KATHERINE HICKEY FULHAM, CPA Multi Media Marketing - Women and Baby Boomers October 2008.

KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA

Multi Media Marketing -Women and Baby Boomers

October 2008


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%! -Boom

…that’s why it’s important!


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


Consider these other statistics.How do they influence your business decisions?

37 million women invest today43 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


One customer market you can’t afford to ignore

Because of its size and financial clout7 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


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.


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”


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, 20088


Brand-Specific & Company –Friendly Numbers

Importance of having strong researchbased on facts not on opinions or assumptionsNeed to customize your data Reframe statistics to be relevant to your brandTranslate your research to specific strategic

observations & action points “Don’t Think Pink”

You need to TARGET your market


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


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


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


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 discover-

80% purchased by women Women Roar -marketing guru Tom Peters, Don’t Think Pink


Financial Assets-of Women Households on Cape Cod

674 have financial assets of $2 million or more6,507 have financial assets between $1 million and $2 million1,965 have financial assets between $750,000 and $1 million5,451 have financial assets between $500,000 and $750,00017,699 have financial assets between $250,000 and $500,000 Updated Mark Linse, M.G.M. Mailing Lists


Net Worthof 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 million33,342 have net worth between $250,000 and $500,000 Updated Mark Linse, M.G.M. Mailing Lists


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”


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)


“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


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


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


TravelWomen 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


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 giversAge 55-64 2nd biggest gift

givers PTW


Grandparent Study

87 % of grandparents buy clothing for their grandchildren80% purchase books78% purchase “fun foods”52% help pay for the grandchildrens’ education45% purchase DVDs or video for their grandkids37% purchase jewelry31% buy video games76% 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


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


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


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


Boomers Biggest Green ShoppersMale & female groups 55 years or older are above average users of environmentally friendly home products.

Of those who don’t buy green50% say these products are too expensive17% don’t believe they are much better for the

environmentSuccessful earth friendly sales-

They’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


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


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.


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


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 CodNearly 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


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


WebsiteOne of your biggest marketing tools. walmart.com –has become it’s biggest marketing tool.

Your website makes you just as big as WalmartComputer screens are the same size !

Make sure you have a website

Places to have links to your website:Hyannis Area Chamber of CommerceCape Cod Chamber of CommerceCape Cod Publishing Group

Tap into your audience with your other marketing: -print

-radio-online

-cable TV-direct mail


Online Radio

Big Jump in online radio listening at work

Radio continues to hold its audience-

63% listen daily Arbitron & Edison Media Research Marketing Charts 9/30/08

92% of Cape Codders listen to radio each week Arbitron


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


Vehicle Buyers & Radio Media

Vehicle Buyers Planning-To-PurchaseOut-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


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


Consumers Prefer to Buy From

From companies that reflect their valuesNearly 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”


Search & Purchase DecisionsDepends 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


Marketers are overlooking the missing link-

Boomer-To-Friend (B2F) ConnectionsNew 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


Boomer ElitesBoomers are the wealthiest generation in US HistoryOnly one in ten is truly affluentBoomer 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


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%

Avg. Market Home Value

$282,000 $519,000


Planned Spend on Big Ticket Items in the Next Year (Of those consumers that plan to spend in the next 12 months)

Source: Focalyst, June 2007

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%


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


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


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, non-resident) 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


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


Don’t let the Grinch steal ChristmasStores Brace for Worst Holiday Since 1991

For retailers…calling for weakest Christmas in 17 yearsWith 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 ChristmasShopping!


Online Consumers Shopping Strategies

Harris Interactive 10/13/08


What online Shoppers are Buying



Online Shopping Tools



Americans prefer gift cards or cash to Holiday Gifts

Consumer mood:56% will be looking for sales more as they holiday shop59% will be spending less this year than in holidays past46% of those who give/receive gifts during the holidays say

they hate to return gifts because of the hassle84% say gift cards are a smart alternative for people they don’t

know well10% have re-gifted gift cards received22% re-gifted gifts received23% like to exchange gifts for things they would rather have16% have received gift cards that they’ve never redeemed16% have received gift cards that they’ve only partially

redeemed BIGresearch 9/26/08


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


“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 seasonGoing to half-mad part- between the stock market & all the

rest = “wicked” roller coaster rideThings 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. Keep your team motivated and focused3. Invest time, energy and even more dollars in employee

training.


Winning her loyaltyEight Main Deliverables

1. Help Her Solve a problem2. Provide Her with Genuine Value3. Offer Her Customization4. Promise and Deliver on Authenticity5. Provide Her with Filtering Tools6. Feed Her Attention to Details7. Satisfy Her Demand for Service- only 19% of women say they actually receive great

customer service even though 97% expect it 8. Humanize the Experience

Boom


Visit Marti Barletta’s Website

The TrendSight Group

http://www.trendsight.com


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 AnswersCreating Solutions

Thank you for joining us today


Multi Media Marketing -Women and Baby Boomers

Presentation prepared by

Kathey Hickey Fulham, CPA, MSTCertified Public Accountant

Master of Science in Taxation

Finding AnswersCreating Solutions

7 Parker RoadOsterville, MA 02655

508-420-3456

VISIT MY WEBSITE

Subscribe to my free monthly newsletter with many tax savings tips

www.KatheyFulhamCPA.comOctober 2008

KATHERINE HICKEY FULHAM, CPA Multi Media Marketing - Women and Baby Boomers October 2008.

Documents

women boomers

cpa women households

purse women

years women

katherine hickey fulham

percent of married women

annual income women

womens business research