In the beginning of this year, IIM set out to identify our top 12 2012 consumer and brand insights in a 3 part blog series.This "best of" list is designed to save our clients and key partners a little time and provide them momentum for the New Year (click to access part 1 and part 2 of the series). As a final part of our blog series, we will focus on the insights related to women uncovered by our i-on-Women team. Click here for more information on i-on-Women.
Women Are Essential to Your Brand's Success & Your Brand Needs to Market More Effectively to Her
In a 2002 study1 only 9% of women agreed that advertisers understand them. Ten years later, our i-on-women team uncovered a similar statistic, only 17% of women agree marketers effectively market to women. More surprisingly, when asked to personalize it, only 9% of women think marketers are effectively marketing to them. Women are essentially telling marketers "this is great for my friends, my sister, my mother but not for me." This implies that marketers are not connecting with women and are leaving potential sales on the table. In order to connect, marketers must deepen their insight into today's women: who is she really (beyond demographics); what makes her tick; and, what compels her to action.
i-on-Women's survey asked men and women which top brands effectively market their products and services. Some of our findings were quite surprising. For example, only 47% of women agree that Target effectively marketed to her. Other female centric brands like Yoplait (36%) and Macy's (27%) did OK, but have a great deal of room for improvement. In contrast, some financial and insurance companies with a large female customer base like Bank of America (12%) and State Farm (12%) struggled with marketing effectively to her. How did your brand do? Find out here!
Post-recession shifts in household responsibilities and a changing demographic landscape has forced many companies to rethink who in the household to target: the traditional primary shopper who is often female; or, men whose household roles have expanded in recent years. However, developing a message that resonates with both may not be as complex as you think. We recommend using women as your compass for developing marketing strategy largely because women's desires and needs are more complex. If you understand her complex needs and develop a strategy to meet them you are likely to appeal to most men's needs. Of course, how you bring your strategy to life will also play a role in how much you are able to appeal to her and him with the same creative execution.
As brands set the stage for future growth and struggle with limited resources, many companies have shifted their focus to Millennials, but,in doing so, are neglecting another demographic target that likely has been a part of their franchise and will likely continue to be for many years to come. Boomers are a large portion of the US population: they control most of the net worth of American households (accounting for 40% of total consumer demand); and, they tend to be more loyal, representing a substantial profit opportunity today. Unfortunately, Boomer women are less likely to connect with today's marketing messages than any other generation. This once highly sought after demographic feels neglected and undervalued by today's marketers. Companies are leaving a great deal of money on the table by not connecting to this market.
Wondering what the rest of IIM's Top 12 2012 key insights are? Check out past blogs here.
For more information about the i-on-women study click here and for more information on i-on-Women 's approach to connecting and winning with her click here.
1 2002 Greenfield Only Study for Arnold
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