Marketing to Women

Stephen Barclay

MRKT 420

9/16/2015

Marketing to Women

If you had a time machine and were go back in time, let’s say fifty years, what kind of world do you think you would see? How much influence did women have in the market then? Today is 2015 and story of the women in the market has been almost turned upside down. At this rate women may even rule the world and only need us men for convenience. Globally women control $20 trillion worldwide, $7 trillion in the US. Women are a major force in the market and failing to notice is costly for any major company.

How is it that such a large change has occurred in the last 50 years? Everyone knows that things change overtime but what leads to such a powerful stakeholder in the market. Women’s self-empowering movement could definitely account for that. In 2013 the Department of Education estimated women earned 61.6% of associate degrees, 56.7% of all bachelor’s degrees, 59.9% of all master’s degrees, and 51.6% of all doctor’s degrees. The smarter woman is a smarter consumer. Not only being educated but also running the workforce. The number of women-owned firms increased by 54% between 1997 and 2012 – that’s a rate 1 1/2 times the national average.

Knowing that women are not just a niche market, but drivers of purchasing decisions leads to question of what kind of buyers are women. Well studies show that 84% of women have a shopping list before they go. So being on that list is vital for marketers. Another good source of facts shows that 10% of women will stop shopping at a particular retailer because of inconvenient locations, 6% due to lack of deals, and 5% because of unavailability of desired sizes. Women tend to stick to what they like; being loyal customers makes it more beneficial for companies.

While age groups can vary for target by company it seems the most critical range to look at is 25-54. At this stage in their lives they are more likely to be married, have kids, and into a career. These women are the...