Who Runs This Mutha? Girls!

I recently finished reading a book called Why She Buys and compiled this list of interesting facts.

THE FEMALE ECONOMY

Gender is the most powerful determinant in how a person views the world and everything in it.  It’s more powerful than age, income, race or geography.  Women are females first and consumers second.

In General Terms:

·         Men are the sex that makes products.

·         Women are the sex that purchases them.

If the economy had a gender it would be female as women make the purchase or are the key influencers in about 80 percent of all consumer product sales in the U.S. alone.  For instance, a man isn’t motivated to buy a house his wife doesn’t like.  If a married man needs a new pair of socks, there’s a decent chance his wife will be the one buying them.

Money and Education:

American women have more of their own money and are better educated than anytime in world history.  Their spending power is only expected to increase in the next several decades.

Women Today Earn:

·         57% of Bachelor’s Degrees

·         59% of Master’s Degrees

Women account for 51 % of students currently enrolled in medical school and almost half of those enrolled in law school.  After earning their degrees, women typically spend the next several years single and this is the time where they spend a lot of money on themselves.  Just because she’s young and wearing a pony tail, it doesn’t mean she isn’t earning a big, fat check.  If you’re not marketing to women, you’re leaving money on the table.

Interesting Facts:

·         Women buy more cell phones than men

·         Men buy more navigational devices than women

Gender & Achievement:

·         Men strive to be independent (like a magnum).

·         Women strive to be indispensable (like a diamond).

This is why competitive messaging doesn’t work with women.  When women compete, they compete against themselves.  This is why it’s important to avoid masculine, competitive messages when marketing to women.  Words and images that can be exciting for men can sometimes have a negative reaction in women (for instance, “Magnum”).

Source:  Why She Buys: The New Source for Reaching the World’s Most-Powerful Consumers

by Bridget Brennan