FEMALE ECONOMY. The presentation is entirely based on research and experts’ opinions and hopefully...

FEMALE ECONOMY

FEMALE ECONOMY

The presentation is entirely based on research and experts’ opinions and hopefully provides an

opportunity for extensive discussion.

• By Female Economy, What do we actually mean……

• Is it just a fancy statement to use…• It’s the reality…. • Check it out

Mind Boggling Facts

• Globally, women contribute $20 trillion of the Total

Annual Consumer Spending and this could climb to $28 trillion in the next five years.

• Women’s Total Earning $13 trillion and could reach

$18 trillion in the same period

• Women represent a Growth market China and India combined – twice as big in fact. bigger than

Continued…

• If we still believe that US controls the world economy, then we should also consider this fact: “Women already control half the wealth in the United States”

• There are 1 million high-income women in the U.S., earning more than $250,000 a year.

• In 28% of two-income U.S. households, she makes more money than he does.

Continued…

• 88 percent of women are still responsible for grocery shopping.

• 85 percent do the meal preparation, 84 percent do the

laundry, 84 percent do the bulk of the cleaning, 77

percent manage the tasks of household administration.

Survey by BCG

• 12000 women• 40 Geographies• 120 questions – education and finances,

homes and possessions, jobs and careers, activities and interests, relationships, hopes and fears and spending patterns in some three dozen categories of Goods & Services.

Findings

• Women feel Vastly underserved.

• Under valued in market place and underestimated in workplace.

• Too many demands on time – priorities (work, home and family)

• Time saving solutions.

Scenarios

Products to satisfy their needs.

Eg Mobile, Automobile,

Marketing is not designed for them. Wrong Presumptions.

4Ps, Dell

Not tapping the entire potential

Healthcare & Beauty, Financial Services

Automobiles• Downright Insulting

• Pink or some bright colours

• No Product designs. Can you identify some examples??

• Video

Best Buy

• "I avoid Best Buy like the plague," says Susan Bejot of Lincoln, Neb., who is part of USA TODAY's Shoppers Panel. "I find it difficult to get the attention of an employee, and then they seem to be somewhat terse. They rarely have offered options or helpful advice. If I really need something from there and I can't find it elsewhere, I send my husband."

Revamping

• ‘hitting high-tech hysteria’ to a “softer, more personal atmosphere. Music is quieter. Lights are lower. Salespeople talk to customers about their lifestyles”

• the "Blue Shirts" that tended to be young men — were dismissive.

• To lure more female shoppers, Best Buy is also changing its workforce.

• 25% female employees. Striving towards 50%

• "We're working with the Girl Scouts, with private female colleges and others to recruit amazing women so we can delight our women customer”

• Blue shirts – geek Squad - Women

Reaction

• "I have shopped at Best Buy quite often the past few weeks. I am getting my boyfriend a new …(Editor's note: Gift shall remain unnamed; it's a secret!) for Christmas," says LeeAnn Hall of Chicago. "I do like the layout of the new store. It is easier to find things (because) they are grouped together and people are helpful."

Della

• 11th may 2009 – Della launch

• Classic ‘make-it-pink’ mindset

• Emphasized on colors, computer accessories, Tips for counting calories and finding recipes.

• "Once you get beyond how cute they are, you'll find that net books can do a lot more than check your e-mail.“

• ‘Slick but Disconcerting and Condescending’

You Spoke. We Listened

• School of Hard Knocks

• HP and Sony Vaio

• Withdrew the Website and included them in the ‘Life Style’ section

HealthCare, Beauty & Clothing

• Curves – Cheap and Fast Service for women only

• Majority of Men managing these brands – Hit or Miss.

• Is the Entire potential met?

• Banana Republic……

7 Powerful Insights for Marketing to Women

• 1) There is no “women’s market”; there’s your women’s market

• Saloman – Ski and Outdoor brand

• Out of 7 year women’s initiative, spent 2 years in segmenting them

• Specific campaigns• Exceeded expectations.

2) “Brand Lite” isn’t the answer

• Separate brand – softer and more accessible x

• Smart marketing strategy

• Apple – Terrific design, easy – to –ease and a passionate lifestyle brand message.

3) Communicate product value instead of listing features

• Ask the customer

• Volvo has made gaining women’s input a key part of its development process since the late 1980s

• Safety and Dependability

4) Understand that she’s always watching

• Women are great at detecting inconsistencies

• Prudential’s “What Is The Price of Love?”

• Voice mail hell

5) Respect her

• McDonald in 2002 was still treating women as if they were still in 1955.

• From ‘ mom marketing’ to ‘find the women inside the mom’

• Premium Salads, healthier Happy Meal options and a revamping of PlayPlaces to include comfortable seating

6) Embrace high standards

• Women are suckers for quality and, more importantly, when they find it they’re willing to pay for it.

• Whole Foods - 1,552 percent increase in its stock price over the last decade

• higher prices in a notoriously low margin industry • a pleasant atmosphere, knowledgeable,

courteous sales people, and even chair massage in some locations

7) Be willing to commit

• Wyndham Hotels

• Women On Their Way initiative - serve the needs of women business travelers with improved services and amenities, such as healthier menu options and a courtesy call announcing room service.

• 19% to 50%

Difference in thinking!!!!

• Technology Product: Both wanted a fair price, but men were more concerned with processing power (how fast is it? How much memory it can store?, etc.). On the other hand, women were primarily concerned with ease of use (how easy is it to get this resuming? How easy is it to use? Will someone help me if I have problems?).

• Lawnmowers : Men go for the power or size, while the woman wants to be able to fit it in the garage and feel like she can control it when she uses it.

• Cars: Men think more aspirationally and look for cars that are more fun and remind them of wilder days, while women in their lives will often sway them to consider what is practical before making a final purchase.

• Mobile phones : Men want to keep getting newer models with more memory and additional features while women want to do a lot of research and find the most practical fit that will satisfy their needs for a few years.

CONCLUSION

• Women today comprise a significant majority of customers for all businesses. Focusing on their needs and wants is a big opportunity that can dramatically turn the overall performance of a firm.

• If a company fails to tap this gigantic segment of the market, there probably will be no tomorrow for them.