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Multi Media Marketing - Women and Baby Boomers

Multi Media Marketing - Women and Baby Boomers. October 2008. Why Market to Women Boomers? The Power of the Purse. Women are going to control 2/3’s of the consumer wealth in the U.S. in the coming decade Which segment will have the most growth? Age 45 to 64 will grow 30% ! -Boom

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Multi Media Marketing - Women and Baby Boomers

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  1. Multi Media Marketing -Women and Baby Boomers October 2008

  2. Why Market to Women Boomers?The Power of the Purse • Women are going to control 2/3’s of the consumer wealth in the U.S. in the coming decade • Which segment will have the most growth? • Age 45 to 64 will grow 30%!-Boom …that’s why it’s important!

  3. So what should you do? Before you can navigate the marketing maze on Women Boomers • Get demographics-U.S. & Cape Cod • Get key industry statistics • Make decisions on current, accurate data “So buckle your seatbelts. After all, She’s in the driver seat!” Boom

  4. Consider these other statistics.How do they influence your business decisions? • 37 million women invest today • 43 percent of Americans with $500,000 of assets are women. • 72 percent of married women are the primarypurchasers in families • 42 million women are ages 40 to 60. • Women own solely or jointly 87 percent of homes. • Women control or influence 80 percent of consumerpurchases. • By the year 2010, 60 percent of wealth will be controlled by women. • 7 in 10 women say they need help with their finances

  5. One customer market you can’tafford to ignore Because of its size and financial clout • 7 Trillion U.S Annual spending by women 64% of total U.S. domestic product • 47%investors are women-tend to generate higher returns than male counterparts • 70% of women will be solely responsible for their finances at some point in their lives • Control half of all private wealth in U.S. • In 2012 women will control two-thirds of private U.S. Wealth ABA Bank Marketing-October 2007

  6. Women and Small Business • 100 millionwomen owned businesses in the U.S. generating 2.5 trillion in annual income • Women are starting businesses at nearly 2 times the rate of men. Center for Women’s Business Research • Women have 50% ownership in 40% of companies in U.S. ABA Bank Marketing-October 2007 • Past 15 years women have been starting 70% of all businesses.

  7. Run Your Numbers! • Women today comprise a significant majority of customers for most businesses. • Focusing on their preferences is BIG business Which can dramatically affect a company’s • sales • market share & • profits “Don’t Think Pink”

  8. Crunching the Numbers: MaximizingMarketing Value During a Downturn. • During time of economic stress is the worst time to scale back on your marketing. • A downturn gives companies a golden opportunity to develop deeper relationships with their customers & partners through relationship marketing. September 30, 20088

  9. Brand-Specific & Company –Friendly Numbers • Importance of having strong research based on facts not on opinions or assumptions • Need to customize your data • Reframe statisticsto be relevantto your brand • Translate your research to specific strategic observations & action points “Don’t Think Pink” You need to TARGETyour market

  10. Women households on Cape Cod Of 86,765 households, there are … Households with a married woman – 55,919 Households with at least one single woman – 25,369 Of all these households… 32,000 are likely investors 76,000 are credit card buyers 34,000 are heavy credit transactors 43,000 have credit cards for upscale department stores 28,000 purchase online 74,000 are mail order buyersMark Linse

  11. Interest of Cape Cod Women The Arts = 20,000 Beauty & Cosmetics = 19,000 Career & Career Improvements = 19,000 Community & Charities = 37,000 Computers = 52,000 Cooking = 61,000 Dieting & Weight loss = 22,000 Exercise & Health = 42,000 Fashion = 33,000 Home Improvement = 66,000 Investing & Finance = 33,000 Travel =34,000 Mark Linse,M.G.M. Mailing Lists

  12. Women as customers and clients- second-home market • 14,548 second homes on the Cape are owned by women. • 41,151 women primary homeowners (all) • Secondary & Primary women homeowners with $100,000+ estimated income= 19,857 • Can you find them and serve them? • And if so, what do they demand as customers and clients? updated , Mark Linse

  13. Shift in Gender of core consumer A “traditionally” male-oriented company waking up to the gender shift. After internal research the owner of company that produced & sold riding lawn movers was “shocked” to discover- 80% purchased by women Women Roar -marketing guru Tom Peters, Don’t Think Pink

  14. Financial Assets-of Women Households on Cape Cod • 674 have financial assets of $2 million or more • 6,507 have financial assets between $1 million and $2 million • 1,965 have financial assets between $750,000 and $1 million • 5,451 have financial assets between $500,000 and $750,000 • 17,699 have financial assets between $250,000 and $500,000 UpdatedMark Linse, M.G.M. Mailing Lists

  15. Net Worthof Women Households on Cape Cod • 7,648 have net worth of $2 million or more • 6,285 have net worth between $1 million and $2 million • 14,189 have net worth between $500,000 and $1 million • 33,342 have net worth between $250,000 and $500,000 Updated Mark Linse, M.G.M. Mailing Lists

  16. Profitability in Women’s Market “Marketing to women will deliver more profit to your bottom line than ..the same budget against all male budget” “Marketing to Women-Marti Barletta”

  17. Retailers are failing • By targeting Baby Boomer Womens’ age rather than a lifestyle. AP article 4.12.07 • Rather than market to her B.C. • “Birth Certificate” age • Market to her A.C. • “Adjusted Chronological ” age Boom Doug Fleener, The Profitable Retailer & The Retail Experience Doug@dynamicexperiencesgroup.com www.retailnewsletters.com (Free newsletters)

  18. “On Why Not to just Shrink it & Pink it” • L.L. Bean-70% of their customers are women, most are 45-55 years old • College educated, grown children & career • Price-conscious shopper • Biggest growth areas- developing sporting equipment especially for her Fran Philip, Chief Marketing Officer - LL Bean

  19. Higher Customer Satisfaction • Effectively targeting women generates higher customersatisfaction –among both men & women • Women want all the same things as men-and then some • When you meet the higher expectations of women, you are more than fulfilling the demands of men • You’ve got the 2 satisfied customers for the price of one Marketing to Women-Marti Barletta • Women are three times more likely than a man to share the outcome of a purchase experience with others ABA Bank Marketing October 2007

  20. Importance of Boomer Women • Women influence 80% of all consumer-buying decisions in the U.S. • 3 out of 4 of the women are mothers. • Children influence nearly 50% of what mother’s spend Michael Mendenshall, VP,Walt Disney Parks & Resorts Research

  21. Travel • Women online • 65% use the web to purchase & arrange travel reservations • 71% use web for travel research • Travel is critical to her state of mind • Women make 80%major travel decisions • 31% of all trips taken by boomers include at least one child or grandchildBoom

  22. Power of Grandmother’s Purse Grandmothers spend $30 billionannually on grandkids Most purchases-birthdays & holidays Big story is the grandparents’ market. By 2010, 80 million grandparents in U.S. Generous gift givers Age 45-64 biggest gift givers Age 55-64 2nd biggest gift givers PTW

  23. GrandparentStudy • 87% of grandparents buy clothing for their grandchildren • 80% purchase books • 78% purchase “fun foods” • 52% help pay for the grandchildrens’ education • 45% purchase DVDs or video for their grandkids • 37% purchase jewelry • 31% buy video games • 76% buy toys, accounting for one out of every 4 toys sold in America each year or approximately $3.4 billion annually. AARP 2002 “Grandparent Study and American Demographics

  24. Fitness 7 in 10Boomer Women feel a lot younger that actual age. 62 % work to maintain a youthful appearance. “You can stop ‘normal’ aging”. “Normal is not normal at all” “It’s a choice you make by the way you live … to tell your cells to grow to build a strong, vibrant body & mind” Two master signals to our cells: Exercise EmotionDr. Henry Lodge, Columbia Medical School 3/18/2007 42.4%Boomers have a regular exercise program(2+ times weekly) ( 2% more than all adults) Center for Media Research 10/18/07 96% of women-having a healthy family is a top priority “Barnstable has the 6th lowest body mass index in the US” AARP Healthiest Home Towns October 2008

  25. Home & Family Women initiate80% of all home improvement purchase decisions. . . especially big ticket items - Kitchen cabinets - Flooring - Bathroom fixtures Lowe’s & Home Depot –50% of their customers are women Marti Barletta, PTW

  26. Home & Family 2004 survey of affluent women (Medium HHI $150,000) 93% of respondents expect to decorate & redecorate their homes indefinitely.Marti Barletta Ace Hardware study - Women spend 50% more per average purchase than men. - Women spend $50 billion a year in the home improvement industry-Boom

  27. Boomers Biggest Green Shoppers • Male & female groups 55 years or older are above average users of environmentally friendly home products. • Of those who don’t buy green • 50% say these products are too expensive • 17% don’t believe they are much better for the environment • Successful earth friendly sales- • They’re going to have to start considering price as a key issue, • As well as finding ways to back up claims more clearly, to build trust ‘Sarah Mahoney ,Mediapost 9/9/08

  28. Economy & Strategies Women use the internet to manage their lives - go to few sites - spend more time on those sitesPower of the Purse US consumers are going online - discuss their growing frustrations about the economic downturn share: money-savings tips purchasing strategiesNielsen Online

  29. Technology “78% of women say they use the internet to research a product before hitting the cash register” –Boom • Hottest items women> 40 • cell phones, digital cameras, DVD players & computers • Website is vital • 30% of women state a bad websitewill induce them toshop elsewhere.

  30. Super Rich • Read & Go Online More • Affluent “heads-of house” read more publications • Consumption of media increases with affluence • Use the internetmore heavily than balance of the population • 2008 Affluent Survey from Ipsos Medelsohn

  31. Cape Business Publishing Group • How Cape Business can help you reach women & baby boomers • Cape Business Publishing has access to the largest, mostprecise data base on Cape Cod. • Health & Wealth magazine reaches the 20,000highest assessed homes on Cape Cod • Nearly half of their mailing goes to second homes & mail Health & Wealth to the primary address of those second homeowners Ask yourself these questions: #1) Who do you want to reach? #2) How do you guarantee they will see your message? #3) Once you reach your prime customers, how do you keeptheir attention? #4) Once you have their attention, how do you follow up and develop a relationship with your customers? capebusiness.net BusinessConnector.biz

  32. Communicating with print materials Great words – • Tap into our myths • Our dreams • Our aspirations • And live beyond the exposure of a few ads. Brent Green

  33. Website One of your biggest marketing tools. walmart.com –has become it’s biggest marketing tool. Your website makes you just as big as WalmartComputer screens are the same size ! Make sure you have a website Places to have links to your website: Hyannis Area Chamber of Commerce Cape Cod Chamber of Commerce Cape Cod Publishing Group Tap into your audience with your other marketing: -print -radio -online -cable TV -direct mail

  34. Online Radio Big Jump in online radio listening at work Radio continues to hold its audience- • 63% listen dailyArbitron & Edison Media Research Marketing Charts 9/30/08 • 92% of Cape Codders listen to radio each weekArbitron

  35. Radio on the Web Making Gains Nearly one in fiveonline users now visit a localradio station web site in a typical month representing more than 18 million adults. The Media Audit 11/9/07 CapeCod.com

  36. Vehicle Buyers & Radio Media Vehicle Buyers Planning-To-Purchase Out-listen the average adult on the radio by 20% Internet-largest increases in media by automotive consumers ranking 2nd behind radio. Our latest research indicates that radio is one the strongest ways for the U.S. auto industry to communicate its product advantages to planned vehicle purchases.. Listening in-car is one of the reasons that radio makes up such a strong proportionof a consumer’s media day. Center for Media Research” 9/21/2007

  37. Taking color to the next level 39 % consumers say they will walk out of dealership if it doesn’t have a vehicle they want in their color of choice Ford Motor Company research

  38. Consumers Prefer to Buy From • From companies that reflect their values • Nearly nine in ten Americans say the words • “Conscious consumer” more likely to buy (if products are of equal quality & price) from companies that: • 90%-Manufacture energy efficient products • 88%-promote health & safety benefits • 87% -support fair labor & trade practices • 87%-commit to environmentally-friendly practices “Research Brief 11/12/07”

  39. Search & Purchase Decisions Depends on type of Product Research Brief 6/5/08 Need to articulate value & benefits of yourproduct Doug Fleener, Dynamic Experience Group Consumers’ word is best advertisement 87% -trust direct recommendations from other consumers - what marketers call “word of mouth” Girlfriends-one of most cherished elements. Even more important with age- key to being happy & living long

  40. Marketers are overlooking the missing link-Boomer-To-Friend (B2F) ConnectionsNew survey from PRNewsFoto/Weber Shandwick March 19, 2007 89% of boomers advise their friends on purchasing decisions 89% of boomers asked for recommendation advised friends or other boomers B2F communications are circular, with 93% of boomers have fellow boomers & friends as trusted sources of information Boomers communications -84% face to face -82% phone -45% online Financial services –”Code of silence” -Only 5% of boomers made recommendation in past year- in areas Insurance, banking, investments & retirement

  41. Boomer Elites • Boomers are the wealthiest generation in US History • Only one in ten is truly affluent • Boomer Elites have plans to invest in big ticket items: • Technology products, furniture and appliances • at a rate of almost twice the spending of the average Boomer. • Willing to pay a premiumfor quality goods and place brand names in high regard. • Particularly true for spending on their homes which they see as an investment as well as an extension of their own image. Focalyst, June 14, 2007

  42. Profile of Average Boomers Boomer Elite

  43. Planned Spend on Big Ticket Items in the Next Year(Of those consumers that plan to spend in the next 12 months) Source: Focalyst, June 2007

  44. Media-Boomer Elites • Boomer Elites are avid consumers of media, says the study, more so than Boomers in general. On a daily basis, • 91% watch TV • 87% read a newspaper or magazine • 76% listen to theradio • 75% use the internet • Print is particularly effective with this group as they spend an average of 30 minutes a day each on newspapers and magazines, with 4 in 10 saying that they read the ads in themagazines they subscribe to. • Focalyst , June 2007 Another local media is Comcast Spotlight

  45. Marketing to Her Promote customer service Promote quality Create a little magic for your customers Make your customers’ shopping easier for the holidays “We’ll find it, we’ll wrap it, we’ll do it all”Talbots Baby Boomers spend 43 billion a year on apparel

  46. Why is marketing to Cape Cod women boomers so important? - Generally higher level of wealth on Cape Cod in both estimated income figures & home values - Large proportion of the household spending - The growth of the internet by women as a vehicle of -research -shopping -conducting transactions -managing financial accounts - On-going growth of the second (seasonal, vacation, non-resident) homeowner segment of our economy - With women accounting for almost 30% of primary owners of vacation type home (and sharing ownership with another estimates 30%) their role in influencing Cape Cod’s growth and prosperity simply can not be underestimated Mark Linse, M.G.M. Mailing Lists

  47. The largest & fastest growing market? • The women consumer !!! • “Why is it important? • The business is there • The real question is, Where are you? “Marketing to Women-Marti Barletta

  48. Don’t let the Grinch steal Christmas Stores Brace for Worst Holiday Since 1991 For retailers…calling for weakest Christmas in 17 years With the economy, gas & fuel prices Consumers will likely be saying “no-ho-ho” unless you can show them value. They are going to buy what really excites them Mediapost 9/18/08 High–end retailers are going to have to work harder to tempt shoppers. While shopping, 70.9% like it when employees wish them a “Merry Christmas” because it is the Christmas season 92.6% say malls, stores and parks should be allowed to display the Nativity Scene during the Christmas season BIGresearch 9/26/08 Thank goodness womenarethe primary consumers when it comes to Christmas Shopping!

  49. Online Consumers Shopping Strategies Harris Interactive 10/13/08

  50. What online Shoppers are Buying Harris Interactive 10/13/08

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