With women spending 85 cents of every dollar in the marketplace, building product manufacturers cannot ignore the new realities of marketing to “her.”
It’s long been known that women serve as Chief Purchasing Officers when it comes to their households, whether it’s related to healthcare, the next family automobile or home improvement products.
91% of the women purchasing new homes do not feel that advertisers don’t understand them. – Greenfield Online for Arnold’s Women’s Insight Team,
In order to harness women’s spending power, you have to understand their values and motives. A Wharton study, Men Buy, Women Shop, found that women are more invested in the shopping experience on many dimensions while men’s concerns are more utilitarian, such as the availability of parking. The companies who are creating rich brand experiences based on an understanding of how they can improve women’s lives will be the ones expanding their loyal following and increasing market share.
Home Depot and Lowe’s both recognize that women represent half of their customer base and a recent Lowe’s study found that women initiate 80% of all home improvement projects.
I’ve distilled some of the pitfalls many marketers make when trying to tailor their marketing to women into five salient points:
- Communicating features instead of value. Do you know what features your female customers think are most important and why they think it? Gaining this type of insight from your female customers can lead to product improvements that will result in gained allegiances from this powerful demographic.
- Thinking women are a “niche” market. Women are now the primary consumer, accounting for 85% of all consumer purchases. Enough said.
- Creating his and her versions of your brand. Many companies confuse marketing to women with thinking they need to create a softer version of their brand – or by making it pink. The reality is that you don’t have to feminize your brand in order to appeal to women.
- Segmenting women by their age. In today’s world, women are not so linearly focused as they’ve been in the past. They move through their lives in terms of stages. As a marketer, you need to understand that for women, age is more a mindset than a demographic.
- Failing to recognize that women think differently than men. Women are programmed to gather information. They are also hardwired into the right side of their brain where emotional memory, experience and intuition live. What does this mean to you? You need to emotionally connect with her heart, which is smack dab in the middle of her brain.