Women Don’t Want Pink
The year is 2019. Women are at the top of their game in all arenas and there is no sign of backing down, so it’s no surprise that woman owned and run businesses are dominating the competition. Their trick is simple, women know how to market to women.
Women make up nearly half of the United States’ labor force and make up over 70% of the purchases of discretionary consumer good each year, as well as constitute the fastest-growing global market according to market research conducted by The Boston Consulting Group. The purchasing power of women in the U.S. ranges from five-trillion to fifteen-trillion annually, and women control over twenty-trillion in worldwide spending. Despite women holding optimal levels of purchasing power many are not pleased with the offerings in many consumer categories. Which begs the question: If the majority of purchase decisions are made by women then why aren’t more products marketed towards the consumption and purchase of women?
The majority of businesses are owned and/or managed by men whom generally don’t understand female consumers and the vital role they play in consumption. Within these businesses the male executives have historically collaborated with and worked alongside other males when devising marketing strategies. This leaves little room, if any, to understand the female viewpoint when designing new products, determining pricing or creating marketing programs. If there is one thing that we have learned about the consumption of products, it’s that they appeal differently to men and women. If you’re a business owner or just a regular person and you want to better understand how to market to the women who are doing the buying, keep reading.
Emotional Appeal
As much as some women like to object that they are emotional creatures, it’s true and there’s data to support it. This fact is especially true when it comes to making purchasing decisions and consumption. Research has shown that women purchase products whose purchasing process they found emotionally appealing. The purchasing process for women consists of multiple parts and can range from how the product makes them feel during the purchasing experience to how the purchase makes them feel after the purchasing process has been completed. Does the product make the consumer feel comfortable? Intelligent? Financially savvy? Helpful? These are just several examples of an emotion response that women can exhibit when purchasing a good or service. On the contrary, the bulk of men’s purchasing is habitual and routine.
Pink
Women purchase over 50% of traditionally male products. These include automobiles, home improvement products, and consumer electronics. Too often, stereotypically male products which have been successful to the male market will create a women’s version. The women’s version is generally the same product but with some minor changes in size, shape and/or color. That color is invariably, Pink. Women don’t want pink products because they are pink, women want products that get the job done and meet their needs. A pink hammer doesn’t work any differently than a blue hammer, a black hammer or a standard old wood hammer. Sure, pink appeals to some women but that’s not the reason they consume pink products. The pink generalization is mere lack of understanding of what women really want and need out of a product and places women in a stereotypical box without doing any research, failure to differentiate the product in a way that actually appeals to women.
Time Management
The Boston Consulting Group’s research also identified that one of women’s main challenges is how to manage time and create balance in their lives. Many women take on the responsibilities of both a professional career and shouldering the majority of the home and childcare tasks making their need for time saving solutions key for their production, and sanity. Many products are marketed with the promise that they save time, bundle tasks, and make life easier. However, few of these products actually deliver these promises. Again, this is another missed opportunity to appeal to the needs of the women whose purchasing power is superior to men’s.
Community Love
Similar to emotional appeal, women enjoy engaging in community and feel that a sense of community and empathy is lacking in most product marketing and advertising. Women want to acknowledge that there is a personal connection between the product and themselves. This sense of community often leads consumers to invite and bring more consumers into the community, in fact 92% of women pass along information about deals or online recommendations to others. Many companies that largely appeal to women’s consumption already have slogans or groups that create inclusion into their brand. These types of connections and inclusion creates brand loyalty and brand awareness. Community and connection to particular brands often times lead to feeling loved by a business and there isn’t much more important to women consumers than feeling loved and giving love. When a product and/or company makes a woman give and feel love, she’s hooked.
The list goes on and on, these are just several of the majoring marketing hacks that businesses can use to better market to the women who dominate the purchasing power. As history and research has shown, women are only rising in every way possible. Women now surpass men in both college enrollment and completion and since 1982 women have earned 4.32 million more bachelor’s degrees than men. Studies show that regardless of whether women decide to remain single or have a partner, they are the deciding factors of which products are being consumed and are a resource to business across the globe. If the research and data provided proves this, why aren’t more businesses marketing to the consumption of women?
It’s like Beyonce sings:
“Who run the world? GIRLS!”