Statistically, women still earn less than men, even when performing the same job. Women also make up a mere 2.6% of all CEO’s in Fortune 500 companies, despite decades of progress. These inequities notwithstanding, it is women who control 80% to 90% of just about all major consumer purchase decisions made in the United States today – a fact that not only is difficult but perilous to ignore.
Be it purchases of new homes, furniture, or vacation packages, women overwhelmingly decide. The statistics are staggering.
How Staggering?
Let’s take the two industries that are all over the news these days: New Home Sales and New Car Sales. Women either make or heavily influence over 75% of all new home buying decisions. They either make or heavily influence over 60% of all new car buying decisions.
Another interesting observation: although statistically women earn less than men, overall, women have not been as ill affected during this economic downturn. Perhaps that’s because male dominated industries such as finance (Wall Street), automobiles, and home building got hit the hardest. Although women typically earn less than their male counterparts, they also gravitate towards industries with a bit more economic stability, such as healthcare, for example.
To recap, women make or influence the majority of big purchase decisions, and they appear to have a bit more economic stability than men do. So how is it that some marketers still don’t get it?
Have You Shopped For A Car Lately?
I have purchased several new cars. At the risk of generalizing, I will say that men and women are not given equal attention in the showroom. If given a choice between approaching me or a man, overwhelmingly, sales agents will approach a man first. Probably not intentional, but rather unconscious, there is a perception that men are “more serious” about buying cars than women are. The numbers do not add up. In fact, not only are women equally as serious about the cars they buy, but they are far more interested in miles per gallon, safety features, and value retention.
How about electronics? Women make or influence nearly 60% of these purchase decisions. Yet, there is an assumption that men buy the flat screens, know more about the home appliances they want, and in most cases, men get most of the attention when shopping for these items.
An Unfortunate Disconnect
Despite overwhelming evidence that women wield more purchasing power than men, some marketers still rely on the 1950’s model where dad goes out and brings home the bacon and mom stays home doing the chores and taking care of the kids. Sexism aside, this mindset is devastating for any business seeking to even hold onto their market share. Given current buying patterns, women’s influence on our economy is increasing annually. So, if you have a product or service you want to sell, you will need to get with the program.
How To Market To Women
Some analysts and consultants assert that since men and women are physiologically and psychologically different, different tactics need to be used to sell to each gender. That notion in itself seems biased and, for marketers, quite limiting. How about this? Pay equal attention to your customers and clients, be they men or women.
Yes, there are products and services that have a broader appeal among women. Conversely, there are products and services that have a broader appeal among men. But effective selling and marketing tactics, it seems to me, work if they include respect, communication, patience, and honesty.
There are enough differences between men and men, women and women, and men and women without inventing more. I don’t think marketers need to invent new ways of “selling” to women. I think they just have to remember that women have a huge majority of purchasing power and then don’t leave them out.
