Have marketers finally recognized the purchasing power of women? Not yet, according to a new study from the Boston Consulting Group, which surveyed 12,000 women in 20 countries. The so-called “female economy” represents $5 trillion in incremental spending over the next few years, but marketers are doing a pretty poor job of serving these critical consumers.
According to the BCG, the best way to reach women is to follow the “4 Rs” model: recognize, research, respond, refine. Interestingly, study authors reference a unique phenomenon, a “value calculus” women use to evaluate any purchase based on what it delivers, how it performs, and how it makes them feel in addition to making comparisons with similar items. The female cost/value equation is fact-based, but tempered by emotional overtones related to how the product or service will impact relationships and the family unit.
One universal theme emerging from the report: timing is indeed everything. Study authors refer to the hunger for “agents of leverage” that will enable women to save, find, make, stretch and better utilize their time. Highlights of the BCG study can be found at http://www.bcg.com/publications/files/BCG_Women_Want_More_Aug_09.pdf
Women and men are not created equal when it comes to shopping, product evaluation and the purchase cycle. But of course, Prime Time Women author Marti Barletta had this figured out a long time ago. Her book does a deep dive into the mindset of Boomer women and the psycho/socio/ demographic factors that make them such a fascinating and important market segment. http://www.chicagobusiness.com/cgi-bin/news.pl?id=35188