Last week Chicago hosted one of the most important conferences focused on women: Marketing to Women – M2W. In its 11th edition, the conference brought together executives from several different segments to share experiences and insights regarding selling goods and ideas to female consumers. Women in the U.S. represent a $7 trillion market, controlling 85% of all household-purchasing decisions.
One of the panels talked about a subject that is perceived as a men’s domain: the Automotive Industry. The panel brought together Kelley Blue Book, Yokohama Tire, Motor Oil Matters and Turtle Wax. According to the panelists, women influence or make 85% of all auto purchases – in the case of Latinas this percentage is close to 30% according to Nielsen.
Here are the top five insights they shared with us:
- Buying cars: Women spend more time researching and more time shopping dealerships than men
- Buying tires: Women seek information from trusted sources such as friends and family
- 74% of women feel misunderstood by the auto industry
- When marketing to women: sexy sells, sex doesn’t
- Driving performance: it means different things to men (power) and to women (reliability)
“Every marketer can implement these insights into their own industry. The bottom line is that brands that resonate with women win market share,” says AskPatty.com Inc. CEO, Jody DeVere who moderated the panel.