“Women earn about 83 percent of their male equivalents, meaning they must work an extra 44 days a year to match their male colleagues.”
Now that doesn’t sound fair, but that’s a topic for another blog post. This post is about woman as consumers, and how their buying power influences live experiences and experiential marketing campaigns. Regardless of this economic inequality, we are in an era of great change, and women are a powerful force in our economic health. How does this affect brands and marketers? According to Forbes, women are the world’s most powerful consumers, and their impact on the economy is growing every year. The global incomes of women are predicted to reach a staggering $18 trillion by 2018.
According to Bridget Brennan, author of “Why She Buys” and founder of www.thefemalefactor.com:
1. Women drive 70-80% of all consumer purchasing, through a combination of their buying power and influence. Influence means that even when a woman isn’t paying for something herself, she is often the influence or veto vote behind someone else’s purchase.
2. Women have a multiplier effect. They are multiple markets in one. Because women serve as primary caregivers for children and the elderly in virtually every society in the world, women buy on behalf of the people who live in their households, as well as for extended family (such as older parents and in-laws) and friends.
Because women tend to have higher expectations for customer service, when you elevate the customer experience for women, you elevate it for everyone. Developing marketing, sales strategies, live experience/experiential marketing brand activations, for women consumers, is not only something to consider, but it is essential.
Unforgettable experiences build brand loyalty, especially for the millennial market, and thus, drive sales. They make the consumer want to come back, refer friends and check out the brand’s social media platforms.
Ask me how I can inspire your female millennial market with an instagram-able, femme-pop-up, for your brand.