Once the kids have returned to the classroom and your Labor Day vacation is but a fond memory, it’s Back to Business! As we head toward fourth quarter, that means evaluating your 2005 Marketing to Women initiatives and preparing for 2006. I am a firm believer in this sort of strategic review – even small adjustments can yield big results. As always, feel free to visit our site www.trendsight.com for more ideas or to contact us.
5 Things You Can Do NOW To Positively Impact Your Business in 2006
Build Your Business Case – By now you know WHY women, the next question is which women? For those already marketing to women this is a great opportunity for a tune-up. There are lots of women out there. Are you targeting the ones with whom your product resonates? In particular, be sure you’re not overlooking Prime Time Women™. Boomer women represent the marketing golden bulls-eye. This group is becoming increasingly influential because they have a little bit more time (kids have moved out) and a lot more money. Read more in my latest book, “Trends,” co-authored with Tom Peters. Look for it at your local bookstores, or on Amazon.com.
Research – Thinking ahead will pay big dividends. This is your chance to get answers to the questions you uncovered while building your business case. Women will give you far more input than men, simply because they notice more detail. If you really want to get the good stuff, you need to align your research methodology with the way women communicate. This means traditional and rigid formats are not going to get you the scoop girlfriend groups will. When doing quantitative research, don’t limit yourself to the top three responses from “rank your priorities” questions. The problem with “Top 3” is that you won’t learn anything useful; chances are, regardless of what rank order you get, you and your competitors all deliver on the three most important elements in the industry. To differentiate yourself, look at items number 8 or 10. Finally, be sure to include write-in space on any survey; this is the best way to learn what you never knew.
Check Up on the Competition – You need to perform a Situation Scan on your company as well as competitors in order to assess marketing materials (packaging, web site, sponsorships, etc.) and operations elements (selling approach, customer service, retail channels, etc.) through a lens specific to female priorities and expectations. When performing SWOT analysis, get specific. Who are your primary purchasers? Who is most influential in your category?
Budget – Marketing to Women doesn’t require incremental dollars. It’s all about spending your money in a way that’s aligned with the people who buy most of your product. Women are buying most of the new cars, consumer electronics and home computers; they are also making most of the decisions when it comes to financial services. It is a mystery to me why women’s media is not overflowing with advertisements for these items. Shifting some of your advertising budget to these vehicles will garner a huge payoff. And don’t overlook non-traditional marketing like word of mouth—the marketing multiplier. Finally, make sure your company allocates money for sales training to equip your sales force and in-store reps with a strong understanding of how to sell more through better face-to-face interaction with the female consumer.
Look Ahead – You will need to allocate budgets to measure 2006 success when planning for 2007. Are you set up to track response by gender? How do you distinguish which household member made the purchase decision so you can follow up effectively? It is important to measure men as well as women because then you can distinguish the differential impact of women’s programs and confirm the success among men has not been impeded. Be prepared to stay the course. A woman’s decision cycle is longer than a man’s, so while you will certainly see immediate results, her greater loyalty and tendency to provide referrals mean that the big payoff will be more long term.
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