5 Tips on Why Women Buy

by Paula Damiano
Editor, NAFE News & Notes  www.NAFE.com

“If the consumer economy had a sex, it would be female.” So says Bridget Brennan, CEO of The Female Factor Corporation and author of Why She Buys: The New Strategy for Reaching the World’s Most Powerful Consumers (Crown Publishing, New York: 2009 – paperback due out in September 2011).

Women in the United States drive 80 percent of all consumer spending. Gender shapes our world view more than race, age or income. But women themselves often have a blind spot about gender and marketing, having worked or been trained in a male-oriented business environment.

So what do we really want – and how can businesses (women-own enterprises included) truly satisfy our buying needs? Brennan says, “If a company could only do one thing to reach women more effectively, I would recommend improving customer service.” Especially in today’s downsized economy, Brennan stresses that “customer service can be the most powerful differentiator for any company. It’s shocking that great service is still considered a novelty in almost every industry.”

Here are five tips on understanding the female factor in marketing:

1. Pink is not a strategy. Women want to know how a product will make their lives better. Sure, we love pink – but don’t insult our intelligence with it. Make it useful, make it built to last – and then make it attractive.

2. Trust is important. When we make a purchase, we consider everything from the sincerity of the salesperson to the reputation of the company. Fast and flashy may impress men – but not us. We’re the ones who have to deal with the consequences of shoddy products and poor after-sale service.

3. Know the changing market. Women are earning more, marrying later and having fewer children. This means more disposable income for high-end products. Single women can afford to treat themselves well. After motherhood (now optional), many items that used to be just for adults – from personal TVs to their own cars, computers, and phones – are standard equipment for most kids as well.

4. Divorce means two of everything. When couples call it quits, a second household is created. This means duplicates of everything, from microwaves to bedroom furniture for shared custody of the children. Brennan says, “The reality of divorce is that it unleashes a torrent of consumer spending – and not just on divorce lawyers.”

5. How does it impact ME? Men love to know how a product works. Women aren’t interested in mere mechanics (although we’re certainly capable of understanding them). We want to know what a product will do for us – and for the extended group of people affected by our purchasing decisions.

Brennan’s final advice: Female culture should be studied with the same focus that entering a foreign market requires. She adds, “If women make up a significant portion of your customer base, they should be represented proportionately on your management team.” Yes!