The Women and Men are different in many ways and how they spend their money is a difference they have. According to KBK Wealth Connection, women tend to spend money regularly on smaller purchases while men prefer to buy big-ticket items on occasion.
Equally as more and more people shop online then comparing products becomes evermore important, did you know that the majority of women use a website bookmark or app to keep of items their interested in purchasing? They compare products for lots of different reasons including the price of the product, the style, colour and so on.
According to research by Social Media Today, it’s been highlighted that 89% of women say that will watch an item for a sale before purchasing, in addition to this 55% of women say they continuously check a retailer’s website for sales and 58% monitor their email inboxes for sale alerts. As you can see, the data suggests women are obviously savvy when it comes to purchasing something they want. That means for marketers and business owners you can take advantage of their quest to find a bargain or an item at a discounted price. The data re-enforces this idea as 75% of women are upset when an item they wanted to purchase went on sale and they weren’t aware.
This idea is re-enforced by the fact Women account for 58% of all total online spending and around 92% pass along information about deals or finds to others. In addition, research also has showed that women do not appear to spend impulsively which backs up the theory behind looking for a deal or bargain. Ladies can be patient at comparison shopping and looking for deals both in-store and through online sources. Data compiled by the coupon service 8Coupons.com says women can take up to 40% longer than men as they consider their decisions and try to find a better price elsewhere.
Another important metric to consider is the fact women are earning more money than men, so it’s not the fact they’re looking for a deal to save money, they’re looking for a deal, so they can spend more money on other products.
According to research by Brandon Gaille, highlighted that incomes for both men and women have remained up for both genders since 1979. The increase in the salaries that women make is over 30%, while for men it hasn’t even gone up 20%. This has helped women close the gender salary gap dramatically in the last three decades to the point where over 28% of married women make more than their husbands do. Brandon’s research also states that Men tend to be more aggressive with their finances and will spend it on many things, from investment opportunities to sports and gambling – where’s women tend to purchase more tangible products such as beauty items, fashion, keeping themselves healthy and so on.
As Men purchase bigger items, they tend to borrow over 80% more money if there isn’t the presence of a woman influencing his activities. As you can see, this data suggests women will tend to be more conservative with their spending, meaning a marketer or business owner will have to entice them to part with their money.
Of course, marketing your products and services to women has become much easier since the creation of the internet and the popularity of social media platforms. You can target groups based on their demographics and interests much more easily, meaning you have a good opportunity to sell your products to your target audience.
Generally, females use social networking sites to make connections and stay in touch with family or friends – this means your marketing strategies will have to highlight lifestyle benefits and the use of different types of content to get females attention.
In the digital era your content is the key to success, through the use of videos which are shareable, photos, events, promotions and so on – women can easily engage and interact with your brand, product or services. Remember, a Nielsen study highlighted that women spend nearly 10 minutes on social networking through the mobile web, or through apps every day, whereas men spend less than 7 minutes. Equally, among internet users, a greater percentage of women use Facebook, Tumblr, Pinterest, Snapchat, Instagram and Twitter – which all allow heavy usage of sharing, communicating and interacting.
In addition, you should also know that Facebook is used by 71% of the online population, which is dominated by women (76 percent) as opposed to men (66 percent). On average, women have more than twice as many posts on their Facebook walls and they have 8% more ‘friends’ than men.
Of course, another huge marketing tactic you can use to your advantage, is Women love influencer marketing. More and more people are turning to their favourite Instagram models, Twitter personalities and YouTube stars for advice and recommendations on purchasing decisions. According to Adweek, 53% of Women made purchases due to Influencer posts and research conducted by ion showed that almost half of the respondents (49%) in their survey rely on influencers for product recommendations.
Influencer marketing has proven effective for many companies because the content is created on platforms used by consumers and because it shows up in a news feed they selected – meaning they trust the information more than other forms of marketing. For a business point of view, influencer marketing makes sense, according to a Tomson study, businesses earn $6.50 for each dollar spent on influencers with the top 13% earning $20 or more.
Equally as an industry, influencer marketing has expanded hugely over the past two years. Worth just $2 billion in 2017, the industry is set to reach $10 billion by 2020 as the industry witnesses more growth and becomes a more effective marketplace. You know also know in 2017, Google Trends found that influencer marketing surpassed print marketing for the first time.
As you can see the marketing strategies are continually changing when it comes to marketing for women, generally you should aim to offer discounts and incentives to make them purchase, if not they’ll easily look to a competitor. You should also us a wide range of different elements and content in your marketing mix, from influence marketing, videos, high-quality photos and so on. Remember in a lot of industries you’re not just selling a product or service, you’re selling an experience and a lifestyle in which Women want to be a part of.