Power of the Women’s Market

One of the first topics we talked about in my Strategy class at NYU was the power of marketing to women. My professor asked the question, “if you are not marketing to women, who are you marketing to?” Before this class I did not fully apprehend the power that lies within our gender: women now account for 85 percent of total customer spending, as stated by the Center for Women’s Business Research in Washington, DC.

I have always been one to advocate for equality of the sexes and have enjoyed reading books about or by women in leading positions. The news talks about more and more female CEOs in all segments of business. Select companies openly support gender equality and strive to close the gap between women’s and men’s  salary. Celebrities voice their opinion at international conferences. No doubt that we are not living in an ideal world yet as far as this issue goes, but we are making small steps in the good direction.

Marketers, however, must be leading the pack in change. Not every marketer has to turn into a feminist all of a sudden, but we must all look at the numbers supported by recent studies. As mentioned earlier, not only do women account for the majority of consumer decisions in America, but they do so in every category including new cars, healthcare and electronics. Moreover, the same study by the Center for Women’s Business Research showed that 86% of women entrepreneurs say “they use the same products and services at home as they do in their business,” which is an important fact considering that 65% of business owners are women.

MORE NUMBERS

Women account for $7 trillion in US spending. Yes, $7 trillion, which is also over half of the US GDP. As women’s earning power increases, the average woman is expected to surpass the average male earnings by 2028. Over 50% of traditional male products are purchased by women. In the digital world, women account for  58% of all total online spending, along with the following numbers:

  • 22% shop online at least once a day*
  • 92% pass along information about deals or finds to others*
  • 171: average number of contacts in their e-mail or mobile lists*
  • 76% want to be part of a special or select panel*
  • 58% would toss a TV if they had to get rid of one digital device (only 11% would ditch their laptops)*
  •  51% are moms*

*Source: Mindshare/Ogilvy&Mather

These statistics are just the cream of the crop, if you would like to know more you can visit Women’s Business Exchange, She-conomy or Catalyst.

CHANGES

We have seen a handful of successful advertising campaigns that took the above numbers into consideration when creating their messaging. First one to come to mind is Old Spice and the famous shirtless guy on a white horse, convincing ladies that their man should at least use Old Spice if they can’t be him. This successful rebranding move by the company couldn’t have been more spot on: they realized women are the ones purchasing their partner’s deodorant stick most often.  Under Armour signed Misty Copeland for their “I Will What I Want” spot in celebration of the ballerina’s determination and many accomplishments. Verizon launched it’s “Inspire Her Mind” commercial in 2014 and these are just a few of the many brands who realized the great power that lies within marketing to women. In NYC, the agency called Womenkind specializes in reaching the women’s market, providing women’s consumer insight strategy to those working with them.

If you have any favorite ad campaigns targeting women that may have not been doing so beforehand, I would love to hear about them in the comments!

Sources: Women’s Business Exchange, She-conomyCatalyst, Huffington Post

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What Makes an Outstanding Marketing Analytics Expert?

This weekend I had the chance to attend NYU’s Digital Analytics Conference, the first ever of its kind. I was lucky to get a spot in the audience, as the event filled up very fast. After attending the first day I knew exactly why. NYU brought in wonderful speakers, all of whom were experts within the area of Marketing Analytics and were eager to share their wisdom with us budding students.

The most memorable session to me was the Panel Discussion titled Using Digital Analytics in Industry Verticals. Three professionals told us about  their perspective of the industry and shared tips and tricks they find useful in their work lives. The panelists all fulfill different roles at their respective companies:

  • Leyda Hernandez, Director of Marketing at Priori Legal, a pioneering company combining technology and legal services
  • Jessica Rifkind, Manager of Analytics and Customer Insights at L’Oréal Luxe where she oversees brands such as Lancome, Giorgio Armani, Urban Decay and Clarisonic among others
  • Robb Hecht, VP, Integrated Account Moderator at FCB Global, a worldwide integrated marketing communications agency

As an aspiring Marketing Analytics professional, I was most interested in the panelists’ opinion about what makes an outstanding analytics expert. When asked this question, they had amazing advice I feel inclined to share with my fellow classmates with hopes  of breaking into the industry.

In my opinion, out of the three panelists, Jessica is most relevant to my concentration, as her day-to-day activities include a significant amount of  work in analytics. She shared with us that an analytics expert must have the willingness to dive into data, but he or she must know when to stop. It’s all about extracting the necessary information, without getting completely lost in Excel spreadsheets. Another important part of the to-do list is constant sanity checks, which is making sure every number aligns and makes sense. Failure to do so, she says, may result in someone else finding an error in your work, which is something you never want to happen. Analytics experts must be meticulous and precise, no excuses.

Leyda described someone who works within the area of marketing analytics as follows: he or she must be a data scientist, a psychologist and a creative mind all at once. Her explanation was down to the point. One must naturally be good friends with numbers but also have high emotional intelligence to know that customers are going to be different. Everyone has varying preferences and interests, and the beauty of being a marketing analytics expert lies within the ability to “break down the walls” of the customer’s brain and successfully predict what they will want next, with the help of data of course. Last, but not least, one must also possess a creative mind that helps with obtaining a worldly view of  how the data one is working on influences the overall marketing efforts of the company.

As the perfect last piece of advice, Robb suggested that data is the new creative. His statement relied upon the simple fact that data specialists and creatives of a company make each other look good, therefore they must  be best friends and perform at their best for everybody’s good.

I hope some of you fellow students hungry to learn will find these pieces of advice just as helpful as I did!

My Point of View: Super Bowl Ad Favorites

Hello Dear Readers!

This is the first post of what is hopefully going to shape up as my marketing blog. Credit goes to my Digital Marketing professor at NYU, who encouraged us to start a blog and create entries every week, reviewing anything marketing related. I am looking forward to this new challenge, as I must admit that writing lengthy paragraphs has not been my strength thus far, even though blogging isn’t unfamiliar to me. This is also a great place to let you know that I am now in my second semester of my Integrated Marketing program at NYU pursuing a Master of Science degree. Hopefully my humble fashionista side will marry well with the marketing guru I am destined to be! I am very excited about this new journey and even more excited that I get to share some of it with you through this outlet. Here we go!

Since this first assignment came about right after Super Bowl weekend, I must give in and write about all those unimaginably expensive advertisements that have been spoken about for more than two weeks now. Some of them appeared before the day of the Super Bowl, which allowed the world to see them and start shaping thoughts about them. Some got pulled, some never lost popularity, some had fun pre-campaigns leading up to the big day on different forms of social media.

Here I must insert a disclaimer and explain why I decided to include “My Point of View” in the title of this post. As a Hungarian who spent her first eighteen years in Hungary, there are many parts of the American culture that I did not experience first-hand. As a result I may not be knowledgeable about some TV shows, artists or movies that shaped America’s culture in the last century. The list goes on and on, but as a student eager to learn as much as possible about my environment, I try my best to read and ask so I understand more as I go. The cultural difference also comes with a somewhat different sense of humor, this is harder for me to explain but I am sure it has to do with upbringing as well. For these reasons some of the Super Bowl ads never made an impression on me and some others were memorable, so much so that I joined the conversation online.

With all that said, here are my Super Bowl 49 favorites, grouped into categories I thought were most characteristic of this year’s ads.

HUMOROUS

BMW i3

This ad became an instant favorite, even though the news anchors are not familiar to me. BMW got the message through loud and clear: the i3 is a big idea, even if it seems a bit odd for now. Which is probably what most of the people think when looking at the funky electric car at first. And second.

Kia

Kia played it smooth by casting Pierce Brosnan for this advertisement. Money well spent, both on the smart storyline that plays on the character as well as the execution of the extravagant imagery.

Mercedes

The first few seconds of this ad did not seem promising to me but the funny twist to the story landed it on my favorite list. Way to update an old fable with beautiful machinery and have the turtle fall into place at the end.

FAMILY VALUES

McDonald’s

Even though I doubt that this ad will make me visit a McDonald’s in the next two weeks, it warmed my heart and put a smile on my face.  I was also impressed to see the updated restaurants in the ad and would love to see that cleanliness in person one day.

Dove Men #RealStrength

Dove was the one “Dad and me” ad that stood out to me from a bouquet of not-so-impressive car advertisements with the same topic. Overplayed in some other clips, this ad seemed to be honest and heart-warming. If only they found a better voiceover for the last few seconds.

HEART-WRENCHING

Budweiser “Lost Dog”

Yes, this puppy ad had to make it on my list. Just like the majority of the viewers, I find it adorable. What I like about it even more is the buzz Budweiser managed to create in a smart and not-so-pushy way. About a week before the Super Bowl, I started noticing the familiar puppy on my Instagram feed and I do not follow Budweiser. Instead, random Instagrammers I follow posted pictures saying they found the lost puppy somewhere in their neighborhood. At first I did not realize that the coincidence wasn’t such a coincidence. Well played, Budweiser!

FEEL GOOD

Always  #LikeAGirl

Overplayed or not, this ad was relevant, fun and put smiles on girls’ faces around me. It was the only ad that convinced me to join the conversation online. The hashtag topped Twitter for the night. Check, check and check!