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 The outdated perception that their primary consumer base comprises men no longer aligns with reality.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and businesses strive to leap ahead, the pivotal question emerges: Are you still viewing your consumers through an outdated lens?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.
Don’t believe that rituals in business matter? They do and you can use them in your marketing.
Sales of Saint Joseph Statuettes Reflect the Real Estate Market, in Reverse
The real-estate market and sales of Saint Joseph statuettes tend to move in opposite directions, according to a Missouri-based religious-goods company queried by the Wall Street Journal. For instance, from 2009 to 2010, when local home prices were stagnant, sales of the figurines slightly more than doubled; when prices began to rise, sales of the saint’s image declined. In 2013, statuette sales were down 10.6% from the previous year, a period in which the median U.S. existing-home sale price rose 11%. Some people believe that they can better sell their houses if they bury a statuette of Saint Joseph, the patron saint of home and family, upside-down in the yard.
Media and entertainment is the most ‘efficient’ vertical
According to 2013 data from Visible Measures, branded video ad views worldwide totaled 19.04 billion between 2009 and the end of 2013. At 8.3 billion, views last year accounted for a huge chunk of this total—nearly 44%.
Last year, 78% of user-initiated views, or 6.5 billion, came from campaigns launched in 2013, but videos from 2009 to 2012 still generated the remaining 22%, with 3.8 billion views. As Visible Measures pointed out: “The percentage of views from old campaigns is a reminder that branded video lives forever.”
Mobile continues to increase its share of digital video ad views. According to data from Ooyala, 14.8% of digital video views worldwide came from mobile phones and tablets in September 2013. This was up from 9.9% in March 2013 and just 6.4% in September 2012.
Among US restaurants in March 2013, 80% used social media—17 percentage points higher than email, which was the next most popular choice. Social’s ubiquity is likely because it’s viewed as less expensive than traditional forms of marketing. Furthermore, 68% of restaurants said they monitored restaurant review sites, showing that keeping on top of customer feedback is considered to be part of marketing for many in the industry.
At the beginning of a 30-minute computer-based vigilance task, the average reaction time of participants who were chewing gum was about 70 milliseconds slower than that of non-chewers, but by the end, it was about 100 milliseconds faster, suggesting that chewing gum can stem a decline of vigilance over a long task, says a team led by Kate Morgan of Cardiff University in the UK. Gum chewing has been shown to increase blood flow to the frontal-temporal region of the brain.
Today’s digital consumer is exposed to a huge number of marketing messages via display ads, search, email, mobile, social media and other sources along the path to purchase. But until recently, many retailers mainly paid attention only to customers’ “last click”—an approach that ignores all other marketing touchpoints that lead to a transaction, according to a new eMarketer report, “Multichannel Attribution: What Retailers Need to Know.”
Now, however, some retailers are deploying complex multichannel attribution solutions, with Big Data power, to measure the performance of their marketing efforts. But the numbers are still small. According to an October 2012 survey conducted by Econsultancy and Adobe, only 26% of companies worldwide used advanced forms of marketing attribution—ones that go beyond simple last-click analysis.
However, retailers are under extreme pressure to better understand which marketing tactics are driving sales, so it is not surprising that more companies consider attribution modeling to be a priority.
A January 2013 survey by MarketingSherpa found that some 28% of marketers worldwide indicated that measuring attribution across channels is an important analytic objective in 2013.
I go to a lot of networking meetings. Most of the time I try to convince myself that it is not a waste of time. Unfortunately most meetings revolve around a meal and food distracts. The brain pays attention to one thing at a time and food is really interesting to us, therefore those meetings can be very ineffective when you are trying to get people’s attention. Unless you pay attention to NeuroMarketing.
Neuroscientists compare our attention focus to shining a spotlight on something: We see what is lit and we lose focus on everything else.
Marketers need to be sure they have their focused target’s attention where they want it.
Don’t let your customers multitask when you need their attention on your message.
One way to get people’s attention is to use motion. If something moves, the audience follows the movement. It is part of our survival skills. Point to your products when you present.
If your audience is distracted with food, use bigger motions to snap their attention.