Krishen Iyer: Are Marketers Under-Representing Women?
There are a lot of ways to improve marketing for companies big and small. One of those ways is through marketing to segments of the population who may have been overlooked before. A notable segment that falls into this category is women. While they make up a lot of the workforce, have buying power, and traditionally make many of the household decisions, women are completed underrepresented and often ignored in many areas of marketing that companies engage in.
According to Krishen Iyer and many other marketing consultants who notice this trend, it's time that that was changed. Not only are women expressing their frustration with the lack of marketing that meets their needs or speaks to their interests, but they're also starting to walk away from purchasing through companies that don't appear to respect or acknowledge them. Not seeing women as good marketing prospects could be extremely harmful to businesses.
Krishen Iyer, the founder of MAIS Consulting, is focused on helping businesses succeed. There are multiple ways for any business to do that, but the key is to choose the way that is most effective and use that to propel the company to new heights. By working with mentors, companies are better able to find what works for them and their customers, and to make changes and adjustments that provide their target audiences with the support they need to continue their relationship with that company.
The Lack of Marketing to Women Isn't New, Agrees Krishen Iyer
Marketers that see the problem recognize that it's not a new issue, and Krishen Iyer is in agreement with that. The lack of marketing to women is something that has been ongoing for a long time. Previous women's marketing was very targeted to only specific aspects of a woman's experience in the world. Now that women operate on much more equal terms, the marketing they're subjected to hasn't caught up with that equality. Advertising is still stuck, years in the past, and it isn't helping companies at all.
Women are typically shown in a sexual light, and not in positions of authority. But as 50 percent of the population, women aren't exactly considered to be a niche market. For companies that want to succeed, marketing to women is one of the main ways they can bring more value to their own companies and to their clients at the same time. Now that companies are starting to become aware of the issue, the question is what are they doing about it? Since it's an ongoing problem, it may be time for quick solutions.
Older Women and Invisibility
While women who are over 50 years old make up 40% of the market's purchasing power, they're rarely seen in advertisements. Instead, marketers choose young women, most of whom are models, slim, tall, and beautiful. For years, women have been taught that they are only valuable if they look like that. But most of the women buying from companies today don't really look that way. They may be older, or larger, or more interested in good values, and less in aesthetics. Practicality may matter to them, too.
Unfortunately, older women are nearly invisible, both in society and in advertising. With such a high level of purchasing power, says Krishen Iyer, companies are missing the mark when they don't market to that segment of the population. These women are the ones who can buy what they want, and afford what they need. They not only make up so much of the purchasing power in the market, but they also make 80% of purchasing decisions for their households. Marketing to them could move a company quickly into the future.
According to Krishen Iyer, This is a Solvable Issue
As the founder of MAIS Consulting, Krishen Iyer works with a lot of companies that need mentorship, marketing, and other forms of support and guidance. He sees the problems that come about in the marketplace, and how women are underrepresented in the marketing materials of the vast majority of companies today. For companies that don't ignore women, understanding how to treat them as consumers and make them feel valued is also a consideration.
Being customer-centric matters. For companies that want or need to target more women consumers, that means understanding what women want and need, how they feel about current marketing efforts directed at them, and what makes them feel valued. There's a big difference, says Krishen Iyer, between the way women are shown in marketing and the way many of them actually live in the world. Narrowing that gap and bridging it thoughtfully can help companies see explosive growth and success.
Instead of trying to choose catchphrases and treat women in a way that "empowers" them, the best thing to do is listen. Women are the ones who know what they want and need. When companies actually listen to that and create their products, services, and marketing campaigns around it, both the companies and the women win. Not only is that good for sales for that particular company, but it's good for the market and may start a trend that will lead to overall improvement for society.