The power of the pink purse

SCRAP BATTLE OF SEXES, FIND A CAUSE CLOSE TO THEIR HEARTS

Sigmund Freud famously wondered, “What do women want?” He never figured it out. Over the years, marketers have also scratched their heads in contemplation.

Few have got it right. Others have offended the very market they were trying to woo by “pink-washing”.

Marketing to women is highly critical, though.

Women are the world’s most powerful consumers and are earning, spending and influencing spending at a greater rate than ever before.

Globally, women make or influence 85% of all purchasing decisions and purchase over 50% of products, including cars, home i mpr ov ement products and consumer electronics.

In South Africa, women make up 50.72% of the population, 47% of small and medium-sized enterprises are led by women, 71% of women are responsible for grocery shopping and 60% are the primary purchaser within households.

With this in mind, marketers need to concentrate on what Marti Barletta, president of the Trend Insight Group and a recognised authority on gender-focused marketing, calls the power of the purse.

So, how does one go about pursuing this valuable market?

Some notable factors to consider are: Women are not a niche market. Initiatives targeted to women are not pink, but transparent. While pink is perfectly fine, it’s not fine if that’s all you are doing. A women’s sense of humour is different from men. Planet Perfect does not exist – neither do 20-year-old glamour goddesses who keep spotless homes and are all-round super moms. Today’s women cope with chaos and have bad hair days. Women like adverts they can identify with, that are not patronising but rather empathic and respectful. Some marketers recognise that men and women are different but worry that tailoring their product or service to be meaningful to women could undermine their appeal to men.

In fact, the opposite is true. When you improve your marketing to women, customer satisfaction among men rises as well.

That’s because when you meet women’s more demanding expectations, you’re generally exceeding the expectations of men. Some companies are concerned that treating women differently will offend them – and it will, if it is not done right.

Women-centric insurance brand 1st for Women knows this to be true and conducted research to better understand women of today.

This research highlighted a revised female code – a shift from the struggle for female independence and dominance to the right to personal identity and choice.

We found that today, it’s no longer about being better than men or the differences that exist between the sexes, but rather about gender acceptance and greater independence on women’s own terms, the company says.

Women don’t want to be stereotyped.

Now, it’s all about redefining women and their multiple, integrated roles and supporting them to be the best that they can be.

It’s less about women fulfi lling external expectations of perfection – the modern woman is free to be exactly who she chooses to be and is no longer bound by a one-dimensional definition.

Regardless of societal expectations, women make their realities work for them, on their own terms. They are all trying to balance a hundred different responsibilities and expectations – some days they are able to do it all, others not – and that’s OK.

Graphic: iStock

These findings prompted 1st for Women to do away with its popular battle-of-the-sexes stance and instead focus on inspiring confidence in South African women.

One of the ways they are doing this is by aligning with a cause that is close to the hearts of most South African women – fighting the second pandemic, women abuse in South Africa. Since 2005, the 1st for Women Foundation has contributed moe than R81 million to various organisations that focus on fighting woman abuse. Over this period, more than 90 000 victims and survivors of abuse have been assisted by the foundation.

The brand has just released a song called My Body (Stand Up) and all funds raised from its streaming will be donated to the foundation. Marketing to women is about understanding what women want, what they need and what problem they want solved. Then, based on these insights, offering them solutions tailored to their needs. This is often easier said than done, the company says.