According to Leo Burnett Worldwide, even though women choose how 88 cents out of every disposable dollar is spent, advertising has yet to catch up to the sheer volume of women decision makers.
Show me the money - Women have the money
As the earning power, mobility, and number of families increase, women’s spending decisions are becoming increasingly important to the consumer spending portion of the economy. Below we will make the case that women are a market that is profitable to advertise.
Male Population vs Female Population since 1969
The female population growth has remained ahead of men since 1969.
Women’s Participation in the US Labor Force
As women’s participation in the labor force has increased, they have become more mobile, requiring newer forms of advertising to capture this audience.
Women’s Contribution to the Dual Income Family
There is absolutely no doubt that the spending power of the female demographic is growing at a faster rate (accelerating) faster than male spending power. While this does not necessarly mean that their spending power is greater or will maintain this rate of growth, it does leave room for the findings of Leo Burnett Worldwide.
Methods of Advertising to Women
Traditional media is increasingly becoming irrelevant as the newspaper, television, and radio industries hurriedly scurry about trying to figure out what the next form of advertising will be to sustain their industries, but this has been a boon for the outdoor and out of home advertising industry. As a result of this, my company specializes in traditional and non traditional out of home advertising.
What types of advertising are best directed towards women? If you are a local business, chances are your budget is not the same size as a nationwide company, and your target is certainly not the same target as a nationwide firm.
If you agree that nontraditional media is a sound and effective way of branding your business, then you might want to consider the following types of non traditional advertising:
- Hair Salons
- Utilizing networks of hair salons in your local market allow you to place interior billboards to display to women as they sit in the salon, often times for several hours.
- Branded aprons, pedicure mats, and process boards are all ideas you might consider if you are looking for maximum impact
- Nail Salons
- Similar opportunities are available for nail salons. Nail salons typically are more specialized, and have a lower frequency than hair salon advertising.
- Spas and Yoga Studios
- Both of these venues allow you to advertise to women who most likely are purchasing decision makers for high income families. Women who frequent spas, fitness clubs, or yoga studios are typically younger and have disposable income
Traditional Outdoor
There are methods available which allow you to use billboards and street posters to advertise to women commuters. Billboards are typically a general market product, but by using demographic software and recent census bureau information you should be able to do an adequate job using billboard advertising to reach the female demographic. However, keep in mind that many outdoor companies have learned that sheer geographic positioning has a lower than expected impact on the immediate surrounding area. This is why a billboard strategy must be accompanied by a long duration
If you need to speak to females and let them know about your product, you can - it is too often that business owners are unaware these options exist and therefore miss an opportunity that would have otherwise earned them a few sales.