3 Marketing to Women NEWS FLASHES

Attention, CEOs, CMOs, COOs and everyone in the C-suite!

3 Marketing to Women NEWS FLASHES

BREAKING: Here are three executive summary news flashes you need to know before developing your next strategic initiative. 

Women Are Not a Niche

Women are not a “niche,” so get your marketing to women initiatives out of the specialty markets group.

Sometimes, ya gotta laugh. Time and time again, I’m invited to speak at a major corporation by the executive heading up a business group called something like Specialty Markets, Minority Markets or Emerging Markets. This group has responsibility for marketing to various niches– and women. All I can say is, “Wait a minute! You’re supposed to motivate 51% of the population and you have, what, 4% of the corporate marketing budget?”

First In, First Win

The competition is catching on to marketing to women.

I can’t explain why it has taken so long for American business to recognize and act on the tidal wave that is the women’s market. But it’s a secret no longer. Companies from Nike to Nabisco and from Wachovia to Wyndham, companies like General Motors, Volvo, Harley Davidson and Jiffy Lube as well as Charles Schwab, Citigroup, Kimpton Hotels, MinuteClinic, Lowe’s and The Home Depot are all seeking their industry’s lead in the women’s market.

Paradoxically, there’s still room to leap ahead. That’s because many pioneers entered this new territory cautiously and tentatively. For whatever reason, their hearts aren’t truly in the marketing to women game, and that means good news for you. Their reticence means that you can benefit from what they’ve learned– and leapfrog to the front.

Get Serious about Marketing to Women

If you dip your toe in the water, what makes you think you’ll get splashy results?

Unlocking a gigantic new consumer segment warrants at least– at least!– as much commitment as launching a new product line. There are companies that spend millions to market a line extension without blinking an eye; others invest billions to open undeveloped global markets without a backward glance. Why? Because it’s an “obvious” opportunity. How is it that the same companies can decide that the women’s market warrants merely a test launch in a single market to “see how it does?”

 

[VIDEO] How to Connect With Women in Conversation

Selling to women is different from selling to men, and it all starts with the sales conversation. Learn 3 keys to connecting with women in a sales conversation.

Watch the video: How to Connect With Women in Conversation 

Why Women Make the Best Financial Services Clients

It’s time you start selling to women.

Why Women Make the Best Financial Services ClientsAffluent women are everywhere– 50% of millionaires are women, and they are poised to inherit 70% of the $41 trillion in inter-generational wealth transfer expected over the next 40 years. Women have the money, and they will only get more of it.

But that’s only one (really big!) reason to sell financial services to women. Here are four more:

  • Women are easier to reach. Hardly anyone prospects wealthy women! Who wouldn’t love a target market that faces almost zero competition?
  • She’s very motivated to purchase financial services, both for herself and her family.
  • Women are very loyal clients. Once she selects you, she’ll stick with you. Financial advisors of my experience report that women are much less likely to defect during downturns. Because she was thorough in her financial advisor selection process, she knows her decision has yielded the “Perfect Answer” for her needs.
  • Make her happy, and she will send you way more referrals than her male counterparts. One financial advisor tallied up his referrals and found that, on average, men referred two clients, while women sent him 26 referrals. Wouldn’t you like to multiply your referrals by 13???

To learn more about selling to women, watch some of my Selling Financial Services to Women videos. I’ve put together this super-helpful playlist, sure to provide useful to-dos and to-DON’Ts that help you up your sales game.

Experience the JOY of Marketing to Boomer Women

Experience the JOY of Marketing to Boomer WomenWhat is particularly striking about the Boomer woman is the contentment, joy and enthusiasm with which she lives her life.

Although she describes herself as serious, being serious does not equate to being negative. You could even say that she lives by that old Johnny Mercer classic, “Accentuate the positive. Eliminate the negative.”

She’s happier and more content and possesses a brighter, more optimistic disposition than Generation X and Millennial women who are many years her junior.

Experience the JOY of Marketing to Boomer WomenShe’s come to accept her age (and some of the physical and emotional challenges that come with it) with a dignity, grace and enthusiasm that belies that Rolling Stones refrain, “What a drag it is getting old.” (Perhaps it’s still true for the bandmembers. Just look at that picture.)

As DDB Chicago and I heard in our Girlfriend Groups market research, Boomer women have learned to find happiness wherever and whenever they can, whether that’s helping a daughter by taking in her children, buying a new pair of shoes, or, yes, starting to date online!

Sure, some Boomer women still struggle accepting their crow’s feet, wrinkles and sagging muscles. Yet, most have gotten past the point of needing to look young. In fact, Boomer women are just as likely as their younger counterparts to boast, “When I look in the mirror, I like what I see.” – 58% vs. 57%, respectively.

Lynn, from our Girlfriends Group told researchers,

“I love being 50; I love this time in my life. I feel stronger. I do more than I used to. I am more active, mentally stronger. I don’t think, oh God, I’m getting old. I look in the mirror and see wrinkles, and I’m okay with it.”

Just about every woman we spoke to said that she gets aches and pain and that getting up in the morning takes more time than it used to. But they adjust by getting up a little earlier or planning their days to start a little later. They get up, get dressed, and put on their makeup, a routine that makes them feel better and more alive than does sitting around in a house dress of muumuu!

Rachel, 60, remarked,

“I can feel arthritis and the aches and pains, but I still don’t think of the age.”

Even if they don’t look it on the outside, most Boomer women feel like 30 on the inside. Their psychological age is much younger than their chronological age, and in many respects, their psychological age is more youthful and vibrant than that of women 20 and 30 years their junior.

Experience the JOY of Marketing to Boomer WomenExperiencing the joy of being means that each day is special:

“I really didn’t give it a thought [what being 64 would be like]. I love it. I mean, it’s a blessing to live to 64. Age is just a number.” – Ruby, 64

“The first thing I do in the morning is say, ‘Thank you, God’ for another day.” – Rachel, 60

For marketing departments, understanding the personalities behind the numbers will help when marketing to Boomer women. Experiencing the joy of being rarely comes across in marketing efforts aimed at Boomers, but if it did, it would be incredibly effective.

Selling to Women: Answer Every Question Thoroughly

Selling to Women: Answer Every Question ThoroughlyDuring the sales process, women have a longer list of wants and are voracious information seekers. So no matter how trivial or irrelevant her question may seem to you, answer it.

Some salespeople think they are helping women customers by keeping conversations focused on what matters– trying to be efficient and maybe even considerate of her time. But if your response to her question is, “Well, that’s really not what’s important here,” you’ve lost the sale and offended the customer.

If she says it’s important– and if she’s talking about it, that’s what she’s saying– it’s important.

Selling to Women Requires You to Understand Your Competition

Selling to Women: Answer Every Question ThoroughlyOne area I’ve heard several women comment on it salesmen’s unwillingness or inability to answer questions on how the product compares to the competition.

When my friend Pam was shopping, she asked one salesman, “Why should I buy this car instead of that competitive make and model?” She took it as a given that anyone doing due diligence on such an expensive purchase would compare several options. In her mind, she was giving the salesperson an opportunity to showcase his product’s advantages. His answer?

“You just can’t compare the two.”
“Why not?” she pressed.
Again, he said, “You just can’t.”

This salesperson lost the sale because he didn’t know his competition as well as she did– and he tried to make her feel dumb for asking a perfectly reasonable question. Interesting sales strategy.

Contrast that experience with the next dealership where they were prepared to answer the same question with details on their product’s advantages compared to the competition– newer engine design, more headroom, slightly better gas mileage, and so on.

To women, research and data are key elements to finding the Perfect Answer. So, please, make sure to answer her questions thoroughly.

[VIDEO] What Women Think about Most Sales Meetings

Women rate the investment industry last in a list of 58 categories. Whoah! There’s a problem here. And it starts with what women think about most sales meetings they have with financial planners. Watch my video to improve your selling to women skills!

Watch the video: What Women Think about Most Sales Meetings

Think ‘Rich’ in Marketing to Women

No, not rich like this:

Think 'Rich' in Marketing to Women

I mean rich communications that are full of depth and detail. Marketing communications that engage women and draw their attention.

For Effective Impact, Design Rich Marketing to Women Campaigns

As every marketing professional knows, consumers are exposed to thousands of marketing impressions every day. For your marketing to women campaign to generate awareness, convey information and evoke action, it must have three characteristics:

  1. Continuity
  2. Consistency
  3. Multiple points of contact with the target audience

You can’t reach those goals with an isolated tactic or two– especially not when marketing to women. They tend to crave a richer communication. You need a comprehensive program to ensure that you get through to the consumer you’re trying to reach.

Notice that “repetition” didn’t make my list- no one wants to see the same ad over and over. For most effective impact, design executions that are variations on a theme. Then, choose diverse media like TV, social media, retargeting advertising.

One recent example was Sam’s Club’s Memorial Day campaign in May. Early in the month, members were sent an Instant Savings Booklet showing the various grilling-themed savings available for the month– no coupons required! Sponsored post advertising highlighted individual offerings:

Think 'Rich' in Marketing to Women

And other posts tempted members with samples available in-store:

Think 'Rich' in Marketing to Women

As the holiday weekend came to a close, Sam’s Club varied the theme a bit to summer road trips:

Think 'Rich' in Marketing to Women

Using appealing imagery and careful, pithy copy, Sam’s Club drove store traffic and sales around the story of summer barbecues (and morphed the campaign into other summer themes). To make this campaign even more appealing to women, I would only suggest featuring more people in the executions.

Enrich your marketing to women campaigns, and enjoy richer results!

What if We Saw the World Through the Eyes of Women?

My question isn’t rhetorical, or even emotional. Factually, only 5% of directors are women, including feature films, television, documentaries, music videos and commercials. A group of directors and other industry professionals are highlighting this issue with their group 5% WTF! Watch their clever animation to understand the problems this inequality worsens:

What if We Saw the World Through the Eyes of Women?

Juliana Lukasik, Principal/Director of Large Films, has a solution to achieve a higher representation of women in director roles:

What if We Saw the World Through the Eyes of Women?“As a Commercial Director I am appalled at how few women directors there are in advertising as well as all other aspects of filmmaking. But hey, I direct commercials so it is especially disturbing that while 85% of the time it is a women making the final decision on purchasing a product, about 95% of the time that advertisement is brought to her by a man in the lead creative role.

“The goal: EVERY time a woman directs, she should have an aspiring female director on set with her. It makes a huge difference.”

I met Juliana at M2W 2016 this year and was very impressed by her efforts. As women professionals, let’s take this mentorship challenge! Women make 85% of purchasing decisions and have real economic power, but when we only see the world through men’s eyes, we’re missing half the picture.

Two Secrets that Bring Joy to Your Product Design

Marketing to Women Starts with Great Products

Twentieth Century Fox recently released a movie about one of the most successful designers in history. The role of the designer is played by Jennifer Lawrence, no less, one of today’s hottest stars. Her sidekicks are Robert De Niro, Bradley Cooper (of course!) and Isabella Rossellini. And yet I bet you don’t know this designer’s name.

It’s Joy Mangano.

She focuses on the housewares sector and sells all her products via the home shopping channels HSN and QVC. This retail format is one of few that provide consolidated, immediate feedback on customer response and business success. And, OH, what success she’s enjoyed:

  • Her first product sold over 18,000 items in 20 minutes. And to show that’s not a fluke, another of her designs sold 150,000 in six hours.She holds the record for the best-selling product in electronic retailing history—678 million sold, all told.
  • She holds the record for the best-selling product in electronic retailing history—678 million sold, all told.
  • She has been known to generate sales of $10 million in a single day—extraordinary for this format.
  • To date, over the past 23 years her designs have generated revenues of over $3 billion.

Her phenomenal success can point the way to several specific strategies that can and should blow open your design thinking and accelerate your business success.

Two Secrets that Bring Joy to Your Product Design

Joy’s most important insight is that she roots her design thinking in solving end-user problems in day-to- day life, not in seeking innovation for innovation’s sake. She looks for end users who are exasperated or annoyed by some aspect of a product with a gap between what they want and what’s available.

The second insight is that changes that seem small can have very big business impact indeed. Joy’s best-selling design, the Huggable Hanger, may seem mundane. (OK, so naming might not be her forte.) But this blockbuster product was the first to solve three closet-management problems. First, it’s velvet-flocked, so clothes don’t slip off onto the floor. Second, it’s strong but flat, unlike heavy-duty wood or plastic hangers, meaning less crowding on the closet bar. Third, the shoulder edges are rounded, so there are no poky little puckers ruining the lines of a lovely blouse or sweater. The hangers come in 19 colors, including pink. And she’s sold $678 million of them so far.

It just so happens that Joy’s category, housewares, automatically focused her on the consumers who buy most of everything—women. But women as buyers drive the brand choice in almost every category (this means you, too, auto and consumer electronics); women as end users are the research resource who best notice and articulate design problems that need solving; and women as design colleagues contribute even more than their valuable guidance as the voice of the customer.

In a nutshell, centering your research and product development around more input from women will deliver better innovation, stronger sales, greater career success and more customer love in every sector of industrial design. 

[VIDEO] Why Boomer Women are Game-Changers

Boomer women are the reason there are so many women earning their way into the high-net worth bracket. Boomer women are the most radically different generation of women in history. Really! Watch to see what this means for marketing to women– and especially selling to affluent women.

Watch the video: Why Boomer Women are Game-Changers