Transcript women - Osterville, MA CPA / Katherine Hickey Fulham, CPA

Multi Media Marketing Women and Baby Boomers
October 2008
KATHERINE HICKEY FULHAM, CPA
Why Market to Women Boomers?
The Power of the Purse
Women are going to control 2/3’s of the
consumer wealth in the U.S. in the
coming decade
Which segment will have the most growth?
Age 45 to 64 will grow 30%!
…that’s why it’s important!
-Boom
KATHERINE HICKEY FULHAM, CPA
So what should you do?
Before you can navigate the marketing
maze on Women Boomers
Get demographics-U.S. & Cape Cod
Get key industry statistics
Make decisions on current, accurate data
“So buckle your seatbelts. After all, She’s in the driver
seat!”
Boom
KATHERINE HICKEY FULHAM, CPA
Consider these other statistics.
How do they influence your business decisions?
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37 million women invest today
43 percent of Americans with $500,000 of assets are women.
72 percent of married women are the primary purchasers in
families
42 million women are ages 40 to 60.
Women own solely or jointly 87 percent of homes.
Women control or influence 80 percent of consumer purchases.
By the year 2010, 60 percent of wealth will be controlled by
women.
7 in 10 women say they need help with their finances
KATHERINE HICKEY FULHAM, CPA
One customer market you can’t
afford to ignore
Because of its size and financial clout
7 Trillion U.S Annual spending by women
64% of total U.S. domestic product
47% investors are women-tend to generate higher returns
than male counterparts
70% of women will be solely responsible for their finances at
some point in their lives
Control half of all private wealth in U.S.
In 2012 women will control two-thirds of private U.S. Wealth
ABA Bank Marketing-October 2007
KATHERINE HICKEY FULHAM, CPA
Women and Small Business
100 million women owned businesses in the U.S.
generating 2.5 trillion in annual income
Women are starting businesses at nearly 2 times
the rate of men. Center for Women’s Business Research
Women have 50% ownership in 40% of
companies in U.S.
ABA Bank Marketing-October 2007
Past 15 years women have been starting 70% of
all businesses.
KATHERINE HICKEY FULHAM, CPA
Run Your Numbers!
Women today comprise a significant
majority of customers for most businesses.
Focusing on their preferences is BIG
business
Which can dramatically affect a company’s
sales
market share &
profits
“Don’t Think Pink”
KATHERINE HICKEY FULHAM, CPA
Crunching the Numbers:
Maximizing Marketing Value During a Downturn.
During time of economic stress is the worst time to
scale back on your marketing.
A downturn gives companies a golden opportunity to
develop deeper relationships with their customers & partners
through relationship marketing.
September 30, 2008
8
KATHERINE HICKEY FULHAM, CPA
Brand-Specific & Company –Friendly Numbers
Importance of having strong research
based on facts not on opinions or assumptions
Need to customize your data
Reframe statistics to be relevant to your brand
Translate your research to specific strategic
observations &
action points
“Don’t Think Pink”
You need to TARGET your market
KATHERINE HICKEY FULHAM, CPA
Women households on Cape Cod
Of 86,765 households, there are …
Households with a married woman – 55,919
Households with at least one single woman – 25,369
Of all these households…
32,000 are likely investors
76,000 are credit card buyers
34,000 are heavy credit transactors
43,000 have credit cards for upscale department stores
28,000 purchase online
74,000 are mail order buyers Mark Linse
KATHERINE HICKEY FULHAM, CPA
Interest of Cape Cod Women
The Arts = 20,000
Beauty & Cosmetics = 19,000
Career & Career Improvements = 19,000
Community & Charities = 37,000
Computers = 52,000
Cooking = 61,000
Dieting & Weight loss = 22,000
Exercise & Health = 42,000
Fashion = 33,000
Home Improvement = 66,000
Investing & Finance = 33,000
Travel =34,000
Mark Linse,M.G.M. Mailing Lists
KATHERINE HICKEY FULHAM, CPA
Women as customers and clients-
second-home market
14,548 second homes on the Cape are
owned by women.
41,151 women primary homeowners (all)
Secondary & Primary women homeowners with $100,000+
estimated income= 19,857
Can you find them and serve them?
And if so, what do they demand as
customers and clients?
updated , Mark Linse
KATHERINE HICKEY FULHAM, CPA
Shift in Gender of core consumer
A “traditionally” male-oriented company
waking up to the gender shift.
After internal research the owner of
company that produced & sold riding
lawn movers was “shocked” to discover80% purchased by women
Women Roar -marketing guru Tom Peters,
Don’t Think Pink
KATHERINE HICKEY FULHAM, CPA
Financial Assetsof Women Households on Cape Cod
674 have financial assets of $2 million or more
6,507 have financial assets between $1 million
and $2 million
1,965 have financial assets between $750,000
and $1 million
5,451 have financial assets between $500,000
and $750,000
17,699 have financial assets between $250,000
and $500,000
Updated Mark Linse, M.G.M. Mailing Lists
KATHERINE HICKEY FULHAM, CPA
Net Worth
of Women Households on Cape Cod
7,648 have net worth of $2 million or more
6,285 have net worth between $1 million
and $2 million
14,189 have net worth between $500,000
and $1 million
33,342 have net worth between $250,000
and $500,000
Updated
Mark Linse, M.G.M. Mailing Lists
KATHERINE HICKEY FULHAM, CPA
Profitability in Women’s Market
“Marketing to women will deliver
more profit to your bottom line
than ..the same budget against all male
budget”
“Marketing to Women-Marti Barletta”
KATHERINE HICKEY FULHAM, CPA
Retailers are failing
By targeting Baby Boomer Womens’
age rather than a lifestyle.
AP article 4.12.07
Rather than market to her B.C.
“Birth Certificate” age
Market to her A.C.
“Adjusted Chronological ” age
Boom
Doug Fleener, The Profitable Retailer & The Retail Experience
[email protected]
www.retailnewsletters.com (Free newsletters)
KATHERINE HICKEY FULHAM, CPA
“On Why Not to just
Shrink it & Pink it”
L.L. Bean-70% of their customers are women,
most are 45-55 years old
College educated, grown children & career
Price-conscious shopper
Biggest growth areas- developing sporting
equipment especially for her
Fran Philip, Chief Marketing Officer - LL Bean
KATHERINE HICKEY FULHAM, CPA
Higher Customer Satisfaction
Effectively targeting women generates higher customer
satisfaction –among both men & women
Women want all the same things as men-and then some
When you meet the higher expectations of women, you are
more than fulfilling the demands of men
You’ve got the 2 satisfied customers for the price of one
Marketing to Women-Marti Barletta
Women are three times more likely than a man to
share the outcome of a purchase experience with others
ABA Bank Marketing October 2007
KATHERINE HICKEY FULHAM, CPA
Importance of Boomer Women
Women influence 80% of all consumer-buying
decisions in the U.S.
3 out of 4 of the women are mothers.
Children influence nearly 50% of what mother’s
spend
Michael Mendenshall, VP,Walt Disney Parks & Resorts Research
KATHERINE HICKEY FULHAM, CPA
Travel
Women online
65% use the web to purchase &
arrange travel reservations
71% use web for travel research
Travel is critical to her state of mind
Women make 80% major travel decisions
31% of all trips taken by boomers include at
least one child or grandchild
Boom
KATHERINE HICKEY FULHAM, CPA
Power of Grandmother’s Purse
Grandmothers
spend $30 billion annually on grandkids
Most purchases-birthdays & holidays
Big story is the grandparents’ market.
By 2010, 80 million grandparents in U.S.
Generous gift givers
Age 45-64 biggest gift givers
Age 55-64 2nd biggest gift givers
PTW
KATHERINE HICKEY FULHAM, CPA
Grandparent Study
87 % of grandparents buy clothing for their
grandchildren
80% purchase books
78% purchase “fun foods”
52% help pay for the grandchildrens’ education
45% purchase DVDs or video for their grandkids
37% purchase jewelry
31% buy video games
76% buy toys, accounting for one out of every 4 toys
sold in America each year or approximately $3.4
billion annually.
AARP 2002 “Grandparent Study and American Demographics
KATHERINE HICKEY FULHAM, CPA
Fitness
7 in 10 Boomer Women feel a lot younger that actual age.
62 % work to maintain a youthful appearance.
“You can stop ‘normal’ aging” . “Normal is not normal at all”
“It’s a choice you make by the way you live … to tell your cells to grow to
build a strong, vibrant body & mind”
Two master signals to our cells:
Exercise
Emotion
Dr. Henry Lodge, Columbia Medical School 3/18/2007
42.4% Boomers have a regular exercise program (2+ times weekly)
( 2% more than all adults)
Center for Media Research 10/18/07
96% of women-having a healthy family is a top priority
“Barnstable has the 6th lowest body mass index in the US”
AARP Healthiest Home Towns October 2008
KATHERINE HICKEY FULHAM, CPA
Home & Family
Women initiate 80% of all home improvement
purchase decisions
. . . especially big ticket items
- Kitchen cabinets
- Flooring
- Bathroom fixtures
Lowe’s & Home Depot –50% of their
customers are women
Marti Barletta, PTW
KATHERINE HICKEY FULHAM, CPA
Home & Family
2004 survey of affluent women (Medium HHI $150,000)
93% of respondents expect to decorate &
redecorate their homes indefinitely.
Marti Barletta
Ace Hardware study
- Women spend 50% more per average purchase
than men.
- Women spend $50 billion a year in the home
improvement industry
-Boom
KATHERINE HICKEY FULHAM, CPA
Boomers Biggest Green Shoppers
Male & female groups 55 years or older are above average
users of environmentally friendly home products.
Of those who don’t buy green
50% say these products are too expensive
17% don’t believe they are much better for the
environment
Successful earth friendly salesThey’re going to have to start considering price as a key
issue,
As well as finding ways to back up claims more clearly, to
build trust
‘Sarah Mahoney , Mediapost 9/9/08
KATHERINE HICKEY FULHAM, CPA
Economy & Strategies
Women use the internet to manage their lives
- go to few sites
- spend more time on those sites
Power of the Purse
US consumers are going online
- discuss their growing frustrations
about the economic downturn
share:
money-savings tips
purchasing strategies
Nielsen Online
KATHERINE HICKEY FULHAM, CPA
Technology
“78% of women say they use the internet to
research a product before hitting the cash
register”
–Boom
Hottest items women> 40
cell phones, digital cameras, DVD players & computers
Website is vital
30% of women state a bad website will induce them to
shop elsewhere.
KATHERINE HICKEY FULHAM, CPA
Super Rich
Read & Go Online More
Affluent “heads-of house” read more
publications
Consumption of media increases with
affluence
Use the internet more heavily than
balance of the population
2008 Affluent Survey from Ipsos Medelsohn
KATHERINE HICKEY FULHAM, CPA
Cape Business Publishing Group
How Cape Business can help you reach women & baby
boomers
Cape Business Publishing has access to the largest, most
precise data base on Cape Cod.
Health & Wealth magazine reaches the 20,000 highest
assessed homes on Cape Cod
Nearly half of their mailing goes to second homes & mail
Health & Wealth to the primary address of those second
homeowners
Ask yourself these questions:
#1) Who do you want to reach?
#2) How do you guarantee they will see your message?
#3) Once you reach your prime customers, how do you keep
their attention?
#4) Once you have their attention, how do you follow up and
develop a relationship with your customers?
capebusiness.net
BusinessConnector.biz
KATHERINE HICKEY FULHAM, CPA
Communicating with print materials
Great words –
Tap into our myths
Our dreams
Our aspirations
And live beyond the exposure of a
few ads.
Brent Green
KATHERINE HICKEY FULHAM, CPA
Website
One of your biggest marketing tools.
walmart.com –has become it’s biggest marketing tool.
Your website makes you just as big as Walmart
Computer screens are the same size !
Make sure you have a website
Places to have links to your website:
Hyannis Area Chamber of Commerce
Cape Cod Chamber of Commerce
Cape Cod Publishing Group
Tap into your audience with your other marketing:
-print
-radio
-online
-cable TV
-direct mail
KATHERINE HICKEY FULHAM, CPA
Online Radio
Big Jump in online radio listening
at work
Radio continues to hold its
audience63% listen daily
Arbitron & Edison Media Research
Marketing Charts 9/30/08
92% of Cape Codders listen to
radio each week
Arbitron
KATHERINE HICKEY FULHAM, CPA
Radio on the Web Making Gains
Nearly one in five online users now
visit a local radio station web site in a
typical month representing more than
18 million adults.
The Media Audit 11/9/07
CapeCod.com
KATHERINE HICKEY FULHAM, CPA
Vehicle Buyers & Radio Media
Vehicle Buyers Planning-To-Purchase
Out-listen the average adult on the radio by 20%
Internet-largest increases in media by automotive consumers
ranking 2nd behind radio.
Our latest research indicates that radio is one the strongest ways
for the U.S. auto industry to communicate its product
advantages to planned vehicle purchases..
Listening in-car is one of the reasons that radio makes up such a
strong proportion of a consumer’s media day.
Center for Media Research” 9/21/2007
KATHERINE HICKEY FULHAM, CPA
Taking color to the next level
39 % consumers say they will walk out
of dealership if it doesn’t have a
vehicle they want in their color of
choice
Ford Motor Company research
KATHERINE HICKEY FULHAM, CPA
Consumers Prefer to Buy From
From companies that reflect their values
Nearly nine in ten Americans say the words
“Conscious consumer” more likely to buy
(if products are of equal quality & price) from companies that:
–
–
–
–
90%-Manufacture energy efficient products
88%-promote health & safety benefits
87% -support fair labor & trade practices
87%-commit to environmentally-friendly practices
“Research Brief 11/12/07”
KATHERINE HICKEY FULHAM, CPA
Search & Purchase Decisions
Depends on type of Product
Research Brief 6/5/08
Need to articulate value & benefits of your product
Doug Fleener, Dynamic Experience Group
Consumers’ word is best advertisement
87% -trust direct recommendations from other consumers - what
marketers call “word of mouth”
Girlfriends-one of most cherished elements. Even more
important with age- key to being happy &
living long
KATHERINE HICKEY FULHAM, CPA
Marketers are overlooking the missing link-
Boomer-To-Friend (B2F) Connections
New survey from PRNewsFoto/Weber Shandwick March 19, 2007
89% of boomers advise their friends on purchasing decisions
89% of boomers asked for recommendation advised friends or
other boomers
B2F communications are circular, with 93% of boomers have fellow
boomers & friends as trusted sources of information
Boomers communications
-84% face to face
-82% phone
-45% online
Financial services –”Code of silence”
-Only 5% of boomers made recommendation in past year- in areas
Insurance, banking, investments & retirement
KATHERINE HICKEY FULHAM, CPA
Boomer Elites
Boomers are the wealthiest generation in US
History
Only one in ten is truly affluent
Boomer Elites have plans to invest in big ticket
items:
Technology products, furniture and appliances
at a rate of almost twice the spending of the average Boomer.
Willing to pay a premium for quality goods and place
brand names in high regard.
Particularly true for spending on their homes which they see
as an investment as well as an extension of their own
image.
Focalyst, June 14, 2007
KATHERINE HICKEY FULHAM, CPA
Profile of
Average Boomers
Boomer Elite
Percentage Male
49%
64%
Married or
Partnered
69%
92%
Children in
Household
37%
42%
College
Educated
73%
92%
Health Status
rated Very
Good/excellent
55%
75%
$282,000
$519,000
Avg. Market
Home Value
KATHERINE HICKEY FULHAM, CPA
Planned Spend on Big Ticket Items in the Next Year (Of those
consumers that plan to spend in the next 12 months)
Total Boomers $
Boomer Elite $
Difference %
Household Items
$2,198
$4,608
110%
Technology
Products
1,092
1,886
73%
Travel - Next Trip
1,593
2,580
62%
Home
Improvement
6,034
9,632
60%
Source: Focalyst, June 2007
KATHERINE HICKEY FULHAM, CPA
Media-Boomer Elites
Boomer Elites are avid consumers of media, says the study,
more so than Boomers in general. On a daily basis,
91% watch TV
87% read a newspaper or magazine
76% listen to the radio
75% use the internet
Print is particularly effective with this group as they spend
an average of 30 minutes a day each on newspapers and
magazines, with 4 in 10 saying that they read the ads in the
magazines they subscribe to.
» Focalyst , June 2007
Another local media is Comcast Spotlight
KATHERINE HICKEY FULHAM, CPA
Marketing to Her
Promote customer service
Promote quality
Create a little magic for your customers
Make your customers’ shopping easier for the
holidays
“We’ll find it, we’ll wrap it, we’ll do it all”
Talbots
Baby Boomers spend 43 billion a year on apparel
KATHERINE HICKEY FULHAM, CPA
Why is marketing to Cape Cod women boomers so important?
- Generally higher level of wealth on Cape Cod in both
estimated income figures & home values
- Large proportion of the household spending
- The growth of the internet by women as a vehicle of
-research
-shopping
-conducting transactions
-managing financial accounts
- On-going growth of the second (seasonal, vacation, nonresident) homeowner segment of our economy
- With women accounting for almost 30% of primary owners
of vacation type home (and sharing ownership with another
estimates 30%) their role in influencing Cape Cod’s growth
and prosperity simply can not be underestimated
Mark Linse, M.G.M. Mailing Lists
KATHERINE HICKEY FULHAM, CPA
The largest & fastest growing
market?
The women consumer !!!
“Why is it important?
The business is there
The real question is,
Where are you?
“Marketing to Women-Marti Barletta
KATHERINE HICKEY FULHAM, CPA
Don’t let the Grinch steal Christmas
Stores Brace for Worst Holiday Since 1991
For retailers…calling for weakest Christmas in 17 years
With the economy, gas & fuel prices Consumers will likely be
saying “no-ho-ho” unless you can show them value.
They are going to buy what really excites them Mediapost 9/18/08
High–end retailers are going to have to work harder to tempt
shoppers.
While shopping, 70.9% like it when employees wish them a
“Merry Christmas” because it is the Christmas season
92.6% say malls, stores and parks should be allowed to display
the Nativity Scene during the Christmas season
BIGresearch 9/26/08
Thank goodness women are the primary
consumers when it comes to Christmas
Shopping!
KATHERINE HICKEY FULHAM, CPA
Online Consumers Shopping Strategies
Harris Interactive 10/13/08
KATHERINE HICKEY FULHAM, CPA
What online Shoppers are Buying
Harris Interactive 10/13/08
KATHERINE HICKEY FULHAM, CPA
Online Shopping Tools
Harris Interactive 10/13/08
KATHERINE HICKEY FULHAM, CPA
Americans prefer gift cards or cash to
Holiday Gifts
Consumer mood:
56% will be looking for sales more as they holiday shop
59% will be spending less this year than in holidays past
46% of those who give/receive gifts during the holidays say
they hate to return gifts because of the hassle
84% say gift cards are a smart alternative for people they don’t
know well
10% have re-gifted gift cards received
22% re-gifted gifts received
23% like to exchange gifts for things they would rather have
16% have received gift cards that they’ve never redeemed
16% have received gift cards that they’ve only partially
redeemed
BIGresearch 9/26/08
KATHERINE HICKEY FULHAM, CPA
The Secret to winning her trust…
… is to know her Heart, Mind and Life
The Secret to “winning her purchases
is to ignite an intense connection
between her emotional need
and your Brand!”
Marti Barletta-PTW
KATHERINE HICKEY FULHAM, CPA
“Good Days and Bad Days,
and Going Half Mad Days” Jimmy Buffet
“Monday was all three of those all rolled up in to one”
(referring to Monday, October 13, 2008)
Doug Fleener, Dynamic Experiences Group 10/14/2008
Good part of the day obviously was the stock market.
Bad part of the day were the ugly predictions coming out about
this holiday season
Going to half-mad part- between the stock market & all the rest
= “wicked” roller coaster ride
Things to do:
1.
Increase the amount of marketing to your customer list –
more productive to market to the customer you know versus the one
you don’t know. Market to the top 100-250 customers who offer them
most opportunity.
2.
3.
Keep your team motivated and focused
Invest time, energy and even more dollars in employee
training.
KATHERINE HICKEY FULHAM, CPA
Winning her loyalty
Eight Main Deliverables
1.
Help Her Solve a problem
2.
Provide Her with Genuine Value
3.
Offer Her Customization
4.
Promise and Deliver on Authenticity
5.
Provide Her with Filtering Tools
6.
Feed Her Attention to Details
7.
Satisfy Her Demand for Serviceonly 19% of women say they actually receive great
customer service even though 97% expect it
8. Humanize the Experience
Boom
KATHERINE HICKEY FULHAM, CPA
Visit Marti Barletta’s Website
The TrendSight Group
http://www.trendsight.com
KATHERINE HICKEY FULHAM, CPA
Marketing Opportunities
Life events mean marketing opportunities…
They include new reasons and ways to consume the
same products they always have.”
Diane Crispell, Rpper ASW
It’s all about:
Finding Answers
Creating Solutions
Thank you for joining us today
KATHERINE HICKEY FULHAM, CPA
Multi Media Marketing Women and Baby Boomers
Presentation prepared by
Kathey Hickey Fulham, CPA, MST
Certified Public Accountant
Master of Science in Taxation
Finding Answers
Creating Solutions
7 Parker Road
Osterville, MA 02655
508-420-3456
VISIT MY WEBSITE
Subscribe to my free monthly newsletter with many tax savings tips
www.KatheyFulhamCPA.com
October 2008
KATHERINE HICKEY FULHAM, CPA