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:
Juliana Lukasik, Principal/Director of Large Films, has a solution to achieve a higher representation of women in director roles:
“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.
Financial management firm Barclays Wealth raised some eyebrows when they found, “More than 80% of affluent women now derive their riches from personal earnings, particularly from their own businesses.” Instead of “marrying into money,” as the stereotype goes, women are generating their own affluence through independent income, business ownership and investments.
Wow, how did that happen?
Selling to Affluent Women? Look for the Boomers!
Boomer women are radically different from all prior generations of women, and they are the main reason that 50% of US millionaires are women. Boomers are a unique breed of women! Here are the four reasons they have changed the game:
Advances in health, nutrition, fitness and medical treatments mean they will live longer and happier
Boomers started the college graduation groundswell among women, with 27% of college graduate Boomers being women (compared to 14% of college graduates during World War II and before)
At 55%, the majority of Boomer women work outside the home
Boomer women have fought for and taken advantage of gender equality measures like family planning and property rights
Boomer women have life experience and expectations that no other generation of women ever considered before. And, they have more independent wealth as a result. They expect financial service brands to honor their achievements to win their business. Are you up to the challenge?
Have you seen any particularly effective (or terrible?) approaches to marketing to affluent women? What are your thoughts on Boomer women’s affluence and power? Share your comments and join the conversation!
Wow, I bet you didn’t know that 50% of millionaires in the U.S. are women, did you?
Millionaires make up 9% of U.S. adults:
50% of those are men, with an average age of 46
50% of them are women, with an average age of 50
These days, most wealthy women earn their own wealth. Of women with at least $3m in investable assets, 61% earned it themselves, according to Russ Prince and Hannah Grove in Women of Wealth. Women like Facebook COO Sheryl Sandberg, fashion designer Tory Burch and Spanx inventor Sara Blakely are becoming the new face of wealth.
And here’s another shocking fact:
Nobody prospects high net-worth women!
LIMRA, the insurance and financial services trade organization, finds only 50% of female producers prospect women, with only 20-25% of male producers prospecting women. Marketing to these wealthy women is not only smart– but it’s also less competitive!
Consider this heads-up my favor to you. But you’d better act fast before someone else earns the loyalty of these high net-worth women.
Kimberley-Clark, to promote its brand Huggies, has started a grant program for innovative moms called MomInspired. The basic idea is that K-C will provide up to $15k in seed money to the moms who have the best ideas for an invention or startup business that will address a currently unmet parenting need.
Elaine Wong of Brandweek asked me to weigh in with my thoughts on the program (because I always have an opinion, right?) I think it’s a potentially fantastic idea, with a sadly lame execution. Here’s why:
What I like about the idea:
“Mothers of Invention” line – fabulous!! I didn’t do a search to see if it’s been much used before in the “mom” space. If not, it should have been – brilliant way to encapsulate the reality that, as the saying goes, “Necessity is the mother of invention,” and mothers are on the front line of necessity every day. When I see all the fabulous new products that moms have today – much more portable, convenient & cleanable strollers, car-seats, cribs, high chairs; better designed clothing, diapers & toys – I just wish there had been more “mothers of invention” in executive positions at Graco, McLaren, Playskool, Pampers, Huggies, etc.
Good fit with the fact that many working women choose to stay home for a few years while their kids are little, and many who want to keep their hand in may want to start a business – So definitely a need.
What seems lame:
“… Up to $15,000?” Really?! Wow, such a commitment. If this program is to have any impact, they will likely spend at minimum tens ofÂ thousands of dollars communicating the program (if all they do is changeÂ their packaging, and send out a couple of email blasts – which would limit the program’s impact to people who already buy their brand); more likely hundreds of thousands of dollars – assuming the reason they are doing the program at all is to get some “corporate halo” for supporting women – they won’t get much in the way of “props” if they don’t communicate it widely. So they are putting massively more money into the media than the message – Talk about “green-washing!”
“First’ submission period starts soon.” Ummm…. Are they saying they’re going to SPLIT the big $15K across multiple moms? Come ON! Even if the whole $15K went to one mom, it will barely be enough to make a difference – especially if she actually invents something that will need to be manufactured (as opposed to offering a service, which wouldn’t have nearly the development, legal and capital requirements). If K-C splits it across multiple moms, it basically amounts to micro-lending in US terms. True – this is done all the time by companies and foundations, who offer $2K or $5K grants – but that just means ALL of them are lame, and K-C is just like everyone else.
Too bad, really. They could have done something truly meaningful with this… And that would have rightly earned them some true recognition – and spending support – from women, both current customers and, more importantly, customers of competitors.
If you’d like to read more, Elaine wrote a very interesting article about the MomInspired program, using my comments along with other well-informed opinions. Read the full Brandweek article here.