What Many Businesses Miss: A Multi-Billion Dollar Market
The goal of any business is to make money. And, we’re not just talking about the short term but long term goals of increased revenue. To that end, many businesses are missing out on a multi-billion dollar market: moms. Marketing to moms is the wave of the now and the future.
Why are moms so important?
Moms are enterprising. According to BSM Media Inc., mom spending is already over the trillion dollar mark. That’s more than the budget of some third world countries.
Also according to BSM Media Inc., almost 90 percent of moms consider themselves the financial head of the home. Her husband may bring home most of the bacon but it is the moms who decide how to spend it. They shop for everything related to the household: kids clothing, appliances, electronics, outdoor furniture, accessories and home improvement items.
Any husband that shops for these things is going to consult their wives before buying them. Why? Wives do the research into these products to find the best on the market. Moms influence as much as 85 percent of the purchases for the home. That’s over 70 million women we are talking about here. It doesn’t get any bigger than that.
Think about all of the tasks that moms handle in a day. They take care of the housework, shuffle kids from school to sporting events to other activities, cook dinner and manage the finances. In order to keep everything straight, they employ a wide variety of technology. It’s not uncommon to see a mom sitting in the park watching her kids play while listening to an iPod or browsing the Internet on her iPhone.
Moms are also savvy on the Internet. The trend for many years has been moms coming out of the workplace and starting their own businesses at home to spend more time with their kids. To that end, moms have developed a network of blogs, websites and forums designed to teach moms everything from designing websites, starting Internet businesses, marketing to other moms and managing their homes all the while. Their buying power increased exponentially with their knowledge.
Traditionally the only products marketed towards women were household products and cooking items. This goes back to the archaic thought that a woman’s place was in the home. That has been a huge detriment to many companies as they are beginning to see.
Women and moms have made an imprint in the man’s world in many areas. Women are not limited to office jobs; they are CEOs and CFOs. They don’t just surf the Web, they are becoming entrepreneurs with widening influence over Internet marketing. Having moms shun your product because you are not marketing to them means they are also spreading the word to other moms across the world (via the Internet) and in their own communities.
Moms are influenced by other moms. Several generations of moms are coming together to influence the spending habits of major corporations. In the future the trend will continue. As moms become more “connected” in the world, their spending will increase. No product is off limits to mom advertising.
Moms do rule the world. Gain the support of savvy moms with your products and your business will reap the benefits.