If you are losing your market share or not meeting revenue projections, one reason might be that you aren’t relevant to the most important sex: females who are more and more becoming the decision-makers when it comes to taking care of the home … even hiring someone to pump a septic tank or install a new septic system.
So much has been written about the powerful female consumer that you would think the “men folk” in your company would realize women are the root of all profits. Yet, many companies still live in denial that women account for more than 80 percent of all consumer purchases.
How can anyone ignore the $5 trillion women spend annually on new homes, healthcare, consumer electronics, investment advice, automobiles, vacations and, what applies most here, home improvement and maintenance? Their financial heft is so significant that a business would see an instant spike in revenue if they adopt woman-friendly marketing practices.
WHEN TO COMPLAIN
Research indicates that of 1,000 random complaints, more than 80 percent were written and registered by women. When the transaction goes badly, they get mad and stay mad. Their complaints register words like “embarrassed,” “helpless,” “out of control,” “hurt,” “crushed,” and “rejected.” Those are the same words many would typically use in an intimate relationship, and that’s because women don’t differentiate a personal interaction from a business event; business is personal and emotional to them.
Not only do women tend to complain about bad service, but they also tell everyone else about the experience. Faith Popcorn, author of EVEolution — Understanding Women, says the average satisfied female customer will recommend a service, shop or client to 21 other people. Since women speak an average of 20,000 words a day compared to a man’s 6,000, women were indeed the first “viral marketing” machine. When women have a good feeling about your company, it can create an army of female unpaid spokespeople for you. Can you do better than that with traditional marketing?
If you make an effort to understand the emotional nature of a woman’s purchase, she will start to form a relationship with you. This is critical because an emotional bond is the only factor that breeds true loyalty; not favored customer cards, reward points or discounts, not even repeating their name in a friendly manner. Women don’t want “service” from you. They want to be understood. Once women feel you have understood and appreciate them, you have not only a loyal customer, but a referral engine as well.
IMPACT IS GROWING
When you scorn or offend women, look out. Consider the detrimental effects to the Tom Cruise movie, Mission Impossible III. It was largely thought to be the best film of the trilogy, yet when Cruise blathered in the press insisting his then-girlfriend Katie Holmes have a “silent birth,” as prescribed by Scientology, his immense female fan base stayed home. Opening weekend ticket sales dipped more than 30 percent. Don’t mess with women or their sisterhood.
The largest purchasing body is baby boomer women. They are rich and powerfully influential. Ken Dychtwald, author of The Power Years, says that by 2015, at least $15 trillion will land in the hands of baby boomer women. Wouldn’t you like them to be spending some of that money with you?
HOW DO YOU CATER TO WOMEN?
Now that you understand why women are a critical customer base, follow these rules to prompt more of them to call you for service or retain the army of female customers you already serve:
Think and behave like a woman.
Understand that women crave appreciation for their immense buying power and influence. Know that they want you to succeed because they love to introduce great service providers to their friends. Behave in ways that are caring and honest. Showing her attention and empathy will cause her to become your advocate; an unpaid spokesperson for your company.
Be emotional.
Write emotional advertising content that gives her sound reasons to own what you sell. If you sell a service, get personal and sell yourself. She wants to buy from people who won’t make her feel helpless, anxious, embarrassed or vulnerable.
Don’t try to suck up to women.
Don’t pander to women or try to exploit the obvious stereotypes. Not all women are shoe fiends and showbiz tabloid readers. Women want authenticity from you. They don’t want hype or false promises. They would also like you to be socially conscious, which may mean you donate some portion of the sale to a charity or heartfelt concern.
Rethink your current strategies.
Visit the blog www.marketingtowomenonline.typepad.com. This organization has a robust Web site to answer your questions. They also hold an annual conference complete with big-name speakers and workshops to help you capture women customers. You may not be a member of this group yet but you should be. Join this organization as an associate member and you’ll be able to cross-pollinate ideas that could shatter your old sales records.
