is one of the reasons Brand X spent 3 years testing different research methodologies to determine the most effective techniques for generating insights into female consumers.
NOT ALL WOMEN THINK ALIKE
A common mistake brands make is assuming all women think alike. At Brand X, we identify different segments of female consumers, determine which ones are most likely to be your most profitable customers, and suggest how to incorporate the needs of different segments into your process and customer experience.
You increase your chance for success by understanding not only how women are different from men, but also how they are different from each other.
DONE THE RIGHT WAY, FOCUSING ON WOMEN DOES NOT ALIENATE MEN
Men have certain expectations when shopping for products and services. Women typically share those same expectations, but also have many additional demands beyond what men expect. Women tend to have more questions, care a great deal about values, pay attention to more details, and want the opinions of peers as well as experts.
When you meet her needs, you tend to exceed his needs.
Marketing to women done right breaks through stereotypes and doesn’t insult men. When you look at your customer experience through the lens of women you simply see things you might ordinarily miss.
THAT is why we focus on women.