For my research paper, I would like to thoroughly explore a segment that is growing at an unthinkable pace: the market of educated women. Over the last few decades when have begun to pursue higher levels of educational attainment at unprecedented rates, and this trend is expected only to continue to rise at an increasing rate. As such, there is a huge opportunity and market out there in need of goods and services tailored to their unique needs. Those marketers that tap into this segment first will reap in huge rewards, but those that isolate or fail to recognize this segment will find themselves struggling. I really want to research this segment because I’m actually approaching membership into this segment as I will be receiving my college degree next May. I think that as a member of this segment, I should be able to have an advantage in targeting this segment and uncovering some truly interesting insights.
I would like to approach this report by splitting it up into specific segments, addressing how women are changing these areas and then providing recommendations for organizations that could potentially profit from these changes. For examples, I have so far that I want to focus on the dating/relationships, parenting, large ticket-item consumer (i.e. the purchasing of homes and cars), and entertainment catered specifically to the new-age strong, independent, and educated woman.
One of the articles that has inspired me to pursue this topic is actually a chapter entitled “Car-Buying Soccer Moms” from the book Microtrends by Mark J. Penn. This chapter reveals some truly insightful information regarding car buyers, including the shocking statistic that women are actually the largest segment of car buyers. And, with more and more women putting off or abstaining from marriage altogether, this segment is only expected to increase. However, the car industry has been slow to realize this fact, and it is apparent in nearly every car commercial out there. We’re constantly faced with men billowing down rocky mountains and rugged terrain in massive trucks with tires designed to crush anything smaller than 10 feet. It’s a testosterone fest, but unfortunately it’s completely alienating the largest segment of car buyers and their vastly differing car needs. Women today care more about reliability than speed. We don’t want something that’s going to require a lot of repairs, and we want to ensure that it will safely get us from Point A to Point B. Women also have different preferences in car brands then men do, and we are much more likely to be interested in a Hybrid car than a high-tech sports car. Thus far, only Volvo has really seemed to “jump the gun” on this one. In 2004, they released a concept car designed completely by women and for women, with a campaign focused on the unique car needs most women have. For instance, the car was set up so that there were very little maintenance concerns for women, including the absence of a hood and an automated messenger designed to let the dealer know when it needed to be inspected. These findings are huge, and if car companies could learn to focus on designs similar to this one, they may just find their days of pleading for governmental funding would be over.
Sunday, February 22, 2009
Thursday, February 12, 2009
"Metro" or "Retro"? How About Neither.
Last Saturday a couple of my friends and I decided that we would bravely venture into the heavily “estrogenated” world that we are supposedly a part of by going to see the newest chick-flick, “He’s Just Not that Into You.” Now admittedly, I got a huge kick out of it and found the film to actually provide some pretty interesting points of view. However, what I truly found interesting was that this movie very clearly articulated the dilemma illustrated in the “Secrets of the Male Shopper” article. The entire film perfectly grouped men into one of two categories. They were either depicted as 1. the “metrosexual”, or 2. the “retrosexual.” Talk about type-casting. I couldn’t help but reflect back to this article and become seemingly annoyed at just how black and white the men were being portrayed. In doing so, the writers showed that they too suffer from a lack of knowledge about the true diversity of the “male” market, thus paralleling the struggles facing modern day marketing. Consequently, my lone guy friend that decided to venture to see the film with us was left unable to identify with any of the male actors in the film as he falls into the strikingly broad “middle of the road” male market segment. After gauging his feeling of isolation, I began to realize just how important it will be for me as a marketer to get a better grip on the male market; a market divided into more than just “metrosexual” and “retrosexual” men.
To begin with, male shoppers vary greatly in their purchasing behavior depending upon what age segment they fall into. “Secrets of the Male Shopper” continually highlighted the younger male’s segment as being more willing to venture into product categories not previously purchased readily by their older counterparts. For example, boomer dads are a lot more likely to shop for diapers and groceries then their dads ever were, and today’s teen boys are more willing to shop for specialized hygiene products then their dads have ever been. I have grown up with two brothers, and watching their purchasing patterns in contrast with my father’s never ceases to amaze me. Whereas my dad is much more likely to make a run to the store for milk than my grandfather ever was, my brothers are much more likely to shop for and buy their own clothes then my dad has ever been. My brother also uses a specialized scented “Axe” body wash in the shower, but my father would sooner die than go near the words “body wash.” My brother actually cares enough to schedule his own haircut and you will never find him with dirty nails. And yet it is important to note that my brother loves his baseball, and there is nothing cooler than “Medal of Honor” on Playstation thus clearing him altogether from the threat of “metrosexuality”. He’s a more “modern male,” and his purchasing interests differ greatly from our father and grandfather’s, but he is certainly not “girly.”
This alone demonstrates the sheer vastness of differences among men just based on their ages. You then have to start considering differences in levels of education, income and marital status. As a result of more women pursuing higher levels of education, the traditional age at which people marry has been pushed back significantly. As such, there is now a large market for late 20-early 30-year-old males that never existed before. These men need homes, furniture and neighborhoods targeted to their needs. They’re less likely to care about the number of kids in the neighborhood and more likely to care about access to pools, parks and other recreational activities when looking for a home. They also tend to care more about garage size and spend more time in the living room than the kitchen. With this in mind, home builders and land developers would be smart to vary up their offerings to cater to such male shopper needs. They’re also more likely to want access to activities and facilities that allow them the opportunity to meet women but also hang out with “the guys.” Also, this could open up a whole new segment for the house cleaning segment to target. These single, “fab” guys will likely have a 1000 other things they’d rather do then tidy up, and the cleaning industry would be smart to tap into that.
Additionally, it will be important for grocery stores to start catering more to male needs. For example, perhaps they will want to consider adding a “tools” section along with beauty products largely targeted exclusively towards female shoppers. It would also be a good idea for makers of baby suppliers and parenting products to start taking a more proactive approach in targeting men. Today’s men are more involved in the family life than ever before, and with an increase in women working full-time, they’re going to have to be. Parenting magazines should look into featuring ads and articles targeting both sexes, and Gerber should consider featuring more dads feeding children on their commercials.
All in all, the acknowledgment of the existence of such a diverse market will open up marketers to countless possibilities. We just have to be careful not to shut out a segment that may help us rise to the top.
To begin with, male shoppers vary greatly in their purchasing behavior depending upon what age segment they fall into. “Secrets of the Male Shopper” continually highlighted the younger male’s segment as being more willing to venture into product categories not previously purchased readily by their older counterparts. For example, boomer dads are a lot more likely to shop for diapers and groceries then their dads ever were, and today’s teen boys are more willing to shop for specialized hygiene products then their dads have ever been. I have grown up with two brothers, and watching their purchasing patterns in contrast with my father’s never ceases to amaze me. Whereas my dad is much more likely to make a run to the store for milk than my grandfather ever was, my brothers are much more likely to shop for and buy their own clothes then my dad has ever been. My brother also uses a specialized scented “Axe” body wash in the shower, but my father would sooner die than go near the words “body wash.” My brother actually cares enough to schedule his own haircut and you will never find him with dirty nails. And yet it is important to note that my brother loves his baseball, and there is nothing cooler than “Medal of Honor” on Playstation thus clearing him altogether from the threat of “metrosexuality”. He’s a more “modern male,” and his purchasing interests differ greatly from our father and grandfather’s, but he is certainly not “girly.”
This alone demonstrates the sheer vastness of differences among men just based on their ages. You then have to start considering differences in levels of education, income and marital status. As a result of more women pursuing higher levels of education, the traditional age at which people marry has been pushed back significantly. As such, there is now a large market for late 20-early 30-year-old males that never existed before. These men need homes, furniture and neighborhoods targeted to their needs. They’re less likely to care about the number of kids in the neighborhood and more likely to care about access to pools, parks and other recreational activities when looking for a home. They also tend to care more about garage size and spend more time in the living room than the kitchen. With this in mind, home builders and land developers would be smart to vary up their offerings to cater to such male shopper needs. They’re also more likely to want access to activities and facilities that allow them the opportunity to meet women but also hang out with “the guys.” Also, this could open up a whole new segment for the house cleaning segment to target. These single, “fab” guys will likely have a 1000 other things they’d rather do then tidy up, and the cleaning industry would be smart to tap into that.
Additionally, it will be important for grocery stores to start catering more to male needs. For example, perhaps they will want to consider adding a “tools” section along with beauty products largely targeted exclusively towards female shoppers. It would also be a good idea for makers of baby suppliers and parenting products to start taking a more proactive approach in targeting men. Today’s men are more involved in the family life than ever before, and with an increase in women working full-time, they’re going to have to be. Parenting magazines should look into featuring ads and articles targeting both sexes, and Gerber should consider featuring more dads feeding children on their commercials.
All in all, the acknowledgment of the existence of such a diverse market will open up marketers to countless possibilities. We just have to be careful not to shut out a segment that may help us rise to the top.
Tuesday, February 3, 2009
"Everything was Better Back when Everything was Worse."
The week before I came back to UT for the start of this semester, I made a trip to my hometown HEB to pick up some groceries for school and in the end left empty-handed and frustrated. Why you ask? Well, after listening to Barry Schwartz’s “The Paradox of Choice” podcast, I figured out that I made a huge consumer mistake…I started in the bottled water section. It used to be that one would enter the bottle watered section and pick up whichever water was the best deal. But not anymore. Oh no. There are now entire AISLES dedicated solely to water. Why? Because it would be humanly impossible to display the now innumerous bottled water options on a few meters of shelf space (as used to be the case). To my utter astonishment, I was greeted by every type of imaginable so-called “water” concoction. There was kiwi-strawberry, mango peach, lemon, and chocolate-mint flavored water (not even kidding!); there were vitamin and mineral enhanced options, special filtered options and even options claiming to enhance energy and performance levels. Add to that your plain-Jane options and throw in new packaging options (seriously?!) and you have a consumers worst nightmare. All that was missing were speed and strength enhancement water, and even the average Joe could have claimed Superman-like powers. I felt overwhelmed and could no longer use my same criteria to evaluate my water purchases. Disgruntled, I left empty-handed and decided to put off my purchase until I had time to clear my head.
That being said, I found this podcast extremely insightful. I couldn’t agree more with Barry Schwartz that we as consumers are constantly overwhelmed in the marketplace. With the sheer volume of options allowed to us, the capability to get the best products/service increases, but it also leaves too much room for us to make mistakes in choosing. With that knowledge, we become incredibly uncomfortable making purchase decisions and can never truly enjoy the consumption of our goods and services. Instead, we are constantly left to fight with our contradicting thoughts as to whether we made the best choice. This could explain why Gen Yers (the generation that’s the youngest to be exposed to such a large selection of similar offerings) tends to be the most skeptical of advertisements and marketing efforts. Perhaps Gen Yers have just been exposed to so much frustration over actual points of differences among offerings that we are quick to distrust advertisements and the like. After all, we have been battling this pattern of consumer doubt and frustration pretty much since the time we first had money to spend. Additionally, we now have to expend even more time and energy just to make simple purchasing choices (have you seen the variety of toothpastes these days?) often causing us to avoid new purchases altogether. This very idea was articulated by the Endowment Effect in the “Eager Sellers and Stony Buyers” article. All too often, marketers and product developers assume that more is better, but perhaps we’d be smarter to focus more of breadth of available products and services as opposed to depth. This would allow businesses to focus more on being truly innovative and perhaps open up whole new marketing ventures and industry opportunities.
On a separate but similar note, I believe that it’s this wide array of choosing that essentially forces us to form an identity. When buying bottled waters offers seemingly limitless possibilities, just imagine the variety offered in fashion and lifestyle choices. Even the variety of majors available at universities is rapidly expanding. And while these nearly limitless choices allow us to more clearly define our preferences and thus allow us the opportunity at individuality, it also creates the very consumer paralysis described by Barry Schwartz. My water bottle incidence is proof of just that. Additionally, to be quite honest, the whole reason I initially selected business as a major was for its generalness. I couldn’t seem to be specific enough to focus on Radio, Television, Film or Corporate Communications. I wasn’t ready to make such a significant choice and so I chose one that offered some extra insulation. In the end, I was pretty lucky that I get so much enjoyment out of marketing because as it turns out, I essentially hate every other aspect of the business profession. Along this line, I predict that as marketers, we can expect this similar type of decision making pattern among consumers in a whole array of areas. As marketers, communication efforts will become even more important as we actively work to articulate our position in the market and why consumers should feel assured that our offers are best then any previous or current offers out there. Additionally, when it comes to products and services, we may want to operate by the simple principle that sometimes, “less is more.”
That being said, I found this podcast extremely insightful. I couldn’t agree more with Barry Schwartz that we as consumers are constantly overwhelmed in the marketplace. With the sheer volume of options allowed to us, the capability to get the best products/service increases, but it also leaves too much room for us to make mistakes in choosing. With that knowledge, we become incredibly uncomfortable making purchase decisions and can never truly enjoy the consumption of our goods and services. Instead, we are constantly left to fight with our contradicting thoughts as to whether we made the best choice. This could explain why Gen Yers (the generation that’s the youngest to be exposed to such a large selection of similar offerings) tends to be the most skeptical of advertisements and marketing efforts. Perhaps Gen Yers have just been exposed to so much frustration over actual points of differences among offerings that we are quick to distrust advertisements and the like. After all, we have been battling this pattern of consumer doubt and frustration pretty much since the time we first had money to spend. Additionally, we now have to expend even more time and energy just to make simple purchasing choices (have you seen the variety of toothpastes these days?) often causing us to avoid new purchases altogether. This very idea was articulated by the Endowment Effect in the “Eager Sellers and Stony Buyers” article. All too often, marketers and product developers assume that more is better, but perhaps we’d be smarter to focus more of breadth of available products and services as opposed to depth. This would allow businesses to focus more on being truly innovative and perhaps open up whole new marketing ventures and industry opportunities.
On a separate but similar note, I believe that it’s this wide array of choosing that essentially forces us to form an identity. When buying bottled waters offers seemingly limitless possibilities, just imagine the variety offered in fashion and lifestyle choices. Even the variety of majors available at universities is rapidly expanding. And while these nearly limitless choices allow us to more clearly define our preferences and thus allow us the opportunity at individuality, it also creates the very consumer paralysis described by Barry Schwartz. My water bottle incidence is proof of just that. Additionally, to be quite honest, the whole reason I initially selected business as a major was for its generalness. I couldn’t seem to be specific enough to focus on Radio, Television, Film or Corporate Communications. I wasn’t ready to make such a significant choice and so I chose one that offered some extra insulation. In the end, I was pretty lucky that I get so much enjoyment out of marketing because as it turns out, I essentially hate every other aspect of the business profession. Along this line, I predict that as marketers, we can expect this similar type of decision making pattern among consumers in a whole array of areas. As marketers, communication efforts will become even more important as we actively work to articulate our position in the market and why consumers should feel assured that our offers are best then any previous or current offers out there. Additionally, when it comes to products and services, we may want to operate by the simple principle that sometimes, “less is more.”
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