THE EGR BLOG / INDUSTRY
BY BRITTANY JOHNSTON | 5 MINUTE READ
“Making up about 80% of all consumer product sales in the United States alone, women have become building products and home improvement moguls that have shifted the entire industry for the better.”
Over the past 5 years, the building products and home improvement space has slowly recovered from the recession and continued to grow and expand, People are in the market to buy and renovate homes once again.
Women make the purchase or are the key influencers in about 80% of all consumer product sales in the United States alone. Single women are, in fact, the fastest-growing demographic in the U.S. real estate market, purchasing 20% of all homes. The gender gap is a source of missed opportunities and lost revenue, and it should be addressed through education and training at all levels. The sheer force of women as purchasers redefines target markets and should heavily influence selling techniques.
The global trends driving women’s educational attainment, workforce participation, and subsequent purchasing patterns mean that women are expected to dominate the consumer economy for the next twenty-five years or longer.
In fact, single women are also among the fastest-growing demographic in the United States real estate market, purchasing. They now buy 20% of all homes. By making up a large part of the salary income in the building products space and exercising their right to veto power, women have the most powerful one-two punch in the consumer economy. Based on labor force data, women are the bullseye for consumer goods manufacturers. Women don’t just earn — they spend and have veto power. It’s the most powerful one-two punch in the consumer economy.
The power that women possess in this industry is too often overlooked and should be taken into further consideration when levering best-in-class engagement solutions. According to the research done by the Mom’s Coalition, 46% of women in the United States say they feel a disconnect in marketing. This presents alone, that drops sales and decreases revenue. It’s a huge opportunity for marketers to reach the biggest influencers of consumer product purchasing while increasing sales and revenue.
Understanding how women are sold to in this space is essential to ensuring the ultimate ROI for any building product or home improvement business. And most companies are used to a one-size-fits-all marketing approach. It’s imperative that companies—especially those in the building products and services industry—address the gender gap issue through education and training. Women are the leading economic indicators of what people want.
Here are a few ways your company can tap into the power of the female market within the building products and home improvement space:
1. Storytelling & Personal Testimonials – Attracting long-term female consumers and buyers happens by creating a compelling relationship. Personal testimonials from other buyers also greatly impacts their influence to buy a product or service.
2. Compliments – Women have been found to respond most positively to compliments and thoughtfulness. Noticing the small details and being widely observant are traits women favor. If women feel a genuine connection, both parties can benefit better from the relationship in the long run.
3. Milestone References & Life Stage – Understanding and catering to your consumer base at all milestones and life stages is key. The more relatable your marketing is to buyers at each life stage, the more likely they are to respond.
4. Portraying the Woman as a Hero – In a world where women are underappreciated, making them the hero in your marketing strategies could influence their choice to choose one business over another. Women want to feel recognized and valued.
5.Explaining the Benefits – The easiest tactic used to sell to women in the building products and home improvement space is to simply explain the life benefits over the technical features. Create value for them, by highlighting how you can help with their lack of time, money, and energy.
Want to work with us? Reach out and contact us to find out more: