For the past 15 years, Fraser Communications has been running campaigns targeted towards women across the United States. Today, women have a lot more buying power and it’s not slowing down anytime soon. In the marketing world, knowing how to engage with women and understanding them as a niche market is extremely important.
One of the keys to successful marketing towards women is to focus on the relationship instead of the transaction. Women are in charge of 83 percent of consumer spending, which is larger than the entire economy of Japan. Over the next decade, women will control 2/3 of U.S. consumer wealth. They hold 89 percent of U.S. bank accounts and more than half of the country’s personal wealth. It’s safe to say that women are worth the marketing effort.
So, how do you reach them? By establishing a trusting relationship. If you’re able to do this, they’ll spend more with you and they’ll have a connection with your business that extends beyond the transaction. Research shows that women will pay up to 28 percent more for a product if she likes and trusts the sales person. Making sure that the women you do business with feel respectfully treated and appreciated as an individual, you greatly increase your chances of getting a good deal and gaining a loyal customer.