 By Fara Warner
Prentice Hall, 2006
ISBN 0 13 185519 0
216 pages
The Big Idea
Women’s access to money and power has transformed the way they approach brands, businesses, products, and services. Women now influence the vast majority of purchasing decisions – and every year, they gain direct control over trillions in new wealth.
This is a little-understood market of unprecedented size and scope: one that few companies truly know how to reach. Empty slogans and superficial changes won’t work. This book shows you what you will.
The Power of the Purse is an extraordinary behind-the-scenes look at how today’s smartest companies are discovering the immense power of women consumers – and using it to achieve breakthrough results in their businesses.
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Why You Need This Book
This book is built around nearly a dozen extraordinary business successes. It offers a blueprint for discovering what your women customers want, how to give it to them – and how to reap the rewards.
MCDONALD’S DISCOVERS THE WOMAN INSIDE THE MOM
To help revive the company’s sales and profits, McDonald’s shifted its strategy toward women from one of “minority” consumers who served as a conduit to the important children’s market to one in which women are the company’s majority consumers and the main drivers behind menu and promotion innovations.
McDonald’s turned around its sales and overhauled its menu for a new century by readjusting its view of women from a minority market to a majority consumer. It rethought a woman’s traditional role as mother and revamped it for today’s consumers.
Key Points:
- Use women-only focus groups for new products and marketing strategies – even if products will be marketed to all consumers. McDonald’s used this strategy to create new salads and revamp nutritional information on its company Web site.
- Shift media buying from “monolithic” 18 to 49 year old adults to targeted media buys focusing on specific roles women play in society.
- Overhaul organization to coordinate menu creation and management with marketing strategy.
- Make constant adjustments in tactics used for women consumers to create relevant messages for a quickly changing consumer. McDonald’s used this strategy to overhaul the interior of its restaurants in 2005.
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