Pink is Not a Strategy: How Global Brands are winning over women consumers

The new interconnected global economy is constantly evolving and thriving with rapidly growing economies. A couple of centuries ago it would’ve been an abomination if a woman were to think about anything but cute dresses and the next dinner ball, but the modern world has developed so far and so much that today, several multi-national corporations are run by women. The number of firms owned by women is growing gradually but surely and has only started taking bigger leaps with time. Women CEO’s are carving a path for other women in other sectors to shatter their false ceilings and reigning in a new dawn.

Experts who’ve spent decades studying the impacts that women make in the consumer marketplace and the consumer valuation in general, believe that all businesses should start planning their business to be more attractive to women customers. Most global brands today are investing heavily in custom marketing strategies that target women buyers and are geared up to control products through brand loyalty by women consumers.

It is essential for brands to understand the various ways to win over women not only because women are the primary decision-makers but also because women have an increased role in spending decisions. Women now account for more than 60% of money spent in every household thereby making them the leading global consumers of nearly every product.

A recent survey by the Harvard Business review shows that women control nearly $20 trillion in yearly customer spending and this number is likely to balloon to nearly $30 trillion by the year 2023. Statistics such as these are a major reason why global brands that understand such statistical facts are laser targeting women even more than men. Women are no also handling the purchasing of daily goods like soaps, shoes and accessories even those manufactured for males. A lot of materials made for are now purchased exclusively by women. Aside from the fact that women are responsible for most daily purchases, their purchasing power in the technology and home decoration sectors should not be ignored. Few brands have a misconception about the female purchasing power by assuming that women are forced into purchasing items, and the primary consumers are men, but this is not true as for the first time in history, men have a much lower purchasing power when compared to women.

“Women creating new products or services for other women is the key to success,” says Nina Natthaphat Vice President of International Marketing at Inceva, a professional Seo company. Brands that build outreach campaigns for females enjoy a much larger market share if they can develop trust with their female audience.

A global brand entering the international marketplace can achieve tremendous success if it can build a meaningful relationship with its consumers starving for a product or service that caters to their unique needs. When global brands approach female customers, they should say what they mean and do as they say to generate trust and establish long-term brand loyalty. If a female head of household believes a brand regarding quality, then the brand has successfully gained the woman’s trust. Women prefer a balance between money, quality and time. This behavior can be easily observed in the research phase and especially in the types of questions she asks before deciding on whether to purchase an item or not.

Examining some sectors of the economy will enable us to know how global brands are winning with women. In healthcare, for example, women make more than 75% of health care decisions, while more than 70% of household goods and electronic decision makers are women. Women also account for more than 60% of Automobile purchase decisions today. Furthermore, with the estimate above, it is essential to discuss with your sales and marketing team the numerous ways through which global brands can win over women consumers. Female-centric marketing strategies should explain the features of the product or service extensively along with the benefits of purchasing from your particular brand. Be direct and honest in your explanations and explain the terms and conditions in non-legal language that is easy to understand. Brands can also get bonus points by not spamming them with constant offers and by not violating privacy rules. Another powerful way to win female consumers is to provide multiple ways of contacting your sales and support teams via phone, chat, phone or email so the brand can answer questions, provide meaningful reviews and suggestions that cater specifically to the consumer making the inquiry.

International Marketers today would be smart to offer a compelling brand message that decides to target to their women audience. From product design to development, from sales inquiry to the sales transaction. From transaction to after sales support, using a one size fits all approach is not wise will not be sufficient for targeting the female demographic.