Women are earning, spending, and influencing spending at a greater rate than ever before. In fact, women account for $7 trillion in consumer and business spending in the United States, and over the next decade, they will control two thirds of consumer wealth.
Women make or influence 85% of all purchasing decisions, and purchase over 50% of traditional "male" products, including automobiles, home improvement products and consumer electronics.
BUT 91% of women say that advertisers don’t understand them.
Recognizing the power and influence of women needs to be a top priority for marketers if they are going to tap into the market’s full potential.
A new prize aims to recognize colleges that succeed in attracting women into information technology, a field where they remain underrepresented.
Colleges such as University of Washington, Harvey Mudd are making computing accessible to a broader range of people -- aiming to attract students, and particularly girls, to the subject even before college.
Workshops, field trips, introductory courses -- and small group sessions to connect software programming to real-world applications -- these are programs that work, to inspire women to take up this field.
"• Boomer Women and Affluence - One huge, affluent segment wields more spending clout than any other: Baby-Boomer women. Born between 1946 and 1964, these women represent a portion of the buying public."
Women account for 85% of all consumer purchases including everything from autos to health care:
91% of New Homes66% PCs92% Vacations80% Healthcare65% New Cars89% Bank Accounts93% Food93 % OTC PharmaceuticalsAmerican women spend about $5 trillion annually…Over half the U.S. GDP
• Affluent working women with family incomes of $75,000 or more are growing in number, and 94.3 percent access the Internet during an average month. About half are now considered heavy users of the Internet, while heavy use of radio, television, newspapers and direct mail has declined within this group. – Ten Marketing Trends to Watch, Kim T. Gordon, Entrepreneur.com
Karen Dietz' insight on the article and the new "storydoing" buzzword: If you're building a new company, you have the chance to integrate "storydoing" from the very beginning -- (likely this will evolve and morph as the company matures). With an established company, match the corporate culture with the marketing/branding and make a stand.
Holiday marketing has begun. Does it matter when your email arrives in your target’s email box? Well, a new survey sheds light on how timing of an email reaching a recipient’s inbox ffects engagement and purchase behavior.
To entice women consumers, many companies just “pink it and shrink it”. However, Yvonne Lin says it’s important to consider women consumers’ preferences, feelings and use of products in a deeper way -- as well as the whole experience. Gender should be another lens through which to view product design -- just as much as ergonomics, function, and aesthetics. That lens certainly not used very much; 71% of women feel their needs are only considered for beauty and cleaning products. Not surprising when you consider that only 11% of industrial designers who come up with products are women.
Are women better advisors? They bring different perspectives, and that could be beneficial for some clients. According to Meg Green, CEO of Meg Green & Associates in Miami, women are more likely to understand and appreciate the full tapestry of their clients' financial lives.
A study by Barclays Wealth and Ledbury Research, released last year, essentially suggested that female psychology is better suited to investing than is male psychology. Female investors, the study found, are more likely to enjoy long-term success because they are more conservative and disciplined, and thus likelier to embrace buy-and-hold investing and to shy away from excessive risk.
Other studies back up the report. In 2001, for instance, economists Brad M. Barber and Terrance Odean examined records from a major discount trading firm and found that men were 45% more likely than women to make trades. The result: Women's annual risk-adjusted returns were nearly 1% higher.
At a recent marketing event in New York, Harley-Davidson, known for its ability to appeal to diverse riderships, may have misread its audience.
The machismo of some retailers, combined with the seriousness with which certain aspects of riding are advertised, seems to leave little room for those women who are on the road not because they believe a brand may help them prove something about themselves, but for the fun of it.
I suspect that sexism in tech fields and the "digital nativity" myth work together to discourage undergraduate, feminine-identifying, non-techie women from seeing themselves as competent computer users.
Rachael Sullivan on gender, technology, pedagogy -- a great read.
Note that Rachael works on user interface design and is teaching technology.
The sexism in Silicon Valley is sordid and systemic. It’s going to take a revolution to bring it down—or a woman’s touch.
The bottom line is this:
VCs are not funding women. According to a study by Babson College, only 2.7 percent of the 6,517 companies that received venture funding from 2011 to 2013 had women CEOs. Meanwhile, the Kauffman report found that female-run startups produce a 31 percent higher return on investment than startups run by men.
One problem with the male-dominated system is that top partners have almost never been exposed to women as professional peers. Their interaction with women is limited to their wives and daughters, and maybe executive assistants.
Male VCs who don’t have female professional peers are especially difficult to pitch on products that serve a female market. “Dozens of times, women have come and told me, I pitched to a firm and what do I hear over and over, ‘Oh, I will go home and ask my wife about it,’” says Trish Costello, an entrepreneur and founder of Portfolia, a venture capital investment platform designed for women. She is also CEO emeritus and co-founder of the Palo Alto–based Kauffman Fellows, a global training institute for venture capitalists.
A prominent venture capital investor from one of California’s top firms, who asked not to be identified because he didn’t want his firm “singled out,” called the absence of female partners “embarrassing” but said it’s directly related to the smaller percentages of women graduating from the engineering schools. “There is no question that diversity of opinion adds to the acumen of the group,” he said. “One of the most passionate business reasons we have to expand the investment to include a handful of women is that they are often not represented in the partnership dynamic around the table on Monday when we are discussing investment ideas.”
But the investor insisted that potential, not gender, was the key to which ideas, of the 10,000 that get pitched to his firm annually, end up being among the 12 that get financed. He added that of those pitches, 20 percent come from female entrepreneurs—which he said tracks with the percentage of women in engineering programs. The investor sits on the boards of two women-run firms that his company financed, and both female CEOs find the focus on their gender “patronizing.”
Women tend to launch businesses with less financing than men and have more difficulty raising funding. But early data suggest that women are outperforming men in raising money via crowdfunding sites, such as Kickstarter and Indiegogo.
Overall, women are 13% more likely than men to meet their Kickstarter goals, even after controlling for project type, amount being raised and other factors, according to the analysis, which examined 1,250 projects in five categories that sought at least $5,000 between 2010 and 2012.
Women are now the primary purchasers of electronics for their families, and that's something brand advertisers have yet to exploit.
Serial video game executive Trip Hawkins has his eye on a new market: women.
“For the first time in history, women have taken over technology-buying for their families,” Hawkins said on a panel discussion about mobile advertising at GamesBeat 2013, VentureBeat’s annual game industry conference.
This development is only a couple of years old, said Hawkins, who founded gaming giant Electronic Arts and Digital Chocolate and who now runs London-based studio If You Can. Traditionally, manufacturers segmented home appliances into two categories: “white goods” for the kitchen and laundry room, such as dishwashers and blenders (bought by women) and “black goods” for the living room and den, such as video game consoles and TVs (bought by men). But that’s changed, starting with the advent of the iPhone and iPad, Hawkins said. Now moms are the primary purchasers of electronics for their families, and they’re also the ones who manage their families’ media. (Women also spend more than men on virtual goods in games.)
“This is a really big social-cultural change, and it’s going to open up dozens of new markets — both for the women and for their kids,” Hawkins said.
Women consumers have money to spend, but few companies know how to earn it.
It's hardly surprising that women have valuable insights when it comes to devising products or services for women. Research from Sylvia Ann Hewlett, Melinda Marshall and Laura Sherbin shows that teams with even one woman come to feel the "point of pain" necessary to perceive new opportunities and act on them. For companies tasked with understanding female consumers (74% of respondents in the CTI study work for companies that target women), tapping women improves the likelihood of their success by 144%. Having women among the firm's innovators is but half the equation. Women's ideas won't translate into marketable products or services unless leadership backs their initiatives.
Angie Chang, editor in chief of Women 2.0: "Women with the ability to invest in early-stage companies can and should. We need more women investors so women-led companies can have a better shot at raising the capital they need to go big."
There are many women earning over $125k a year in the Silicon Valley (and elsewhere) with money to invest in early-stage companies as part of their investment portfolios. Along buying your stocks and CDs, you can buy in on early-stage startups and turn your investment to profit.
Debbie Landa is the founder of Dealmaker Media, whose Grow Conference takes place in Vancouver next week. Here's why why she thinks venture capitalists and startup founders alike should learn to get over Silicon Valley and look elsewhere to build, or invest in, businesses.
Research finds varied types of creative and messaging on Facebook impacts male and female buying habits in different ways.
About one in five people (22 per cent) have been influenced to buy a product or service after they saw an advert, conversation or other information on Facebook, according to research commissioned by Marketing Week and conducted by online survey company Usurv.
Conversely, a quarter of people (26 per cent) have also been put off buying something after seeing a conversation or information on Facebook.
The ways in which men and women are impacted by brands or conversations about brands on Facebook echoes how the different genders typically shop, according to Usurv’s co-founder Guy Potter.
The study found that women are more likely to be impacted by friends’ likes comments or shares about a product or service, with 34 per cent saying this was most likely to influence their purchase decisions, compared with 26 per cent of men.
Women tend to ask their friends for advice about products more than men, the study found.
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