Stop thinking ROI and start thinking ROW (Return on Women)
I attended and chaired a round-table on social media marketing to women car buyers at the annual M2W - Marketing to Women conference recently where the brightest and greatest minds on how to reach women spoke, networked and discussed the latest trends and strategies. It was invigorating and a nice change of pace for me to spend time mostly in the company of women who like me understand the "Power of the Purse". I am very committed to speaking and training mostly men in the auto industry that women are not a diversity or niche market and how to improve results with women. Women are the majority of car, tire and service customers, yet at M2W it was the like singing to the choir, very few men attended the conference and ZERO men from the auto industry in attendance.
While women control over 80 percent of all purchases, over 70 percent of all advertising is created by men.
Women influence over 85 percent of all automotive purchases yet 74% of women surveyed feel misunderstood by automotive marketers.
Sound bites from the conference:
Women are looking for substance - you have to stand for something. 78% of women say leading companies are driven by values.
"Edgy" "excess" "too much fun" and "living life large" are being replaced by "giving back." Women want to know what you stand for.
Instead of asking "do I want it," she's asking "do I need it."
Women are hoping for the best but preparing for the worst during the current economic climate.
Women right now are looking for value, but that doesn't necessarily mean they are looking for cheap.
A woman's buying process is longer. Good enough isn't good enough - she's looking for the perfect answer.
She is more expensive to acquire, but cheaper to keep - because she's invested more time in her decision, she's more confident in that decision. There's a higher psychological cost if she walks away.
If she complains and you handle the complaint and satisfy her, she's even MORE likely to recommend you than if she had a good experience. Make it easy for her to complain. She is trying to communicate with you and solve the problem with YOU.
Guys: Are you listening?
President and CEO