4 years ago, Nielsen found that only 54% of global campaigns aimed at women reached their intended audience. This was 3 years after 91% of women surveyed by the Terri and Sandy Solution said that advertisers didn’t understand them. Despite evidence that women drive commercial spend in the US and the UK, they are still undervalued as customers across the board. 

This is not just a big-business problem

Large- and small-scale campaigns for universal or gender-neutral products are often guilty of “missing the women”. Male prospects seem to be an easier target for traditional sales-based advertising. Or lazy, gendered stereotypes are dug up to try and make things more inclusive as an afterthought. In the male-dominated world of start-ups in particular, businesses are under-serving female prospects with their “launch fast, think later” approach. And yet women are not a market-share minority. They may be the prospects that make or break your business. Can you really afford not to reach them? Here are a few reasons why marketing to women should be a priority.

Women spend. A lot

Women drive 70-80% of the consumer spend in the US and estimated 70-85% in the UK (according to who you read). In the US, this roughly breaks down to purchasing decisions on 92% of holidays, 65% of cars, 93% of food, 91% of homes and 61% of PCs. In the UK, mums spend an estimated £205 billion of the Uk’s economy alone. As a world market, women represent an opportunity bigger than India and China combined, with a net worth of more than $20 trillion. 

Women buy for everyone

Women are the key decision makers in any family or household. Even if your product is designed for men, it’s likely that a woman will actually buy it and that one woman is responsible for more than one household’s purchase decisions. Women initiate 61% of all USA consumer electronic purchases and make over 50% of product purchases that are usually associated with men - cars, DIY products, and consumer electronics.* . They are a gateway for everyone in the family. And they buy things for themselves too.

Over 55’s - “invisible” super-spenders

Women who are over-55 are powerful consumers and wildly ignored. It’s estimated that by 2024, women who are aged over 55 will account for 17% of the population and 34% of women in the UK*. They are super-consumers with fewer financial responsibilities than younger women. Businesses should take them very seriously as prospects.

Women are excited by new brands and ideas

The Mintel Marketing to Women 2020 report showed that women are curious about new brands and like to try them. 73% of under-25s say that experimenting with new food and drink brands is “exciting” and they are return customers who buy again and again. If women find something they like, they tell their friends, with 1 in 3 mums recommending products to friends a few times a week. They post and promote on social media too. This advocacy is invaluable.

Women are innovators and early-adoptors

More women than men find that consumer electronics “make life easier” and “make it easier to stay in touch”. They only spend 10% less than men on electronic products* and have an eye on the tech marketplace too, with young women often beating men to technology trends. 

Just looks to alcohol for inspiration…

Alcoholic drink brands that are consumed by women have shown the greatest growth in recent years. Historically, alcohol companies have focussed on male prospects, but a more gender-neutral approach from some brands has seen great results. Not only are women reacting to campaigns, but men are switching to these new products as well. Low-alcohol/non-alcoholic beers, pink gins and rosé wines are now selling well across genders. 

According to Fidelity’s Financial Power of Women Report, by 2025 60% of the UK’s wealth will be owned by women. This alone is a good reason for Start-ups and SMEs to prioritise growing their female market share now. With irrefutable evidence that women control more of the consumer spend than men, it’s time to make the most of this under-developed opportunity and really get to know and understand women’s needs in relation to the products you are selling. As the alcohol industry has shown, marketing to women will do more than increase market share: when you talk to women, everyone listens. 

Amber Lee is a copywriter helping start-ups and brands reach more women