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Connecting with women who buy for 17.9 million households in the UK
Sally Durcan and the Hotcow team | June 15, 2012
Today’s women have emerged as a more powerful consumer force than ever before. They run the family social calendars and are responsible for the lion’s share of grocery shopping and meal preparation.
According to The Female Economy study published in Harvard Business Review, women are the purchase decision makers for 85% of the household spend. This is a fact that cannot be ignored. The study also recognises six key female consumer segments, which brands should be looking at when considering a campaign targeted at female audiences.
With the tremendous influence of women in the consumer marketplace, it requires a huge shift in thinking for many companies to successfully connect with this audience. Just because women are women does not mean that they all think the same or respond to the same stimulus. Brands that recognise the different female consumer segments and have the ability to engage, connect and provide them with solutions will be more likely to earn their business.
Here at Hotcow we are experts in creating connections and building on-going conversations with female audiences of all kinds. With the high percentage of women influencing the majority of household spending, brands who are looking at increasing their total market share should look at high growth areas.
The 2011 report from the Office for National Statistics has revealed stats of 17.9 million families living in the UK. Of these, 12 million consisted of a married couple with or without children. The bulletin has also presented an estimated 20% of households as consisting of four or more people, and 25% of families having dependent children. Yet, according to these stats, London/South East and South West spend 75% more on food than any other regions in the UK.
Marketeers must consider the growing purchasing power of the female consumer today, whether they are spending or influencing spending among their peers. It is all about understanding how many they are, what they spend their money on, and where to focus your marketing efforts to connect with this audience.
Women are constantly seeking time-saving solutions or products and services designed to suit their needs and, therefore, the opportunities to cater to this audience are enormous. To keep your brand top of mind with consumers, it is paramount to carry out consistent activity regionally. Hence, due to the the influx of new brands entering the market, the range of messages people see every day and the diversity of the population and how they shop, it can take approximately three interactions with a consumer to begin to change a habit.
In short, women need to feel they’re being talked to, not talked at. They appreciate value for money and the advice of their friends. In many ways, selling to women is more about having a conversation and finding a connection that leads to a sale than it is about telling them how much they need the product or service advertised.
For more thoughts on this subject, visit Hotcow’s website.
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