The Women in Luxury Conference in NYC last month provided a wealth of information and actionable insights to modern marketers. The recurring theme was leaving women out of the purchasing equation when creating marketing plans is detrimental to your business’ success and bottom line.
Women Hold a Large Amount of Buying Power
Women hold about 30 percent of the world’s wealth. That’s a significant amount of buying power – buying power that is growing every year. There is a large, missed opportunity, specifically in the financial sector, by not speaking to women. Women are looking for opportunities to both spend wisely and save wisely and these opportunities to seek advice are not widely available. As a result, women as a segment are specifically looking for more advice on how best to manage their growing wealth. For example, women often have particular requests when investing their money.
An interesting metric is that 77 percent of women want to invest in companies that have diverse leadership and 90 percent want their investments to have a positive impact on social wellbeing. Businesses that reflect these wants will be more likely to receive support from women investors. If women are this insistent upon their investment habits, it’s safe to assume they are equally specific in how and where they shop, and where they encounter your brand matters.
Why is this important? As women continue to amass more wealth, their discernable palate for products and services may be equally as specific as their investment methods. Businesses that analyze their customer data and use that data to get in front of women that have the highest propensity to buy or invest, in particular, will be the ones that come out on top. Partners exist to help do this, find a company’s Best Prospects.
Targeting Women Can Grow ROI in Traditionally Male-Dominated Spaces
Another interesting insight was the male-centric methods of the wristwatch industry and its shift to being more inclusive of women in its marketing campaigns. A “boys-club” exists according to the panel and the answer to changing that is targeting women with experiential marketing campaigns where the woman is the focus and decision maker in the watch she wears, not a man.
There are many industries that can take this approach to better speak to women audiences. The trick is in the data, to get in front of women when and where they prefer to engage with brands. These focused campaigns must be executed at an individual, addressable level reflecting the independence of women in making their own purchasing decisions.
If this is the attitude of professionals in the industry, there’s a huge opportunity to get ahead of the curve for luxury retailers. That opportunity is presenting itself in the form of existing customer data. Luxury retailers need to remember, however, the value that women bring to not only their brands, but their bottom line. It’s the right engagement at the right time throughout a woman’s customer journey that will be most effective. A blanketed, high-volume approach could end up in poor results and wasted dollars because it doesn’t resonate with women when and where they may be ready to purchase.
This strategic approach is necessary for delivering the right high-value message to an audience that can yield the highest results. Using such an approach will not only grow your ROI, but will, in turn, generate more data on this ever growing, wealthy segment. That’s ammo for future use.
Retailers sit atop a figurative goldmine of customer data that they can exploit to find their best customers and target their Best Prospects based on this information.