The first step to building a successful campaign is to know and understand your audience. Did you know that 91% of women say that advertisers don’t understand them?
Our research partner, Carol Simas at Pinpoint Sage, provided us with some key insights about marketing to women. These facts may prove to be very useful when strategizing for an upcoming campaign.
Women are earning, spending and influencing spending at a greater rate than ever before — and they account for $7 trillion in consumer and business spending in the US, and over the next decade they will control two-thirds of consumer wealth.
Women make or influence 85 percent of all purchasing decisions, and purchase over 50 percent of traditional male products, including automobiles, home improvement products and consumer electronics.
Recognizing the power and influence of women must be a top priority for marketers if they are going to tap into the market’s full potential. Here are 30 surprising stats to help marketers get a handle on this misunderstood demographic.
- The average American woman is expected to earn more than the average American male by 2028
- Fifty-one percent of U.S. private wealth is controlled by women
- Women account for over 50% of all stock ownership in the U.S.
- Women control more than 60% of all personal wealth in the U.S.
- Women account for 85% of all consumer purchases, including everything from autos to health care
- Women make 80% of healthcare decisions and 68 percent of new car purchase decisions
- Seventy-five percent of women identified themselves as the primary shoppers for their households
- Women influenced $90 billion of consumer electronic purchases in 2007
- Nearly 50% of women say they want more green choices, with 37% are more likely to pay attention to brands that are committed to environmental causes
WOMEN AND CARS
- Women buy more than half of the new cars in the U.S., and influence up to 80% of all car purchases
- Women request 65% of the service work done at dealerships
- Women spend over $200 billion on new cars and mechanical servicing of vehicles each year
- Forty-five percent of all light trucks and SUVs are purchased by women
- Moms represent a $2.4 trillion market
- Fifty-five percent of active (daily) social media moms said they made their purchase because of a recommendation from a personal review blog
- 18.3 million Internet users who are moms read blogs at least once a month
- In 2014, 63% (nearly 21 million) of all online moms will read blogs
- Moms mention brands an average of 73 times per week compared with just 57 times per week among males
- Seventy-seven percent of mom bloggers will only write about products or brands whose reputations they approve of, and another 14% will write about brands or products they boycott
- Ninety percent of moms are online vs. just 76% of women in general
- Sixty-four percent of moms ask other mothers for advice before they purchase a new product and 63% of all mothers surveyed consider other moms the most credible experts when they have questions
- As early as 2000, women were found to have surpassed men in Internet usage
- Seventy-eight percent of women in the U.S. use the Internet for product information before making a purchase
- Thirty-three percent research products and services online before buying offline
- Women account for 58% of all total online spending
- Twenty-two percent shop online at least once a day
- Ninety-two percent pass along information about deals or finds to others
- The average number of contacts in their e-mail or mobile lists is 171
- Seventy-six percent want to be part of a special or select panel
- Fifty-eight percent would toss a TV if they had to get rid of one digital device (only 11% would ditch their laptops)
Sources: She-Economy, Ms Smith Marketing, StartUpNation, Clickz, Inc.com, Girl Power Marketing, Catalyst and Forbes.