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- 1. The female marketing lens: understanding the worlds largest market PRESENTED BY: ZOE CORNELL U3016508
- 2. Social changes- what does this mean? Changing roles and family structures and workforce participation Increased education and marriage later in life Women outlive men and are consumers for longer The affluent female ‘Baby Boomer’ segment
- 3. Ask the audience Q: What is the Economic value of this market?
- 4. Market size Control over 65% of world spending (Fabry 2011) 85% of consumer decisions in the US Incomes due to rise to $5 trillion Market greater India and China combined (Gilhool 2013) Women are also responsible for big-ticket purchasing
- 5. Social Media Use- Men vs. Women
- 6. Best practice- Tata Tea in India Case Study Video for the audience: http://www.youtube.com/watch?v=P7VfUXndpKg
- 7. Three big trends… According to Hunley and Boyle (2014) the next three big trends in marketing to women are based on the below notions: • Women are pushing back against perfection • Women are more comfortable with making trade offs • Women are starting to embrace themselves
- 8. What’s next?
- 9. Thank you!
- 10. References Banytė, J, Paunksnienė, Z, & Rūtelione A 2007 ‘Peculiarities of Consumer Perception in the Aspect of Marketing to Women’ Engineering Economics, 2007. No 1 (51), pp. 50-58 viewed 13 October 2014, Business Source Complete database. Business Insider, 2012, ‘Infographic: women control the money in America’, Business Insider Australia, viewed 6 October 2014 <http://www.businessinsider.com.au/infographic-women-control-the-money-in-america-2012-2> Caputo, F 2013, ‘Marketers: You've Got to Understand Gender Roles’ Direct Marketing News, website, viewed 5 October 2014, < http://www.dmnews.com/marketers-youve-got-to-understand-gender-roles/article/286359/> Chura, H, Cardona, M, Halliday, J, MacArthury, K, Neff, J and Thompson, S 2002, ‘Marketing messages for women fall short’, Advertising Age, Vol. 73, Issue 38, viewed 13 October 2014, downloaded Business Source Complete Database CBS, 2013, ‘Parents Petition Toys ‘R’ Us To Do Away With Gender-Specific Marketing’ CBS Website, viewed 16 October 2014, <http://newyork.cbslocal.com/2013/09/23/parents-petition-toys-r-us-to-do-away-with-gender-specific-marketing/> Clifford, C 2014, ‘Women dominate every single kind of social network- except one (Infographic) Forbes Entrepreneur, viewed 11 October 2014, <http://www.entrepreneur.com/article/231970 > Fabry, S 2011, ‘Women Dominate The Global Market Place; Here Are 5 Keys To Reaching Them’ Fastcode design, viewed 11 October 2014, <http://www.fastcodesign.com/1663594/women-dominate-the-global-market-place-here-are-5-keys-to- reaching-them> Frighetto, J 2011, ‘Women of Tomorrow’ Neilson website, viewed 13 October 2014, <http://www.nielsen.com/us/en/press-room/2011/women-of-tomorrow.html> Fromm, J 2014, ‘Marketing to the Millennial Woman’ Millennial Marketing Insights, viewed 17 October 2014, < http://millennialmarketing.com/2013/12/marketing-to-the-millennial-woman/>
- 11. References Gale, C 2014, ‘The Mad Men legacy: why are women still under-represented in advertising?’ The Guardian, viewed 13 October 2014, <http://www.theguardian.com/women-in-leadership/2014/apr/14/why-women-underrepresented-in-advertising> Gilhool, J 2013, ‘The power of just one woman’ Forbes website, viewed 5 October 2014, http://www.forbes.com/sites/85broads/2013/08/26/the-power-of-just-one-woman/ Harvard Business Review Online, 2014 ‘Financial Categories Where Untapped Sales to Women Are Worth Trillions’ Harvard Business review, viewed 29 September 2014, <http://hbr.org/web/special-collections/insight/marketing-that-works/the-female- economy> Hello I’m Venus, 2014 ‘Mum-trepreneurs are on the rise in Australia’ Hello I’m Venus, viewed 11 October 2014, <http://helloimvenus.com/mum-trepreneurs-rise-australia/> Hunley & Boyer 2014, ‘Catch Up With These 3 Big Waves in Marketing to Women’ Forbes Entrepreneur, viewed 11 October 2014, <http://www.entrepreneur.com/article/235220> Jack Morton Worldwide, 2012, ‘Beyond Pink: Marketing to Women in 2012’ Slide Share, viewed 29 September 2014, < http://www.slideshare.net/jackmortonWW/jack-mortonwpbeyondpink> Kruse, 2013, ‘What woman want and need from brands on social media’ New Media Marketing, 2014, viewed 6 October <http://newmediaandmarketing.com/what-woman-want-and-need-from-brands-on-social-media> LPL Financial, 2014, ‘Investment news’ viewed 13 October 2014 <http://www.investmentnews.com/assets/docs/CI7902346.PDF>
- 12. References Moriarty, R 2011. ‘Thinking beyond pink’ Smart Business Atlanta, Vol. 8 Issue 5, p8-8.1p. Mumbrella, 2014, ‘Shine starts to fade for mummy bloggers as study indicates interest falling away’ Mumbrella website, viewed 17 October, < http://mumbrella.com.au/shine-starts-fade-mummy-bloggers-interest-falls-away-247922> Roberts, ML 1981, ‘Women's Changing Roles -- a Consumer Behavior Perspective, - Advances in Consumer Research, Vol 8, eds. Kent B. Monroe, Ann Abor, MI: Association for Consumer Research, Pp: 590-595. Sandberg, S 2014, ‘Rethinking Marketing to Women’, Adweek, Vol. 55, Issue 23, downloaded Business Source Complete Database, 6 October 2014, She-conomy, 2012, ‘Marketing to Women: quick facts’ She-conomy website, viewed 17 October 2014, < http://she-conomy. com/report/marketing-to-women-quick-facts> Skollada, K, 2014 ‘Marketing to Women’ Ketchum, viewed 13 October 2014 <http://www.ketchum.com/marketing-women> Tata Global Beverages, 2014, ‘Power of 49: Empowering Women Voters’ Tata website, viewed 17 October 2014, <http://www.tata.com/article/inside/Power-of-49-Empowering-women-voters> Walter, E 2012, ‘Marketing to Women: How to get it right’ Fast Company, viewed 16 October 2014, < http://www.fastcompany.com/1825231/marketing-women-how-get-it-right>
Editor's Notes
- Good evening everyone. My name is Zoe Cornell and welcome to presentation for Contemporary Issues In marketing. Tonight I’m going to focus on gender-based marketing and in particular, the female lens.
- Social changes and the evolution of traditional gender roles mean that women have more control over their lives than ever before, which makes them a formidable audience to target. Traditionally women have assumed the homemaker role within a family structure. While in many cases this is still the situation, more women are now in paid employment than ever before and this is growing. Women are also excelling in terms of educational attainment, and more women are completing every level of higher education than men. The change in traditional gender roles should also be a consideration for marketing to male consumers, as there are an increased number of men in domestic roles, making household purchases. Marketers should be careful not to alienate men and their changing role by adopting female centric-marketing strategies. Research shows that while 6 out of 10 fathers are involved in home purchasing decisions, only 22-24% believe the advertising in this category ‘speaks to them’ (Caputo, 2013), indicating that the ‘think pink’ approach to marketing can dissuade male and female consumers alike. Another social factor of increased importance with the aging population is the fact that women tend to outlive men and are therefor consumers for longer periods of their lives, reinforcing the commercial importance of this audience. She-conomy (2014) highlights the affluence of the ‘Baby-Boomer’ segment as a key audience to consider due to Baby Boomers having more spending clout than any other group. This is because by retirement, Baby Boomers have had successful careers, astute investments and potential inheritances from their partners or husbands. By purely examining this market data, it is easy to see why the promise of the female market is so appealing across all product and services.
- Marketers cannot ingore the size and the power of this as an audience: Women present an enormous market segment and control 65% of world spending (Fabry 2011) and 85% of consumer purchases in the United States (Business Insider, 2012), with their projected global income due to rise to $5 trillion. This makes women the largest and most powerful consumer segment in the world. Gilhool (2013) outlines that the size of the female market is greater than China and India combined, the two largest growth markets in the world. With this data in mind, it is hard to ignore the sheer size and potential of this segment. With the evolution of gender roles, women’s incomes are also rising, leading to an increase in discretionary spending. According to the Harvard Business reviewed (as cited in Gilhool 2013), women’s incomes are rising at a rate of 8.1% compared to 5.8% for men. Women also have far greater financial nous and responsibility than ever before and are assuming greater accountability for financial decisions in addition to household and consumer decisions. With increased workforce participation and divorce rates, women are having a far greater say in how their families plan, save and invest from a financial perspective indicating that industries which have previously targeted males, are also seeking to gain an increased share of this lucrative market
- Social Media is the biggest thing to happen to marketing since the introduction of television. More women are online than men (Beyond Pink: Marketing to Women in 2012), indicating online communications are a highly effective way to market to women. Furthermore, 89% of women have a social media profile, highlighting the importance of this marketing medium. Why is Social Media so popular? Women adopt a relationship approach to using social media, where in contrast, men appear to be more transactional (Kruse 2014) and evidence indicates that women are more likely to tell their friends about their purchases. Women have embraced all major platforms, and a greater number of women in the United States have Facebook, Instagram, Pinterest, Twitter and Tumblr than their male counterparts, with professional networking site, LinkedIn, the only exception (Clifford, 2014). Please refer to figure 2 for the detailed breakdown of social media use by gender, highlighting the dominance of females across all categories with the exception of LinkedIn. Social media has changed the way women interact with brands and the importance of developing a robust and meaningful content driven dialogue as a marketing strategy. Successful marketers understand that women are connecting with their brands more than ever, and sharing content with their friends (Kruse 2014) highlighting how social media is amplifying word of mouth marketing, and changing the way consumers share their positive and negative experiences. Women use communities of known and unknown sources to help inform their purchasing decisions, with recommendations from friends, family and online friends the top sources of trust when it comes to advertising for females (Jack Morton Worldwide, 2012). The art of blogging has changed the marketing landscape and the types of information sources women seek. With the strong movement to social mediums, it is no wonder that blogs have become a popular channel for organisations to sponsor and advertise with. The very premise of blogging fits in with the consumption and information source preferences of women as they facilitate the online social community that women seek out. Examples include ‘The Organised Housewife’ a blog dedicated to leading an organised life and ‘Mamamia’ an online news, entertainment and lifestyle site edited by Mia Freedman. The rise of the ‘mummy blogger’ (Hunley and Boyle) highlights how powerful social mediums are when talking to a female audience. In contrast, recent research highlighted in Mumbrella (2014) indicates that the ‘mummy blogger’ trend may be on the decline, with a 14% drop in the number of mums that subscribe to 5 or more blogs since 2012. Furthermore, the research indicated that the labels ‘mummy blogger’ label might be on the outer, as women prefer not to be defined by being a ‘mum’. Another key movement in the online environment, which is similar to the ‘mummy blogger’ phenomenon is the rise of the ‘mum-trepreneur’ (Hello I’m Venus 2014) with more mums working from home than ever before, a factor which has been partially attributed to rising child care costs and inflexible work environments. This has resulted in a rise of primarily web-based businesses, that capitalise on the online behaviours of women and is a clever marketing strategy in its own right. Women have embraced all major platforms, and a greater number of women in the United States have Facebook, Instagram, Pinterest, Twitter and Tumblr than their male counterparts, with professional networking site, LinkedIn, the only exception (Clifford, 2014). I have included this slide to demonstrate how women dominate the social media landscape to highlight why this is the most important platform for marketers to be using when developing content base strategies. Interestingly, LinkedIn is the only platform where men have higher represnetation than women, with a 5% differentially. Pinterest is where the largest gap currently exists, with Women having a 25% dominance.
- While marketing to women can often result in gender stereotypes and a quick ‘think pink’ application, there are numerous examples of best practice and social marketing strategies that educate women and empower choices. There are two that I would particularly like to highlight today: One of the best examples of an effective social and female-centric marketing campaign was the Tata Tea state election campaign in India. The campaign, titled ‘The Power of 49’ was designed to educate, inform and persuade Indian women of the importance of voting in their election (Tata Beverages 2014). This campaign premise was born out of the notion that women have traditionally been excluded from the voting process in India, despite making up nearly 49% of the population (Tata Beverages 2014). This campaign had the objective of creating ‘100 informed voters’ and used Bollywood actors and social media platforms to disseminate the very powerful message. The Power of 49 highlights the importance of social marketing strategies how women respond to sophisticated marketing messages that champion a cause. http://www.youtube.com/watch?v=P7VfUXndpKg Another very notable campaign, which has both social and commercial undertones, is the Dove ‘Real Beauty’ campaign, which has had success since it was introduced in 2004. This campaign has been popular because it champions different versions and ideals of the construct of ‘beauty’. The campaign for ‘Real Beauty’ resulted in strong commercial sales for Dove, but also served to address the body image and self esteem concerns of female consumers. However, despite the success of this campaign, critics have labelled it contradictory, as it is ultimately commercial and sales-driven, based on insecurities and feelings of inadequacy. The current Jaago Re campaign has centred around women's empowerment. The campaign aims to encourage women - who are 49% of the electorate - to vote as a block in the 2014 Indian General Election, increasing their ability to collectively demand attention and action from election candidates to make changes in their election manifestos towards more women's safety and welfare focussed measures.
- Marketing managers need to be aware of the next three big trends in crafting messages for the female audience. These trends reinforce the notion that women seek genuine and trustworthy messages and campaigns featuring realistic role models. This helps explain why social media channels are so popular amongst this market, as women use each other as a source of truth. Furthermore, women trust the experiences of other women, which highlights why traditional stock-standard advertising often fails to appeal to the majority of the female audience. Messages should reflect a more representative cross-section that speaks to the different ages, demographics and preferences within the female audience, rather than the pre-conceived ‘ideal’ based on the perceptions of the advertisers.
- So What’s next in the always changing landscape in marketing to women? For marketers to realise the potential of the female economy there needs to be some widespread change to the common practices and approaches within the advertising and marketing industry, in particular to senior leadership positions. Despite controlling 85% of consumer purchasing decisions, women only occupy one quarter of senior advertising roles, a phenomenon that can be referred to as the ‘Mad Man legacy’ Furthermore, in the United States, women only represent 3% of creative leadership positions (Gale 2014) a statistic that is surely connected to women feeling like advertisers don’t understand them. With that in mind, it is easy to see how the disconnect between effective marketing to women and multinational marketing strategies has been able to develop. It is positive to see that global creative agencies such as Saatchi and Saatchi and Leo Burnett (Chura and Cardona et al 2002) have set up divisions to help address shortcomings in marketing to the female audience, but these ventures will have limited success if women still fail to occupy senior leadership positions within these agencies. Women wear many hats in society, including mother, nurturer and provider and have been part of monumental changes in gender roles over the last century. As a result, they are the single largest market in the world, with enormous purchasing power, due to rising educational levels, employment prospects and financial responsibility. Despite the economic data highlighting the value of effective marketing to women, organisations continue to miss the mark by adopting a ‘shrink and pink’ approach and using formulaic and predictable marketing strategies. Social media platforms and the rise of blogging mediums have changed the traditional approaches of marketing to women, as women are far more active across all social platforms compared with men, and the emergence of online communities is enhancing the traditional feedback and word-of-mouth mechanism. Despite the existence of stereotypical and predictable marketing approaches, best practice marketing to women turns these stereotypes on their head and celebrates the differences within the market. Lastly, widespread change to how advertising and marketing consultancies are structured needs to occur, due to the massive shortfall in women occupying senior leadership roles. Without this change it would appear that marketing campaigns will continue to fall short of their economic potential, as this potent market could remain underutilised and underexplored.
- I would just like to take this opportunity to share the resources I sourced as part of this assignment—there is some fantastic literature available on this topic, so I would encourage you to view these resources if you are interested in exploring this field in more detail.