Be Better Than Mr. Wonderful – Market to Women
Shank Tank’s Mr. Wonderful Isn’t Always Right
I’m kind of a Shark Tank junkie. In a time when I find too many TV shows about people who are famous for being famous, it’s refreshing to consume something of substance. I love the diversity of the “sharks” and think it’s awesome that they represent men and women from all types of backgrounds who constructed their fortunes from all sorts of building blocks. I even like the ever-controversial “Mr. Wonderful” whose candor is not always appreciated. Watching a recent episode with my husband, though, I was not only a little put off by the “wonderful” shark of the group, but also had an epiphany.
Two young men walked onstage, 007 style, dressed in tuxedos and armed with a pitch about Splikity. Splikity is a security app made to aggregate your passwords, store them, convert them all to just one hard to crack word and then automatically log you in to every account you have across any device. You never need to remember your passwords again! Cool, huh? I thought so. What I didn’t think was cool was the moment that Mr. Wonderful said something unthinkable and, in my opinion, ignorant!
Lori made mention of interjecting the female perspective into the discussion. Her male, billionaire counter-part proceeded to tell her that there “is no female perspective” on security software. After I picked up my mouth which had fallen to the floor, my husband was subjected to quite the rant through no fault of his own.
It went something like this:
There is absolutely a female perspective on security software, and not just because women are, in fact, fully capable of understanding technology and its practical applications. I have probably three times as many login passwords as my husband does and that’s a conservative guess. I shop online probably 10 times more often than him. (That’s not even a conservative guess. It’s just all I’ll admit to.) In fact, one study estimated that women buyers account for $6 out of every $10 spent online (and that was back in 2010). Sounds like a female perspective to me!
It occurred to me that if Mr. Wonderful, after earning billions, had not yet come to realize that female-targeted products and services are, well, ALL products and services, then maybe other business owners and entrepreneurs hadn’t accepted it yet either. Let me share just a few of the numbers with you.
Why Market to Women – Female Buying Power By The Numbers
• Women drive up to 80% of all US spending.
• The average American woman is expected to earn more than the average American male by 2028.
• Women make up 80% of healthcare decisions and 68% of new car purchase decisions.
• 61% of women influence household consumer electronic buying decisions.
• Women control more than 60% of all personal wealth in the U.S.
• Women account for: 91% of new homes, 92% of vacations, 89% of bank accounts, 66% of PCs, 93% of food and 58% of total online spending.
This is a list that could go on for pages, but I think you get the point. I’m not a shark, but it seems to me that if Mr. Wonderful doesn’t get it yet, your competition may not either, which gives you the chance to jump in front of the herd.
The question is though – now that you understand that you need to market to women, how do you go about it? There is no one answer, but I can tell you that it goes beyond pink branding (way beyond actually, but more on that at a later date) and stretches into every aspect of your website, your marketing, and the entire buying experience.
Stay tuned, because we at NoSleepForSheep plan to talk more about the subject, but you can always give us a call if you’re ready to let experts guide you!
Oh, and in case you’re wondering….I’m not the only ewe in the NoSleepForSheep flock. We are female owned and operated. 😉
Contact us to take your first step toward better appeal to the female demographic.