Welcome to our “What Woman Want” series…a place for you to learn the facts about the age old question that has stumped many…”what do all these women want.” To get things started let’s focus on the facts around how women buy.
The statistics are in and there are no surprises…Women love to buy.
Actually, Women are responsible for 83% of all consumer purchases
- 92% of home furnishing
- 92% of vacations
- 91% of all houses
- 51% of all consumer electronics
- 60% of all car purchases (they actually influence 90%)
And now…let’s talk spending and get some real perspective on the power of Women and Money:
- The 3rd largest economy is American Men
- The 2nd largest economy is all of Japan
- The Earth’s largest economy is women spending approximately $5 trillion
To capture the “women buy” you have to understand the women psyche…not a small challenge and this is spoken by a woman! Understanding women is understanding that women live with a “never–ending to do list” according to my friend John Gray and this pressure to get that list under some kind of control triggers stress. We all know that a stressed out buyer is low on patience around poor service or sassy talk from an employee. And, in terms of that telephone women have a tolerance level of 9 to 11 minutes and that is on a good day. Also women shop the internet more than men!
And if you want this segment please be aware…Women buy differently than men. They have a different perception of value and at the top of their list are trust and respect or they won’t buy. They want you to help make their life easier by thinking of the things they haven’t been able to think about and to allow them to find enjoyment in the buying process. Women love to buy for themselves as well as for others and Women buy from a space of how it feels as well as ease vs. practicality and speed which tends to be the male dominated approach to buying.
- Here are some key perspectives around Women…Trust…and Loyalty…and boy are we loyal… Women believe…
- If I trust a brand I will recommend it – 83% belief factor
- Selecting a brand I trust saves me time – 75% belief factor
- Selecting a brand I trust makes my life easier – 72% belief factor
- I am willing to pay more for brands I trust – 70% belief factor (for example, I never forget when you “take me for a ride”.)
- If I trust a brand I am more likely to try its new products and services – 78% belief factor
For marketers know that for women trust is central to loyalty. Advertising may generate buzz and women generate talk. Actually, Women recommend a product they believe in 3 times more than man. “Woman talk” is the most important way of generating referrals and building sales.
A few other facts
- 91% of women say advertisers don’t understand them and 58% are annoyed about it.
- 40 years plus Women are the fastest growing market segment – without them it’s almost impossible for a brand to grow
- Women at the age of 40 to 60 years are 45% bigger in numbers and buying power than younger generations
- Woman shop differently. They see shopping as more of a sport than men who tend to just pick up what they need
So know this…women actually do rule the check book, the credit cards and are impacting your business everyday whether you know it or not. So get rolling and start considering what women want and how to capture this big blue ocean.
Renie Cavallari is CEO and leadership expert for Aspire, an international training and consulting company positioning organizations to achieve optimum performance. Aspire provides innovative learning, strategic marketing, leadership training and cultural alignment for increasing revenues, growth in market share, a re-energized sales force and lasting changes in attitudes and outcome. Founded in 1995, Aspire has headquarters in Phoenix with a network of inspiring professionals across the country.
For more information on how to drive the Women Buying Segment for your business, visit www.aspiremarketing.com or e-mail Renie directly at renie@aspiremarketing.com or call Aspire at 602-392-0700.
