In the contemporary market, an oversight seems to persist—a blind spot towards an immensely influential consumer base: women. Are businesses truly seeing the force behind the female consumer, or are they rendered invisible by ingrained biases?
The Ignored Power of the Female Consumer It’s alarming how many products and services are designed without considering the significant impact and potential purchasing power of women. There’s a prevailing false assumption that women might not have the economic capability to invest in these offerings. This oversight leads to missed opportunities and a disconnect between businesses and a major demographic.
Shifting Tides: The Evolving Consumer Landscape Industries that historically fixated on male-centric marketing strategies must recognize that the landscape has dramatically shifted. Women are catalysts for change in consumer behaviors, wielding substantial spending power. The outdated perception that their primary consumer base comprises men no longer aligns with reality.
The Economic Force: Unveiling Female Purchasing Power By 2028, projections suggest that a staggering 75% of discretionary spending will be attributed to women. This figure serves as a compelling wake-up call for businesses still tethered to the belief that their primary consumers are male.
Rethinking Business Strategies: Embracing Inclusivity It’s high time for a fundamental reevaluation of business strategies and market approaches. Recognizing the evolving spending power and influence of women is not just a matter of morality; it’s a pragmatic business move. Adapting marketing, product development, and service delivery to be more inclusive can unlock an untapped market potential.
Conclusion: Redefining Perspectives for a Thriving Future As industries and businesses strive to leap ahead, the pivotal question emerges: Are you still viewing your consumers through an outdated lens? Shifting perspectives, acknowledging the substantial influence of the female consumer, and adapting strategies accordingly is the key to staying relevant and prosperous in the market.
Less than one-fifth of affluents are interested in opting in to receive texts from luxury brands. Instead, emails may be the best digital communication method for reaching this demographic, with almost half saying they would choose to see such messages from luxury brands in their inboxes.
How the Spine Affects your Brain with Dr Shannon Parisi (I was not aware of this at all!) We also talk about the Lifestrength bracelet and how that affects your health, a list of films that every baby boomer should watch, the art of multi-tasking and some fun pictures.
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People who were scared by clips from the movies The Ring and Salem’s Lot felt more emotionally attached to a brand of sparkling water that had been placed on their desks than did others who watched clips from exciting or sad movies or happiness-inducing scenes from the series Friends (3.70 versus 2.11, 2.54, and 2.28, respectively, on a 7-point emotional-attachment scale), say Lea Dunn of the University of Washington and JoAndrea Hoegg of the University of British Columbia. Fear makes people want to share their experience with others, and if a brand is present it can satisfy this desire, almost as though it were a person, the researchers say.
SOURCE: The Impact of Fear on Emotional Brand Attachment
Check how habits are created and how you can apply this to your business.
It takes more than just posting something on social networks. In order to create a habit you have to provide reward and repetition. With Nashlah and Shahar
A study of thousands of family-owned firms in Italy reveals that, on average, replacing a male CEO with a woman improves a company’s profitability, an effect that becomes more pronounced as the proportion of women on the board of directors increases, says a team led by Mario Daniele Amore of Bocconi University in Milan. Overall, the more women on the board of a female-led firm, the more profitable it is likely to be. The presence of women directors may make female CEOs feel more comfortable, improving cooperation and facilitating information exchange, the researchers say.
SOURCE: Gender Interactions Within the Family Firm
When high-status people suffer a humbling loss, their performance tends to decline dramatically, because they’ve become dependent on their rank to maintain a positive view of themselves, say Jennifer Carson Marr of Georgia Institute of Technology and Stefan Thau of London Business School. For example, a study of Major League baseball players shows that in the 58% of salary arbitrations where players lost, the higher a player’s status, the greater the fall-off in performance the following year. If you’re a high-status person, sometimes the best way to cope with a work-related humiliation is to get a job with a new employer where you feel respected, say the researchers, whose study appears in the Academy of Management Journal.
SOURCE: High status is a liability when careers sputter, study finds
Shoppers on a popular web portal were about 46% more likely to go to a “To Purchase” page when the daily temperature averaged 25 degrees Celsius (77 Fahrenheit) than when it averaged 20 degrees (68F), say Yonat Zwebner of The Hebrew University of Jerusalem, Leonard Lee of Columbia, and Jacob Goldenberg of the Interdisciplinary Center in Israel. The researchers also found that people in a warm room were willing to pay more than those in a cool room for 9 of 11 consumer items shown to them, and other participants were willing to pay 36% more for items when holding warm, versus cool, therapeutic pads. Exposure to physical warmth activates the concept of emotional warmth, eliciting positive reactions and increasing product valuation, the researchers say.
SOURCE: The Temperature Premium: Warm Temperatures Increase Product Valuation
People who referred to themselves as “you” or by their own names while silently talking to themselves in preparation for a five-minute speech were subsequently calmer and more confident and performed better on the talk than people who had referred to themselves as “I” or “me” (3.6 versus 3.2 on a combined five-point scale, in the view of judges), says a team led by Ethan Kross of the University of Michigan. The research participants who talked to themselves in the second or third person also felt less shame afterward. By distancing us from ourselves, the use of the second and third person in internal monologues enables us to better regulate our emotions, the researchers say.
SOURCE: Self-Talk as a Regulatory Mechanism: How You Do It Matters
Multiscreening, or dividing attention between more than one screen, is an established phenomenon amongst consumers, and it’s often considered to be the use of a laptop or smart mobile device while watching TV. Switching between screens is already a distraction for TV watchers, but research from the Internet Advertising Bureau UK indicated that around one-third of multiscreening among UK smartphone owners did not involve the TV at all.
Of the 34% of multiscreening that did not involve the TV, more than half took place between a smartphone and laptop, although this dropped significantly for those 55 and older. Over one-quarter of respondents used a desktop computer while using their smartphone; this was higher for males, at 33%. One-fifth of non-TV multiscreening took place between a smartphone and tablet, which increased to one-quarter amongst parents. With internet TV now becoming more and more prevalent, and video driving ad revenues for digital publishers, users may be watching TV on their laptop, desktop or tablet and then second-screening with a smartphone.
Still, the most popular “connected” device to use simultaneously with TV is neither the smartphone nor the tablet, but the laptop. Deloitte research released in September 2013 suggested that more than nine in 10 UK internet users used a laptop at least weekly while watching TV, compared with 89% and 83% who used a smartphone or tablet, respectively. For daily users, the laptop was still the leader, with nearly six in 10 using such a device as they viewed TV each day.
Read more at http://www.emarketer.com/Article/Multiscreening-Not-All-About-TV-UK/1010584#C33pXLSGgFZ05P7M.99