Marketing Virgin

Word of the day: Womenomics

A phrase initially coined by The Economist, womenomics refers to the amplified purchasing power of women on the economic and cultural front.

Ask any marketer what the 4 P’s of marketing are and you will get the same answer - product, price, place, and promotion.

When we talk about women, there are 4 NEW P’s - Pearls, Pumps, Purses, and Power.

• Pearls signify the prosperity the female customer represents to businesses. Her increasing discretionary dollars can make or break even large corporations, and will in the years to come. The woman consumer is truly a precious gem and should be treated as one.
• The Purse holds trillions of dollars that women will spend in the next decade. In many sports, the prize is referred to as the Purse. Think of the woman consumer as a valuable prize you need and want to secure. Without winning her Purse, you will lose not only this race but also the prospect of success in the future.
• Pumps represent the force women propel in the marketplace. She isn’t afraid to put on those pumps and walk out the door if she doesn’t get respect, fair prices, and professional treatment. Women today wear these pumps when shopping, climbing the corporate ladder, running their own businesses, or managing their households.
• Her Power is endless. Women have the money and the power to purchase. She should be sought after by you not because she makes up 51 percent of the population but because she spends 85 percent of the money. She is the buying agent for herself, her family, her business, and often her corporate purchasing department. She is both the inheritor of great wealth and the maker of it.

To view the complete article by Gerry Myers, please visit MarketingProfs.