In the previous article, we confirmed that Women are the global market, they are the economy. In fact, they control a vast majority of all luxury market directly or indirectly.
Today, it is the woman in a household who makes the decisions in the majority of purchases–not only in the home with food and cars, but with services such as banking and health care. For companies not embracing this standpoint, this could be a shocker. It requires a huge shift in thinking and how business has historically been done. Add to this the fact that we often have a strong emotional connection to the women in our lives, so we hate to admit that we might not understand them–causing more ignorance than necessary, even if we are women ourselves.
Fact: ignore her at your own peril. They make the final decision for buying 91 percent of home purchases, 65 percent of the new cars, 80 percent of health care choices, and 66 percent of computers.
So, how do we tap into this huge market? First, appreciate that the consumer journey is much larger than just the purchase of a product. Enlist the services of experiential marketers. Engage the consumer in live action, activation and recommendation of your products. And when a consumer is deciding on a product or service, she considers many more factors than just the bottom line. Being aware of these seemingly subtle differences can make the difference between a consumer making a one-time purchase and developing on-going loyal relationship with a brand.
Events production for products is going to be the next biggest media and advertising industry earner in this decade. Unless the market can relate and feel your product, they will not buy it, endorse it, promote it or share positive feedback about it. Even if the product meets their needs and the prices are favourable.
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