Girls Run the World… well at least purchasing power
Who really controls spending power? It just so happens, females are controlling more and more of the purchasing power in today’s economy and have become key decision makers in multiple aspects of the current world we live in. In fact, according to Forbes, women are making 80% of consumer purchase decisions. This has advertisers and marketers alike vying for their attention and crafting ways to reach this audience.
So how do you reach the female purchaser?
Social media has done an excellent job of this by taking advantage of the opportunity to reach women with Pinterest. Formally described as “A visual discovery tool that you can use to find ideas for all your projects and interests”, Pinterest is the premier destination for women on social media and reaches these ladies through a site of carefully placed boards with photos of every topic imaginable. Weddings, food, decorations, shopping, you name it, Pinterest has a board for it. Although male users have hopped on board with this trend, Pinterest remains a primarily female social media network with female users accounting for 85% of the total audience.
As Pinterest continues to expand as a platform, the network is testing paid Promoted Pins, a type of ad to reach users. Popular brands such as Banana Republic and Kraft Foods are expected to take advantage of this opportunity to reach females.
It doesn’t stop there. Pinterest isn’t the only network taking advantage of the opportunity to reach women. Even GOP ads have been adapted to reach female voters with the upcoming elections. These ads have incorporated family members such as mothers and daughters to reach females. In addition to this, Sheryl Sandberg recently addressed the way marketers can speak to women and how this makes economic sense in her contribution on Adweek.
So what do these marketing trends really mean?
We will most likely continue to see a rise in the targeted advertising that reaches female purchasers. With the desire to reach this demographic growing, more and more outlets will be adjusting to reach women.
Marketing agencies are already a part of this concept and have been reaching the female purchaser with creative and targeted campaigns for years. Agencies are able to accomplish this by having collaborative discussions with clients to better understand the goals and needs of their businesses and make sure they are properly executed. It is through these relationships that strategic marketers are able to help their clients capture a piece of that coveted 80%, one female purchaser at a time.