By Rieva Lesonsky
In honor of Women’s History Month, let’s take a look at what Nielsen, the data analytics company, calls “the powerhouse that invests, engages and influences—modern day women.”
American women control more than $39 trillion, or about 30% of the world’s wealth, reports Nielsen. What are they spending that money on—and how can you get them to spend some of it at your small business?
According to Nielsen’s research, it’s all about conscious consumption. All women, regardless of age or ethnicity, prefer to spend their money this way, but multicultural women in particular support companies “that give back to and do no harm to their environment, community, family, and health.”
As we noted last week, 58% of Black women are willing to pay more for products that are environmentally safe. In addition, 62% of Hispanic women say they buy products “based on quality, not price.”
If you want to reach female consumers, you have a lot of options. Nielsen reports, “Women are prodigious consumers of video, internet and radio, and they’re increasingly engaged with media and technology.” Like most Americans, women watch a lot of TV. But Nielsen says consumers in general, and women specifically, are spending increasing amounts of time with digital devices.
If you have the budget and women consumers are your target market, try radio ads. Women spend nearly two hours a day listening to the radio.
The bottom line, according to Nielsen: “As the media landscape changes, [women are] also adapting…by using new forms of technologies for everyday purchasing.” That means you need to try new methods to reach them. And don’t overlook digital marketing—it works.