Several years ago the business world was buzzing about the rise of women bloggers. These were women who had something to say and they were taking to platforms like blogger and tumbler (now Instagram) to say it. What people missed out in all that conversation is that these women didn’t suddenly develop voices – they’d always had them. The only thing that changed was a medium through which to share that voice.
Since then, the female market has completely dominated the scene. In some cases, entire new businesses have sprouted around women and their vision, while in other cases, companies have recognized the benefit of catering to this demographic.
How a women chooses to express herself also comes through in her spending choices, which means women respond well to choices that reflect their interests. The most obvious group here is moms, who represent a $2.4 trillion dollar market. Beyond that…
- 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.
- 75% of women identified themselves as the primary shoppers for their households.
- Women influenced $90 billion of consumer electronic purchases.
- 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.
There’s also the lesser considered fact about women’s increasing earning power:
- The average American woman is expected to earn more than the average American male by 2028.
- 51% 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.
While it may be younger women who are they primary target, businesses shouldn’t forget about the buying clout of older women. According to Mary Brown and Dr. Carol Orsborn, in their book titled Marketing to the Ultimate Power Consumer—The Baby-Boomer Woman, the
the Baby-Boomer generation, born between 1946 and 1964, “…represent[s] a portion of the buying public no marketer can afford to ignore. With successful careers, investments made during the “boom” years, and inheritances from parents or husbands, they are more financially empowered than any previous generation of women.” It doesn’t end there. Move the needle further and there’s still yet another unexplored marketing.
The lesser known market that’s completely revolutionized itself in the last year alone is the senior market. If you look at the way media and even senior magazines features aging individuals, you’ll see that they’re treated with dignity and a chance at a second life. It’s also a smart business move. According to Mass Mutual Financial, senior women age 50 and older control net worth of $19 trillion and own more than three-fourths of the nation’s financial wealth.
If you’re convinced, the next move is figuring out how to apply this to your growing business. The mistake would be to just blanket-target women. Rather, look at your female demographic in your industry, and even some of your female clients. How have you already been catering to those needs and how could you improve on that in your products, services and marketing?