Guest Opinion: Flex your buying power this season
It’s the season for spending, and for most of us, a time for facing the challenge of today’s marketplace. Whether retail store, catalog or online, women have tremendous power as consumers.
It’s known that women are essential to our economy; we make or influence 95 percent of all buying decisions. According to SheConomy, an online guide for marketing to women, females spend about $7 trillion annually, or more than half of America’s gross domestic product.
They also are responsible for the purchase or selection of:
- 66 percent of computers.
- 68 percent of new cars.
- 80 percent of health care.
- 89 percent of bank accounts.
- 91 percent of new homes.
- 92 percent of vacations.
- 93 percent of food.
- 93 percent of over-the-counter pharmaceuticals.
With this economic power, we’re gaining the upper hand in the way the business community treats us, and we increasingly see advertising that sends a pro-female message. Even brands whose products are generally considered male-oriented are learning that women are exactly the market they should focus on reaching.
And given that women are the primary purchasers, businesses that develop a female-centric approach are becoming wildly successful. Beyond simply promoting positive attitudes to women and girls, corporate America is viewing business through a female lens.
What does this mean? Bridget Brennan, author of “Why She Buys: The New Strategy for Reaching the World’s Most Powerful Consumers,” provides a simple checklist of strategies essential to reaching women:
- Emotionally significant messages about how the product will make her life or the lives of the people she cares about better.
- Images of people featured in materials, not just products.
- Messaging on practical, helpful benefits.
- Testimonials.
- Warranty information prominently displayed.
- Socially responsible or cause-marketing messaging included.
The international trends driving women’s educational achievement, workforce participation and purchasing patterns mean that women can be expected to drive the consumer economy for decades to come.
As you head into the marketplace — physical or virtual — pay attention to the products, stores and companies that you believe really understand the role and reasoning of women. Your dollars have tremendous influence on corporate America and local businesses.
Terry Hernandez is executive director of the Chrysalis Foundation, a public charity working to ensure that girls and women in Greater Des Moines are educated, safe, secure and economically independent. With her staff and board, she is committed to build community understanding of the issues, trends and opportunities we all have to make a difference in the lives of others. Hernandez enjoys speaking on leadership, communication and community issues.
CONNECTION POINTS
Email her at thernandez@chrysalisfdn.org or connect by phone through Chrysalis at 515-255-1853.
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