Marketing Best Practices

EVERYTHING COUNTS
EVERY Thing Counts
Every THING Counts
Everything COUNTS

By B e v v  Beirl

Color, Name, Size, Graphics, Demographics, Inferences and Perception

Make no mistake. In this highly competitive society, nothing (no thing) can be overlooked or ignored when marketing a product or service.  The consumer has multiple choices from birthing experiences, food, supplements, technology, clothing, and health care, to burial options.  To survive in this competitive marketplace, a company must constantly be looking at trends and statistics.  To flourish in the marketplace, a company must think outside the box, and be willing to act upon the data it receives regarding consumer profiles and demands. 

Women make more than 80% of the buying decisions in America today.  The Center for Women’s Business Research state that working women and female entrepreneurs are the primary decision makers in a household, accounting for 95% of the purchasing decisions. To make it a little clearer, women make 70% of all travel decisions, 57% of all consumer electronics purchases and 50% of all new vehicles decisions (influencing 80% of overall automobile sales).  Maybe it’s time to understand what motivates them to write the check.  And speaking of writing the check --- women write 8 out of every 10 personal checks.

Some other important statistics that should be noted are:

• 40% of the households with assets of more than $600,000 are headed by a woman.

• It is estimated that by 2010, 2/3 of all private wealth in the US will rest in the hands of the mature Baby Boomer woman.

• Census Bureau survey data indicates that 48% of the working wives provide at least half of the household income.

• 27% of US households are headed by a single female who brings in the entire income.

• Among married female executives, VP or higher, in a Fortune 500 company, 75% outearn their husbands, bringing home an average of 68% of the income.

So who are these women --- the ones that will be evaluating your company, products or services?  There are two generations in particular that will be making the most buying decisions. They are the Baby Boomers (age 39-58), at 40.8 million women of a total of 80.2 million; and Generation Y (age 7-24), at 36.2 million of a total of 74.2 million.  It would behoove companies to gain an understanding of these two generations and their lifestyle.  They have the money and make the decisions.  Every product we introduce should appeal to their sense of need or urgency.  That’s not to say every product should be for women.  Remember, these women make the buying decisions for everyone in the family --- including children, men and pets.

There is no doubt; the Baby Boomer is a tremendous target.  And there are very few non-Baby Boomers who truly understand the culture.  It is very difficult for a 30 year old to develop a marketing plan for a product this generation wants or needs.  The average 25-30 year old does not understand that EVERYTHING counts. The average Baby Boomer woman will live 7-10 year longer than the generation before --- however, insert that 7-10 years at about 45 years of age, not at the end of her life.

Women consumers want the truth, no hype, and expect the product to deliver what it promises.  Women are socially conscious and love to know that their buying dollar is contributing to a larger “good”.  Many companies have adopted causes to fund, i.e., Mary Kay/Breast Cancer and Saturn/National Association’s Read Across America (Saturn also sponsors a cycling team, reflecting the fitness focus of their whole company)

When it comes to the Internet --- women and men exchange buying profiles.  Women turn technologies into appliances.  They use the Internet as a tool, and men are more likely to meander and surf online.  Women are multi-taskers and will only use the Internet if it is fast and easy to navigate.

If I were to use one word to characterize the female consumer’s wants and needs --- it would be convenience.  Knowing that over 80% of our products are going to be purchased by females, and those women are most likely going to be Baby Boomers or Gen Ys, it would be advantageous to cater to these consumers.  I highly recommend the book Don’t Think Pink by Lisa Johnson and Andrea Learned.  It is one of many that are addressing the business of marketing to the consumer who holds and controls the purse.

Bevv Beirl is a successful business woman who has written and spoken on human potential for over 25 years.  Bevv is also the editor of Bay Area Business Magazine and she can be reached by email : editor@bayareabusinessmagazine.com

Published August 2007, Volume 1, Number 5, Bay Area Business Magazine

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