What happens when your female consumers evolve and begin to develop new behaviors? Will you know how to adapt? If you don’t have a confident understanding of Her, how will you know what she wants? While it will always be a necessity to learn more about men’s purchasing patterns and what is important to them, the Lion’s share of power still resides with, and is growing with, women. Continual understanding and marketing insights need to evolve right along with her.
The definition of the modern woman has significantly evolved over the last 60 years, from the consummate homemaker of the 1950’s to the modern day working-woman representing 50 percent of all workers in the United States. More and more women are working, spending, and taking on roles that were once predominantly male dominated.
According to a recent article in the Huffington Post, “In the next decade it is estimated that close to 1 billion women, mostly in the developing world, are going to enter the formal economy and become new economic contributors, as full-time workers and micro-entrepreneurs.”
That means women will have more buying power and influence than ever before.
Here are a few stats to become familiar with:
• In the U.S. and Europe, women account for the majority of college students, and this is trending towards 60 percent.
• Working women in the United States generate $4.3 trillion in earned income annually and now represent 50 percent of all workers in this country.
• They represent the fastest cohort of wealth accumulators — owning 75 percent of the nation’s wealth in the U.S. — and are estimated to inherit anywhere from $12-$40 trillion over the next 20 years.
• Globally women make 65 percent+ of all purchasing decisions, including cars, houses and health.
It’s more important than ever for companies to invest in understanding the complexities of their modern female consumers. It’s time to see the world from her perspective. What types of products and campaigns are compelling, relevant and motivating to her? What does she really want? What will ultimately make her choose your offering over other options? These are the kinds of questions that marketers need to address in order to gain a deeper understanding of who she is and what she wants.
Just like dating, women want to be courted, appreciated and valued. With a little effort, willingness to listen, and eager persistence to make her a priority, companies can equip themselves with the groundbreaking insights they need to win her heart.