KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA
Multi Media Marketing -Women and Baby Boomers
October 2008
KATHERINE HICKEY FULHAM, CPAKATHERINE 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 decadeWhich segment will have the most growth?
Age 45 to 64 will grow 30%! -Boom
…that’s why it’s important!
KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA
So what should you do?Before you can navigate the marketing
maze on Women BoomersGet demographics-U.S. & Cape CodGet key industry statisticsMake decisions on current, accurate data
“So buckle your seatbelts. After all, She’s in the driver seat!” Boom
KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA
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
KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA
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 product47% investors are women-tend to generate higher returns than male counterparts70% of women will be solely responsible for their finances at some point in their livesControl 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, CPAKATHERINE 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, CPAKATHERINE 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, CPAKATHERINE 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, 20088
KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA
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
KATHERINE HICKEY FULHAM, CPAKATHERINE 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, CPAKATHERINE HICKEY FULHAM, CPA
Interest of Cape Cod WomenThe 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, CPAKATHERINE 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= 19,857Can you find them and serve them? And if so, what do they demand as customers and clients?
updated , Mark Linse
KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA
Shift in Gender of core consumer
A “traditionally” male-oriented companywaking up to the gender shift.After internal research the owner ofcompany that produced & sold ridinglawn movers was “shocked” to discover-80% purchased by women
Women Roar -marketing guru Tom Peters, Don’t Think Pink
KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA
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
KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA
Net Worthof Women Households on Cape Cod
7,648 have net worth of $2 million or more6,285 have net worth between $1 million and $2 million14,189 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
KATHERINE HICKEY FULHAM, CPAKATHERINE 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, CPAKATHERINE 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, CPAKATHERINE 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 oldCollege educated, grown children & careerPrice-conscious shopperBiggest growth areas- developing sporting equipment especially for her
Fran Philip, Chief Marketing Officer - LL Bean
KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA
Higher Customer SatisfactionEffectively 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, CPAKATHERINE 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, CPAKATHERINE HICKEY FULHAM, CPA
TravelWomen online
65% use the web to purchase & arrange travel reservations
71% use web for travel researchTravel is critical to her state of mindWomen make 80% major travel decisions 31% of all trips taken by boomers include at least one child or grandchild
Boom
KATHERINE HICKEY FULHAM, CPAKATHERINE 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 giversAge 55-64 2nd biggest gift
givers PTW
KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA
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
KATHERINE HICKEY FULHAM, CPAKATHERINE 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, CPAKATHERINE 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, CPAKATHERINE 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, CPAKATHERINE HICKEY FULHAM, CPA
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
KATHERINE HICKEY FULHAM, CPAKATHERINE 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, CPAKATHERINE 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 vital30% of women state a bad website will induce them to shop elsewhere.
KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA
Super Rich
Read & Go Online MoreAffluent “heads-of house” read more publicationsConsumption of media increases with affluenceUse the internet more heavily than balance of the population
2008 Affluent Survey from Ipsos Medelsohn
KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA
Cape Business Publishing GroupHow 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
KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA
Communicating with print materials
Great words –Tap into our mythsOur dreamsOur aspirationsAnd live beyond the exposure of a few ads.
Brent Green
KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA
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
KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA
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
KATHERINE HICKEY FULHAM, CPAKATHERINE 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, CPAKATHERINE HICKEY FULHAM, CPA
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
KATHERINE HICKEY FULHAM, CPAKATHERINE 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, CPAKATHERINE HICKEY FULHAM, CPA
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”
KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA
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
KATHERINE HICKEY FULHAM, CPAKATHERINE 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, CPAKATHERINE HICKEY FULHAM, CPA
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
KATHERINE HICKEY FULHAM, CPAKATHERINE 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%
Avg. Market Home Value
$282,000 $519,000
KATHERINE HICKEY FULHAM, CPAKATHERINE 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)
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%
KATHERINE HICKEY FULHAM, CPAKATHERINE 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, CPAKATHERINE 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, CPAKATHERINE 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, 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
KATHERINE HICKEY FULHAM, CPAKATHERINE 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, CPAKATHERINE HICKEY FULHAM, CPA
Don’t let the Grinch steal ChristmasStores Brace for Worst Holiday Since 1991For 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!
KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA
Online Consumers Shopping Strategies
Harris Interactive 10/13/08
KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA
What online Shoppers are Buying
Harris Interactive 10/13/08
KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA
Online Shopping Tools
Harris Interactive 10/13/08
KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA
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
KATHERINE HICKEY FULHAM, CPAKATHERINE 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, CPAKATHERINE 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 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.
KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA
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
KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA
Visit Marti Barletta’s Website
The TrendSight Group
http://www.trendsight.com
KATHERINE HICKEY FULHAM, CPAKATHERINE 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 AnswersCreating Solutions
Thank you for joining us today
KATHERINE HICKEY FULHAM, CPAKATHERINE HICKEY FULHAM, CPA
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
508-420-3456VISIT MY WEBSITE
Subscribe to my free monthly newsletter with many tax savings tips
www.KatheyFulhamCPA.comOctober 2008