Guys, let’s be honest. Moms rule the world. Not only are they responsible for raising virtuous citizens of the future while managing the daily tasks and routines of running a household, they also hold a lot of power when it comes to the decision making for their families. Trust me, I know. No big decision in my home is made without the approval of my wife. J Definitely not a category or a target audience you can afford to ignore if you plan on marketing your products or services effectively.
So, in order to honor the amazing women in the world as we approach Mother’s Day, here are some fun facts that cannot be ignored if you want to succeed connecting with this coveted, and a lot of times hard to understand, group.
• Women drive an estimated 70-80% of consumer spending with their purchasing power and influence
• Women now own 40% of America’s privately owned businesses and hold half of its wealth—estimated to be $11 trillion of a total $22 trillion by 2020.
• Women influence 91% of all home purchases.
If you already have figured out how to market to moms, congrats! If you are a lost male marketer still trying to understand women, here are some pointers:
- Be the solution. Develop your creative strategies and executions by presenting the problem, feature your product/service as the solution to said problem and provide them with reasons to believe why YOU are the answer to their needs.
- Be available! – Moms are constantly researching and shopping around for the best deals. So make sure you establish an online presence and work on your organic and paid results so it is easy to find you.
- Provide awesome customer service. People love interacting with brands that care about their customers and dealing with nice people, and more often than not,these gestures are rewarded with a referral or a complimentary review. This leads us to the next point.
- Ask for reviews! And if you can (some industries do not allow it), offer tokens of appreciation for a customer’s review (discounts, free product, gift cards, etc). In the thorough shopping process, reviews and testimonials weigh a lot when making a final decision. Plus by providing discounts or incentives, you have bought yourself a return customer. A win-win.
- Connect with them! And be honest! Nobody likes a poser. – Women like to engage with and support brands that align with their values. A “fake” brand personality can be detected quite easily and will be a deterrent for potential customers.
So, whether you are already marketing to women, getting ready to or are now considering it, think about those special women in your life and how they relate to their favorite brands. Now reach out to the women close to you, give them a kiss, tell them thank you and really show them how much you appreciate them.
Happy Mothers Day!
1. Multiple sources, including Boston Consulting Group, Women Want More by Michael J. Silverstein and Kate Sayre, (Harper Collins 2009), The Economist: Guide to Womenomics and Why She Buys by Bridget Brennan (Crown Business 2011)
2. ”Buying Power.”Catalyst (2013).
3. Tyrie, David. “What Women Can Teach Us About Money.” SpectremGroup (2011).
4. Brennan, Bridget. Why She Buys. Crown Business, 2011. Print
5. Forbes 2013