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

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Presentation on theme: "KATHERINE HICKEY FULHAM, CPA Multi Media Marketing - Women and Baby Boomers October 2008."— Presentation transcript:

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

2 KATHERINE 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 decade Which segment will have the most growth? Age 45 to 64 will grow 30%! -Boom …that’s why it’s important!

3 KATHERINE HICKEY FULHAM, CPA 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

4 KATHERINE HICKEY FULHAM, CPA Consider these other statistics. How do they influence your business decisions? 37 million women invest today 43 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

5 KATHERINE HICKEY FULHAM, CPA One customer market you can’t afford to ignore Because of its size and financial clout 7 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

6 KATHERINE 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.

7 KATHERINE 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”

8 KATHERINE 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, 2008 8

9 KATHERINE HICKEY FULHAM, CPA Brand-Specific & Company –Friendly Numbers Importance of having strong research based on facts not on opinions or assumptions Need to customize your data Reframe statistics to be relevant to your brand Translate your research to specific strategic observations & action points “Don’t Think Pink ” You need to TARGET your market

10 KATHERINE 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

11 KATHERINE HICKEY FULHAM, CPA 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

12 KATHERINE 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= 19,857 Can you find them and serve them? And if so, what do they demand as customers and clients? updated, Mark Linse

13 KATHERINE HICKEY FULHAM, CPA 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

14 KATHERINE HICKEY FULHAM, CPA Financial Assets- of Women Households on Cape Cod 674 have financial assets of $2 million or more 6,507 have financial assets between $1 million and $2 million 1,965 have financial assets between $750,000 and $1 million 5,451 have financial assets between $500,000 and $750,000 17,699 have financial assets between $250,000 and $500,000 Updated Mark Linse, M.G.M. Mailing Lists

15 KATHERINE HICKEY FULHAM, CPA Net Worth of 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 million 33,342 have net worth between $250,000 and $500,000 Updated Mark Linse, M.G.M. Mailing Lists

16 KATHERINE 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”

17 KATHERINE 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 (Free newsletters)

18 KATHERINE 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 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

19 KATHERINE HICKEY FULHAM, CPA 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

20 KATHERINE 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

21 KATHERINE HICKEY FULHAM, CPA Travel Women 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

22 KATHERINE 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 givers Age 55-64 2 nd biggest gift givers PTW

23 KATHERINE HICKEY FULHAM, CPA Grandparent Study 87 % of grandparents buy clothing for their grandchildren 80% purchase books 78% purchase “fun foods” 52% help pay for the grandchildrens’ education 45% purchase DVDs or video for their grandkids 37% purchase jewelry 31% buy video games 76% 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

24 KATHERINE 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 6 th lowest body mass index in the US ” AARP Healthiest Home Towns October 2008

25 KATHERINE 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

26 KATHERINE 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

27 KATHERINE HICKEY FULHAM, CPA Boomers Biggest Green Shoppers Male & female groups 55 years or older are above average users of environmentally friendly home products. Of those who don’t buy green 50% say these products are too expensive 17% don’t believe they are much better for the environment Successful 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

28 KATHERINE 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

29 KATHERINE 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 vital 30% of women state a bad website will induce them to shop elsewhere.

30 KATHERINE HICKEY FULHAM, CPA 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

31 KATHERINE HICKEY FULHAM, CPA 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 Cod Nearly 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?

32 KATHERINE HICKEY FULHAM, CPA 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

33 KATHERINE HICKEY FULHAM, CPA Website One of your biggest marketing tools. –has become it’s biggest marketing tool. Your website makes you just as big as Walmart Computer screens are the same size ! Make sure you have a website Places to have links to your website: Hyannis Area Chamber of Commerce Cape Cod Chamber of Commerce Cape Cod Publishing Group Tap into your audience with your other marketing: -print -radio -online -cable TV -direct mail

34 KATHERINE 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

35 KATHERINE 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

36 KATHERINE HICKEY FULHAM, CPA Vehicle Buyers & Radio Media Vehicle Buyers Planning-To-Purchase Out-listen the average adult on the radio by 20% Internet-largest increases in media by automotive consumers ranking 2 nd 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

37 KATHERINE 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

38 KATHERINE HICKEY FULHAM, CPA Consumers Prefer to Buy From From companies that reflect their values Nearly 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”

39 KATHERINE HICKEY FULHAM, CPA Search & Purchase Decisions Depends 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

40 KATHERINE 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

41 KATHERINE HICKEY FULHAM, CPA Boomer Elites Boomers are the wealthiest generation in US History Only one in ten is truly affluent Boomer 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

42 KATHERINE 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

43 KATHERINE 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$4,608110% Technology Products 1,0921,88673% Travel - Next Trip 1,5932,58062% Home Improvement 6,0349,63260%

44 KATHERINE 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

45 KATHERINE 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

46 KATHERINE 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

47 KATHERINE 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

48 KATHERINE HICKEY FULHAM, CPA Don’t let the Grinch steal Christmas Stores Brace for Worst Holiday Since 1991 For retailers…calling for weakest Christmas in 17 years With 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 Christmas Shopping!

49 KATHERINE HICKEY FULHAM, CPA Online Consumers Shopping Strategies Harris Interactive 10/13/08

50 KATHERINE HICKEY FULHAM, CPA What online Shoppers are Buying Harris Interactive 10/13/08

51 KATHERINE HICKEY FULHAM, CPA Online Shopping Tools Harris Interactive 10/13/08

52 KATHERINE HICKEY FULHAM, CPA Americans prefer gift cards or cash to Holiday Gifts Consumer mood: 56% will be looking for sales more as they holiday shop 59% will be spending less this year than in holidays past 46% of those who give/receive gifts during the holidays say they hate to return gifts because of the hassle 84% say gift cards are a smart alternative for people they don’t know well 10% have re-gifted gift cards received 22% re-gifted gifts received 23% like to exchange gifts for things they would rather have 16% have received gift cards that they’ve never redeemed 16% have received gift cards that they’ve only partially redeemed BIGresearch 9/26/08

53 KATHERINE 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

54 KATHERINE 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 season Going to half-mad part- between the stock market & all the rest = “wicked” roller coaster ride Things 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 focused 3.Invest time, energy and even more dollars in employee training.

55 KATHERINE HICKEY FULHAM, CPA Winning her loyalty Eight Main Deliverables 1. Help Her Solve a problem 2. Provide Her with Genuine Value 3. Offer Her Customization 4. Promise and Deliver on Authenticity 5. Provide Her with Filtering Tools 6. Feed Her Attention to Details 7. 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

56 KATHERINE HICKEY FULHAM, CPA Visit Marti Barletta’s Website The TrendSight Group

57 KATHERINE 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 Answers Creating Solutions Thank you for joining us today

58 KATHERINE HICKEY FULHAM, CPA Multi Media Marketing - Women and Baby Boomers Presentation prepared by Kathey Hickey Fulham, CPA, MST Certified Public Accountant Master of Science in Taxation Finding Answers Creating Solutions 7 Parker Road Osterville, MA 02655 508-420-3456 VISIT MY WEBSITE Subscribe to my free monthly newsletter with many tax savings tips October 2008

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