If you want to effectively target women, ask your strategy team these 12 questions
Did you know women own 60% of personal wealth in the US and control 85% of consumer buying decisions? Did you know 40% of US women outearn their husbands and 70% of all new businesses are started by women? Women control $20-trillion globally–expected to go up to $30% in the next 5 years–and ~$8-trillion in the US. If you’re not targeting women in your strategic planning and positioning, you’re missing out on a lot of incremental revenues. (Also read, the rise in spending power by women, the largest market opportunity)
If you want to effectively and strategically target women, you should ask your strategy and marketing leaders these 12 key questions.
Have we re-evaluated our core target to primarily include women ?
Have we defined which women, which needs and at what relative price?
Does our Value Proposition(s) identify and align with evolving needs and values of our targeted women?
How do we differentiate from competition in addressing those needs and values?
Does our Value Proposition(s) being clearly communicated in our marketing channels? In other words, can she play back our VP if asked?
Do we know which one of our products/services is “her decision” alone, and which ones are joint with her partner? Are we communicating accordingly?
How are we enhancing and simplifying “her experience” of our products/services to match or exceed her expectations?
Does she consider us “affordable” relative to competition (note: affordable is not the same as cheap) — or superior?
What are the lifestyle and roles that we are assuming for our targeted women?
Are we avoiding gender biases and stereotypes in our communication strategies?
Have we identified the sweet spot of commonalities cross-culturally and cross-generationally?
Do we even know the New World Modern Woman archetype?
