Women make over 70% of the purchases of discretionary consumer goods and constitute the fastest growing global market - bigger than the consumer economies of China and India combined - and yet male executives don’t know how to sell to women.
The Boston Consulting Group surveyed 15,000 women in 22 countries and concluded that male executives don’t research their female consumer base enough to gain any real insight and then generally collaborate with other men on products and services that women buy.
BCG came out with a list of 10 errors that men commonly make in creating and marketing products that are most often purchased by women. Here are some of the 10 as reported by The Wall Street Journal.
Ignore the importance of emotional appeal. Senior male executives often rise to their leadership positions through manufacturing, finance, marketing or product development. They are rewarded and recognized for their ability to identify technical and functional benefits, but they often fail to realize that women buy goods for emotional benefits.
Cut price to build sales. When business slows, male executives will typically cut prices or create promotions to make up for a drop in sales, but this often has the opposite effect than the one desired. Women think of lower-priced goods and services as second rate and assume that the offerer has compromised on quality.
Fail to differentiate. Unless they research and refine, companies find themselves blind to womens' needs and dissatisfactions. They offer "me too" goods and wonder why they sit on the shelves.
Communicate clumsily. Marketing is often based on stereotypes rather than insight into the real problems women face . Sales and/or service delivery frequently fails to directly target segments of women and meet their needs exactly, finely, prescriptively.
Ignore the importance of community. A sense of community and empathy is lacking from most male-developed products and services. Personal connection and credibility are critically important to key service categories. One satisfied female customer will bring another nine or ten into the fold.
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