3 Facts About Female Consumers: National Women’s History Month
Is the automotive industry missing the mark when it comes to marketing to female consumers? The fact that many people still consider the auto industry to be a male-dominated industry means the answer is a resounding “Yes!”
Female consumers are often marginalized and as a result, many businesses within the auto industry are missing out on significant marketing opportunities, that could result in increased brand loyalty.
According to two separate studies conducted by the University of Michigan Transportation Research Institute and the National Automobile Dealers Association, female drivers outnumber their male counterparts (105.7 million to 104.3 million). Yet men still represent 91% of salespeople at franchised car dealerships.
Here are 3 facts that should inspire you to action in regards to your potential female consumers:
1. Women Are Extremely Influential in the Buying Process
According to recent statistics, women account for 85% of all consumer purchases including everything from autos to health insurance. In the automotive industry, women account for 65% of all new car purchases. And automakers admit to being aware of the behind-the-scenes influence many women hold on the final decision men ultimately make.
2. The Millennial Population Is Taking over the Market and Women Are the Majority
For both size and purchase power, the Millennial market has attracted marketers from all the major industries, automotive included. And women account for the majority of that population group making up 53% of that market.
3. Female Consumers Process Information and Take a Different Approach than Men when Making Purchasing Decisions
Women focus on different values and use different tools to inform their purchasing decisions. Women often want to know if the company they are considering making a purchase from hold the same values as they do (i.e. social responsibility, environment protection, honesty, etc.).
Men traditionally rely on expert reviews, while women are more likely to obtain information via blog posts, social media reviews, and peer-to-peer sites (“crowd-sourcing”).
In the United States, women rule the blogosphere, sharing consumer opinions with a few keystrokes. Through out their decision-making process, women consider other women to be experts. Although, ultimately their decision will be based on their own personal experience filter.
Is marketing to this dominant group part of your current marketing strategy? Let us know in the comments below!
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