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Friends and Fellow Marketeers - Greetings!
I spent a wonderful weekend recently
at a “Re-imagine” Summit with marketing guru
Tom Peters, and 60 of his closest friends. I was so pleased
to be invited, and honored beyond words that Tom asked me
to make a presentation to the group. Tom is so extremely
passionate in his belief that companies are overlooking two
enormous sources of growth in the next two decades: women,
and “boomers and geezers,” to use his term. He
has two chapters on these "Trends worth Trillions $$$" in
his book, "Re-Imagine!" which should make 2005
the tipping point to marketing to women. Tom's wife, Susan
Sargent, is a talented and widely acclaimed designer, so you can envision how lovely and imaginatively decorated their rustic, charming 1800's farmhouse in Vermont is. Here's one take-away
for you: make big changes to big things. Or, as Nicholas
Negroponte of MIT, and author of Being Digital, said: “Incrementalism
is innovation's worst enemy.” Those two sources of
growth are big things, requiring big changes to access. Baby
steps just won't work. Stay tuned for more on this.
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Are you missing the boat on the largest, fastest-growing market
in the world? |
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| The
Dirty 1/2 Dozen |
The new year begins, and we all make our
lists detailing how 2005 will be better for us. We turn to our trusted
advisors for suggestions, and we peak over the fence at what our
competitors are doing. I thought today I'd chip in as one of your
trusted advisors with a few suggestions, six simple steps you
can take to make 2005 more successful. They're easy and inexpensive,
and if I had to identify what's necessary to implement them, I'd
say they require an adjustment in your sense of awareness in the
marketplace. You know how after driving your new car for just a few
days you become aware of the spaces it will fit in - - - that unconscious
sense of awareness that has extended from your mind's eye to the
four corners of the car? That's what you need to do in the marketplace
today... extend out to its true four corners.
In no necessary order of importance, here are my suggestions for
the new year:
- Recognize Your Opportunity. I bet your business records
are stored in the Mr/Mrs manner, husband listed first. But who
really opened that new business account? Who really made that
purchase? Women make 85% of all household purchases, and 27%
of all households are single women. Doesn't that suggest your
records keeping needs adjustment?
- Research Your Consumer. Did you know that more than
50% of all new and used car purchases are made by women? I'll
bet, though, that when a couple walks into a dealership, the
sales person assumes the man is the buyer. I'd suggest the more
appropriate greeting for that couple would be: “Hello.
Which of you is the buyer today?” It acknowledges the possibility,
rather than makes a possibly incorrect assumption, and it applies
equally to all businesses.
- Refine Your Message. Women buy for different reasons
than men. It's the “warmer” instead of “winner” notion.
Seek platforms that emphasize bringing people together, creating
a sense of belonging and closeness, rather than those that promote
status or going solo.
- Refocus Your Media Mix. Stop straddling the fence.
Make a decision to focus your money on where it will serve you
best. Buy media vehicles distributed primarily to women, and
beat your competition to them. More than 50% of computers and
electronics are purchased by women; yet, how many of you target
your media mix to vehicles in these industries?
- Recount Your Good Deeds. Wear that corporate halo,
and wear it proudly. Let your consumer know about your good corporate
citizenship, the good works done by your foundation, your donations
to those in need, your support of the arts, or environmental
causes.
- Reward Referrals. Women's word of mouth is a business
multiplier, and they are far more likely to pass on good words
than men. It's important to reward referrals. Track where they
came from, and then make sure you say thank you. Be that good
neighbor. I know one fellow who rewards referrals with a jar
of home-made jams. It's a small gesture, that saying “Thanks” thing,
but it does go a long way.
Six small things, but the shift in your sense of awareness is
huge. Do you want to relegate your company to a series of mediocre
successes, or do you want to pursue big changes to big things?
Transform your tasks into a WOW! Project, as my friend Tom Peters
would say. These six suggestions will head you down that path.
Our eyes are on the women's
market.
Are yours? |
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| Eye
on... |
Great job, Best Buy! Truly one of my favorite retailers!Best Buy
has recognized the opportunity of
marketing to women and has developed a consumer centricity program
aimed at learning about, and consequently delivering more to, their most
profitable consumer segments, and “women” are one of their key
targets. It's developed stores, promotions, marketing signage, customer
service and special product offerings just for “Jill”, their suburban
Mom target.
For busy multi-tasking moms, the "Just for Kids” section
offers educational and fun products where kids can explore and enjoy
themselves, while moms can roam the store and finish off their "to do" lists.
Best Buy has moved beyond customer service to customer services with
it's new “Personal
Assistant” center which offers personal help for Jill's shopping needs,
as well as its “Geek Squad” which offers 24/7 computer support
for carry-in, on-site or emergency services for setups, installs, upgrades,
and more. It's advertising is female-friendly and features people, not
just products.
When it comes to store design, Best Buy paid attention
to details because to women, details make the difference. Just walk
into a Jill store, and see the differences... the aisles are wider,
the sections of the store are color coded to help Jill find her way
easier, there is bright big signage pointing to each section, and
it was so easy to find the restrooms – really!
I could see the sign for the restrooms right when I walked in,and once
there, I was pleasantly surprised to find it clean, with a baby changing
station, and with flowers in vases on the counter tops. Nice touch.
Did
you see Best Buy's new holiday campaign? It launched a viral marketing
campaign on the Internet featuring the fictitious character Kevin
Kringle, Santa's geeky younger brother who needs Best Buy's help
to buy suitable holiday gifts. It was warm, funny, and people-powered,
just what women respond to. Smart.
The results of their customer
centricity initiative have been so promising that Best Buy intends
to introduce it to more stores in 2005. My only question is...
given that women account for the majority (51%) of spending in the
consumer electronics industry, why is only 1 out of 5 of Best Buy's
focus segments female? Hmmmmm. |
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| TrendSight
in the News |
Marti Barletta named Tom
Peters' 2004 MVP Biz Guru!
From Tom's blog... “Winner in a runaway... Marti Barletta! Marti
is the most vociferous and accomplished spokesperson-presenter in the mega-opportunity-world
of Marketing to Women. Again: WOW!”
Ketchum, a leading global public relations firm, introduced
a communication offering for marketers eager to tap a target
audience that's harder than ever to reach: women ages 25-54.
Ketchum introduced the program in Chicago at a reception in
December featuring Marti Barletta. Ketchum, will host a panel
on "What Women Want: Connecting with the New Technology
Consumer" in parallel with the Consumer Electronics Show
in Las Vegas on January 8, 2005. |
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| Fun Facts |
• A study by researchers
at Northwestern University found that men change their minds 2-3
times more than women and that women take longer to make a decision,
but once they do they are more likely to stick with it.
• No beer goggles for women? Drinking may not make women
find men more attractive, according to a study from researchers
at the University of Vienna. The study confirmed that the more
men drink the more likely they are to find a woman attractive,
but found the reverse is true for women. Did you have an interesting
New Year's Eve toast or experience to confirm this finding?
• Who spends more time on their cell phones, men or women?
Surprisingly men spend almost 50% more time/minutes on their cell
phones per month vs. women.
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| About
Marti Barletta and TrendSight |
| Marti Barletta is president
of The TrendSight Group, a Chicago-based consulting and training firm
that helps companies boost sales and share by tapping into the buying
power of women. A top-rated professional speaker, she presents keynotes
and workshops full of eye-opening insights, entertaining observations
and practical “how to” pointers at conferences and corporate
meetings internationally. She has been featured on NBC Nightly News,
CBS Evening News, CNBC and in Fast Company, Business
Week, Entrepreneur, Ad Age, Brandweek, and many other publications worldwide. Her book,
Marketing to Women: How to Understand, Reach and Increase Your Share
of the World's Largest Market Segment (foreword
by Tom Peters) has
been featured as the Marketing book recommendation by Harvard Business
School’s Working Knowledge newsletter, the Knowledge@Wharton newsletter and Wall Street Executive Library.com, and recognized as
one of the Best Business Books of 2003 by the Library Journal. The
book is in its fifth printing, and is now available in 13 languages,
including Japanese, Chinese, Russian and Brazilian Portuguese. |
| The TrendSight Group is a Chicago-based
consulting and training firm that helps companies boost sales and share
by tapping into the buying power of women. Unlike other marketing-to-women
consultancies, TrendSight brings both in-depth gender expertise and
hands-on experience to the table. The proprietary GenderTrends model
systematically translates hundreds of gender insights into focused
programs within each of the 12 marketing disciplines, including advertising,
PR, website communications, retail environment and sales. Consequently,
their programs are as marketing-sharp and field-effective as they are
gender-savvy. |
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