Just the Facts---Ma'am: Annual consumer and business spending by women is $7 trillion, or 64 percent of total U.S. GDP. That number surpasses the economies of Germany and Japan! Women open 89 percent of all new bank accounts. Women hold 57 percent of all bachelor’s degrees, 50 percent of law degrees, 46 percent of medical degrees, and 40 percent of MBA’s. Forty-seven percent of investors are women. Women control half of all private wealth in America and, by 2010, they will control two thirds of all private U.S. wealth. Women own 40 percent of U.S. companies and are starting businesses at twice the rate of men.* Do we have your attention?

Most adults have heard the phrase, “Just the facts, Ma’am.” Detective Joe Friday, played by Jack Webb in the 1960’s TV police drama, “Dragnet,” used the phrase when interviewing women who witnessed a crime. Detective Friday was obviously a man who wanted to cut to the chase. No matter how hard the good sergeant tried, however, females would answer his interrogatories by stating how they "felt" about the crime and assumed that they would be understood. It would baffle old Joe because they would only explain the peripheral issues happening at the scene of the crime. They also wanted to know why the crime happened and who it would affect. That old TV scenario is actually very illustrative of some of the differences between male and female buying strategies - as well as many marketers' misunderstanding of how to communicate with a female audience.

Most men tend to be linear in their thinking and seek the minimum accurate slice of information to reach a decision. Men want to get to the "bottom line” quickly. Women, on the other hand, often take more time deciding on which product or service and which brands to consider before making a purchase. Women generally have more questions to weigh such as “How will this decision affect my co-workers and/or my family? What has been the experience of others? Will it save me time? Does it have all of the features I want? Do I trust the salesperson? Is he an expert? Does he respect me?” It was probably fortunate for Joe Friday that he chose a law enforcement career instead of sales or marketing. A “just the facts” attitude is a turn-off for most women.

Women, in general, are not as linear-thinking as men but view the world from more of a 360-degree perspective. They take a more holistic approach to problem solving and making decisions.  

 It (Really) Is About Time. One of the highest priorities of today’s women is finding enough time in the day. After all, following a board meeting, she also needs to pick up tonight’s dinner, with kids in tow, after soccer practice and ballet lessons, & so on & so on. Offering time-saving features in your product or service can make your brand more attractive to women. Women take more into consideration when making purchase or investment decisions, and they take longer to make them. Women appreciate suppliers who provide more information, offer comparisons, present multiple options, and who seek a relationship with her instead of making her feel like just another “account.” Women are more apt to consider reputation and seek referrals. Women are less competitive and prefer to identify, rather than compare themselves with their peers. Messages of “winning” or “crushing the competition” are to be avoided when communicating your value proposition to women. Women are also more loyal than men and more likely to recommend a good supplier to friends and associates. A well-planned and executed marketing strategy with women firmly and clearly in mind will pay off nicely for companies that appropriately cater to today’s majority market.

There is good news for marketers who have yet to embrace the tremendous opportunities in women’s markets. Much has been written on the subject in recent years. Tracey Edwards O’Neil has intensively studied this market phenomenon. There are numerous case studies that reveal how successful industry leaders and brand managers have developed profitable, long-term relationships with those who control the purse.

To access more information on marketing to women, including how to calculate your Female Marketing Quotient (FMQ), and The 10 Commandments of Marketing to Women, please feel free to contact us by email or telephone.