Tag: female

Marketing to Millennial Women

If you read our blog about millennials last month, you know that there are currently 80 million millennials in the U.S. with an annual buying power of over $600 billion. With a prediction of millennial spending power of $1.4 trillion in the next five years, it is not a stretch to say that women will hold at least half of this trillion-dollar bank.

With that being said, it would behoove your company or business to have a female-driven millennial marketing campaign in mind.

For some agencies, marketing to millennials can be intimidating. According to a NewsCred study, 30% of millennials flat-out refuse to read content that doesn’t either entertain or inform them, 60% will only share content that is thought-provoking and intelligent, and 70% share content that makes them laugh. That is a pretty tall order.

However, marketing to specifically millennial women might be a little easier. After all, since “70% of millennial women consider shopping to be entertainment,” you have ample opportunities to put your company in the line of fire. 

Here are some tips on how to get to know female millennials to make the most out of your marketing campaigns:

Great Personal

If you take anything away from this blog post, this is it. Millennials want you to get SPECIFIC. Part of the reason your marketing campaign isn’t working is because it’s too broad. Millennial women want to feel like their brands “get” them. Know your audience well, and create smaller segments or niches to make them feel like they have your full attention.

According to NewsCred, “Sephora is doing an amazing job with this by using their “Beauty Insider” in-store buyer rewards along with their customized skin tone-matching technique to target products to specific shoppers based on their previous purchases and coloring.” If you don’t have the technology to personalize your product this way, you can start by personalizing your emails. “That will give you on average a 26% higher open rate.”

According to NewsCred, “Sephora is doing an amazing job with this by using their “Beauty Insider” in-store buyer rewards along with their customized skin tone-matching technique to target products to specific shoppers based on their previous purchases and coloring.” If you don’t have the technology to personalize your product this way, you can start by personalizing your emails. “That will give you on average a 26% higher open rate.”

Social Media

Millennial women make up the majority on social media platforms such as Pinterest and Instagram. Both of these as well as Facebook and Twitter are fertile grounds for brands to grow awareness as well as click-throughs. To get female millennials to engage with your brand, create lots of opportunities for open communication: Get them talking about your product, commenting on and sharing posts and reviewing your products online. Find ways to be part of their ongoing research and dialogue by responding to comments. Create hashtags and giveaways. Optimize all your content for multiple devices, and make sure your content is shareable. And finally, use attractive photos and aesthetically pleasing graphics to coincide with your brand’s theme. Millennial women are attracted to beauty, and we look to create beauty in our surroundings. Naturally, they want products, services, and offerings that look and feel professional. 

Millennial women are attracted to beauty, and we look to create beauty in our surroundings. Naturally, they want products, services, and offerings that look and feel professional. 

Be Inspirational

If you want your brand to succeed, make it inspirational. This generation of Millenials believes they can change the world or at least make it a better place. They’re thinking big, optimistic of the future, and are looking to be inspired. 

According to YFS magazine,”think of your brand as a movement and work to build a platform for realizing your customers’ aspirations. The goal here is to align your product or service with a bigger idea that transcends any single transaction.”

Diversity

43% of millennial are not white, according to a 2014 Pew survey. Since authenticity and relevance are two of the most important factors for successful content marketing, marketers should be doing their best to reflect the diversity of this generation. This includes race, gender identity, sexual orientation, family makeup, body type, and cultural background. 

A great example of a company utilizing this approach to marketing is  Dove’s Real Beauty campaign. With a clear agenda in mind, Dove features women of all sizes, shapes, and races. They not only show the value of millennial women through this campaign, they also showcase the realistic variety of women’s bodies. Campaigns promoting self-love, diversity and embracing your natural body are embraced by millennial women because they have been void of them for so long. As I mentioned before, millennials want to be inspired. 

Overcoming Challenges Female Entrepreneurs Face

Entrepreneurship was once considered a man’s domain, but times are changing. According to 2015 data from the National Association of Women Business Owners, “more than 9 million U.S. firms are now owned by women, employing nearly 8 million people and generating $1.5 trillion in sales.” New York has far more women- owned businesses than other major cities in the United States. The finding of a study done by Capital One’s Future Edge initiative shows that “the number of women-owned businesses in New York between 2002 and 2012 grew by a colossal 65 percent or 45 new businesses every day. This added more than 56,000 jobs and $3 billion in payroll to the city’s economy.”

Although this is encouraging, women still face a set of challenges not typically shared by male entrepreneurs. Here is a list of 5 of those challenges with some tips on how to overcome them.

1. Defying social expectations

Women may feel as though they need to adopt a stereotypically “male” attitude toward business. Traits like being competitive, aggressive and sometimes overly harsh. But successful female CEOs believe that remaining true to yourself and finding your own voice are the keys to rising above preconceived expectations.

It might be difficult to walk into a crowded boardroom meeting and find that you can count the number of women in the room on one hand. It can be unnerving, to say the least.

Hilary Genga, founder, and CEO of Trunkettes says,”Be yourself and have confidence in who you are. You made it to where you are through hard work and perseverance, but most importantly, you’re there. Don’t conform yourself to a man’s idea of what a leader should look like.”

Don’t worry about this idea that you need to be aggressive. Clearly state what you want and need and be firm in your decision making.

“One’s philosophy is not best expressed in words; it is expressed in the choices one makes… and the choices we make are ultimately our responsibility.” – Eleanor Roosevelt

Forty-eight percent of female founders report that a lack of available advisors and mentors limit their professional growth, according to Inc.

Knowing where to find the right support network isn’t always easy. Since the majority of the business world is dominated by men, it can be difficult to make the connections in certain business networks. After all, sometimes it’s not what you know; it’s who you know.

Make connections in other female-focused networks. According to businessnewsdaily.com, a few good places to start include women-focused networking events — such as Womancon, Women in Technology Summit and WIN Conferences— as well as online forums and groups created specifically for women in business, such as Ellevate Network.

There are also 100 women business centers located across the U.S. that run programs and training specifically design for women entrepreneurs.

“The way to achieve your own success is to be willing to help somebody else get it first.” -Iyanla Vanzant

Work life balance is a popular topic among entrepreneurs and anyone in business, regardless of gender. Mothers who start a business have to simultaneously run their families and their companies, which can be challenging and stressful.

Find your balance. Don’t beat yourself up over shortcomings on either front. Finding ways to devote time to business and family is the key to success. And know that you are a force that can handle anything!

“We need to do a better job of putting ourselves higher on our own ‘to do’ list.”- Michelle Obama

4. Limited access to funding

One contributing factor that explains why women founders attract less funding is the fact that of the top 20 most active venture capital firms in the city, just 11 percent of the investment teams are women. According to womensuccesscoaching.com, “Firms with a woman partner are more than twice as likely to invest in companies with a woman on the team, and more than three times more likely to invest in companies with women CEOs.”

But according to the Babson report, only 6 percent of U.S. firms are women-run startups.

A great way to overcome this issue is by working to get more female investors involved in supporting each other. Sponsoring and aiding in the growth of other female entrepreneurs companies can help build your network and find supportive investors. Women helping women is always a good thing.

“Support women on their way to the top. Trust that they will extend a hand to those who follow.” – Mariela Dabbah 

According to Babson College’s 2012 Global Entrepreneur Monitor, the fear of failure is the top concern of women who launch startups. Failure is a very real possibility in any business venture regardless of gender.

“You need to have massive failure to have massive success. You may need 100 ‘noes’ to get one ‘yes,’ but that one ‘yes’ will make you more successful tomorrow than you were today,” said Delia Passi, CEO of WomenCertified and founder of the Women’s Choice Award.

Work through the self-doubt and STOP comparing yourself to others. Work through this feeling of fear and harness that energy into motivation to work your hardest.

“The phoenix must burn to emerge.” – Janet Fitch

Today’s Female Consumer – Romancing The Store

Welcome to the era of the empowered shopper. Nowadays consumers have deals in the palm of their hands from Groupon to CouponSherpa. On the other hand consumers still want to be romanced. Sara from Chicago said that “shopping is electric – it just charges me up.” Sadly the increasing availability of online shopping can turn the most enjoying experience into mundane / passionless task. Women shop based on emotion; they go to the same stores because of the connection they have with the product and the great customer service. The digital world is separating that connection.

For more profile information on the smart, savvy, multi-channel female shopper visit http://waggeneredstrom.com/what-we-do/retail-report to download the study, or better yet, contact MPW to better learn how to target the empowered consumer using both digital, broadcast, and print media.