Recently Brittiny Bookout from Holland + Holland came to speak to our class about her experience in the industry, and more specifically Holland + Holland’s idea of “she-conomy.”
1. What is “she-conomy?” – Essentially, it is the idea that women are increasingly taking over the purchasing process across most industries, even ones that are traditionally viewed as male driven sectors. Holland + Holland does lots of work with high end residential real estate development, but has developed “she-conomy” as a sort of “guy’s guide to marketing to women,” no matter the industry.
2. The purchase process – Brittiny detailed the five step process an individual goes through when making a purchasing decision: kickoff, research, purchase, ownership, and word of mouth. Through their research, they have noticed that women control 4 out of the 5 steps, with men mostly coming into play during the “purchase” phase, when a decision concerning the product has already been reached. This demonstrates the strong purchasing power, and the power to sway the opinion of others concerning the product, women hold in today’s market.
3. PR is still a “man’s business” – 97% of Creative Directors are men. Since Holland + Holland is comprised of only women, they decided to re-brand themselves using the “she-conomy” approach, demonstrating that they can offer a PR angle that firms controlled by men can’t provide with the same level of understanding.
4. Women are not a niche – Women are the market. 85% of all brand purchases are made by women. It is an ineffective strategy to ignore their power, not only in the purchasing process, but in the actual act of buying a product.
5. Generalizations of Men v Women – Men buy, women shop. Men are hunters, women are gatherers. Men use the internet to transact, women use it to connect. Prime Time Women (ages 50-64) are the wealthiest and least respect group by advertisers. All of these factors demonstrate the need for a difference in approaching marketing to men and women, and even different subgroups of women.
You can find out more about Holland + Holland at http://hhadvertising.com/ and more about “she-conomy” at http://she-conomy.com/.