10 Amazing Tips About Women Consumers Every Business Should Know
Women consumers are one of the world’s most powerful consumers. Businesses target groups and demography as a strategy to capture a share of the market. A flourishing market to keep an eye on is the market for women. The impact of women on the economy is substantial. They are one of the largest spending demography in the world.
Women are, without a doubt, great consumers. The number of women products exceed men’s products. They account for $20 trillion in annual consumer spending and 70-80 per cent of total consumer spending.
For businesses, the key to ‘milking’ this enormous market is to understand the psychology of women. Why do women buy certain products, and why do they not buy certain products?
Understanding women’s psychology is essential to developing marketing and sales strategies for women consumers. Yes, women consumers are an emerging and profitable market to target. No, you cannot just tag a product for females and expect to sell.
Here are ten amazing tips every business should know when marketing and selling products to women.
1. Women Rule the Consumer World
If we are to attribute sex to the consumer economy, the first option will be female and second option female. Women influence the consumer economy and account for 80 per cent of consumer purchases. The purchasing power of women is staggering, but their influence even better. Even when she does not purchase something from her purse, she dramatically influences the choices of others. Men often take purchasing advice from women.
2. Women are Multiple Markets
Women have that x-factor multiplier effect. They are multiple potential markets. In all societies in the world, women are the caregivers. They take care of children and the elderly. As a result of this caregiver role they play, women purchase products on behalf of those in their care.
In most homes, women are responsible for buying groceries and other household needs. In some cases, they also buy on behalf of their extended family and friends.
3. Blind Spots Cloud Your Judgement
We see the world through different lenses. Gender is one of the lenses through which we see the world. It is more significant than other lenses such as geography, income, gap or ethnicity when it comes to consumer markets.
If you are male and want to sell products for women consumers, pay attention to your gender blind spot. Picture yourself in the shoes of the female for the duration it takes you to make a decision. What will they buy? What won’t they buy? Gender is a potential blind spot for business. No one teaches it in business courses or the workplace.
4. Study Women as If It Was A Foreign Language
Men and Women exist in different cultures. Approaching the women consumer from a male gender or gender-neutral perspective is a recipe for instant disaster. The cultural difference is evident. The only approach that works for women consumers is the female perspective.
How do you learn about the female culture when you have never lived a day in their shoes? The answer is simple, learn about it. Study it with the same intensity as you would a foreign language or market. The handsome reward for your effort will understand the buying psychology women consumer which you can use for your gain.
5. Even When Women Earn No Income, She Still Holds Purchasing Power
Do not let the name on the credit card deceive you. The name may be the one paying for the purchases; the women are the one determining how the spending of the money. Women hold considering influence in purchasing decisions. Even they are not buying or paying; they still influence the purchasing decision. A woman is usually in charge of the household’s expenditures.
6. Pink Is Not A Winning Strategy
Most marketers assume that pink colour products are a winning strategy to attract women consumers. On the contrary, it says that the only perception we have is the colour pink. It is erroneous to assume that all women love pink, not all do!
Pink is good but mixes it up with other exciting colours to give variety. Expect you want to raise awareness for an important cause like breast cancer, better to offer colour varieties instead of one colour, pink.
7. Include More Women in Your Team
If your customer base consists of mostly or dominantly women, it is only fair to reflect it on your management team. Research reveals that companies with gender-balanced management teams tend to have a higher Return on Investment (ROI). It is also simple psychology; there’s no better analysis of the needs of you women consumers than women.
8. Women Demographic Trends Provide Guidelines
Watch out for women demographic trend; it impacts the purchasing patterns of the female population. Some demographic trends to keep an eye on for long term sustainability for businesses that target female consumers include:
a. Rising involvement of women in the labour force globally (more purchasing power to women)
b. Women are given birth to fewer children
c. Women are marrying at older ages
9. They Are Females Before They Are Consumers
When viewing women consumers, look at them as females first and consumers second. All over the world, women share more similarities than they make differences. They all perform the biological role of childbearing, share the same brain structures and hormone levels. Women are relationship builders and communicators.
Appealing to these similarities with your product will attract more women consumers. Think female first, consumer next.
10. Provide Excellent Customer Service
Women demand quality customer service. They have high expectations and are more likely to notice lapses in customer service than men. The key to dominating consumer markets is to provide excellent customer service for everyone, including women.
Women consumers will keep on dominating the global consumer market in the short and long term. Preparing your business is key to tapping into the lucrative women demography.