Women like pink. Women are not good with numbers. Women are not good drivers. Women love shopping. Women are … These stereotypes about women are common not just amongst men but also among marketers. And mind you, such perceptions exist even in the developed world. Has the image concerning women remained in a time warp while the whole world around them has changed? Or is it that the roles defined by genders do not change so easily, which means men will remain the so called ‘provider and protector’ and women will always be ‘preserver and supporter’ to the dominant force? There is reason to believe that women today are becoming both decision-makers for big-ticket items and importantly, consumers in previously male-dominated categories. Data and research prove the same. Forty-five per cent of life insurance purchase decisions by working women and one-third by housewives have been taken in their sole capacity. (Source: Nielsen Women Syndicated Study). Similarly, the number of women having a savings bank account has increased by 33 per cent in the last 10 years (2002-2012) and so has the number of women with credit cards — 10 per cent in 2012 vs 4 per cent in 2001 (Source: IMRB Research study). While 59 per cent women are actively consulted on car brand-related decisions, 31per cent aspire to buy their own SUVs. (Source: Nielsen Automotive Syndicated Study) Expect categories with typical male-dominated consumer base, such as automobiles, financial services and telecom to adapt to the opportunity among women consumers, not just in their role as influencers but specialist target groups. Here are a few tips and trends that will shape the success in this 46 per cent of the consumer market.

Responsible consumption The old stereotype that women are insatiable, impulsive shoppers of frivolous things is giving way to the desire for smart management and advanced planning of household budget. Women are only becoming more responsible with spending. Marketers have realised this and specifically target women. For example, Big Bazaar has created special occasions such as Independence Day where women are specifically targeted. Its Wednesday shopping plan targets non-working women to make the most of the prices for those days. Season-end sales even for aspirational brands have become a part of a thought-through strategy as more and more women postpone purchase for a great bargain.

With 37 per cent increase in women graduates (period 2008-12), women have started contributing to household income and the lines of inequality and role differentiation have diminished. As more and more women are becoming financially independent, cultural norms have steadily started softening and the rigid boundaries prevailing in traditional Indian life are beginning to fall. With this convergence of roles, women have taken up many such responsibilities which were traditionally the men’s domain, such as financial planning and payment of taxes. Brands have to leverage this multi-dimensional identity of a woman’s role in the household, which has moved beyond that of the singular identity of a care-giver. Banks with credit cards specifically designed for women and insurance players launching women-specific plans are clear examples.

Lifestyle assistance Women tend to lap up products that don’t just help them save effort but enhance their overall well-being, something they are constantly seeking. For the truly time-starved women, tech apps that enable consolidation and hyper-tasking such as checking mails, school updates, holiday planners, wealth management, diet charts and overall well-being should ring a bell. This is also what may be explaining why women buyers of smartphones have increased by 175 per cent in last one year compared with 100 per cent in the case of men (Source: Nielsen Informate Mobile Insights).

More for less guilt The pursuit of a better life is tinged with a desire to keep the best of the past.

There are cultural and personal expectations to fulfil the traditional role of the restrained value-conscious homemaker. Brands have to find ways of communicating the negative impact of discarding the old product and upgrading or replacing the new. Assuaging her guilt is the key to enhanced consumption. Saffola as a brand has done this well to take a commodity cooking medium to a high-involvement health product. Durable brands such as refrigerators and washing machines can do this by bundling service contracts just like automobiles have done successfully. This should work as women are ultimately responsible for the running and maintenance of most of the household goods and also because a woman’s expectations of customer service are far more than her male counterpart.

Transparency as a virtue Seventy-two per cent of educated women rate the value of being honest and transparent as an essential guiding principle of life. And this value translates to them as ‘consumers’ too. For example, they prefer food brands that display nutrients and calories clearly.

Brands should have nothing to hide and should proactively show and prove that they are transparent. More and more brands are now giving product demos, sampling their products to women to build confidence in their products and offering a return if products do not meet expectations, personal care products being a case in point

Women want to live life on their own terms, explore new possibilities, push boundaries and win the admiration of female colleagues more than that of male colleagues. The ultimate barometer of achievement for today’s women is to become a role model for many other women. The new definition of ‘femininity’ is about personal competence and intellectual depth, rather than the external manifestation of beauty. Brands need to take cognisance of this change and portray confident women who will help fight the cultural stereotypes and shape the new future. Nike Voices beautifully captures this new woman through the phrase ‘if somebody’s got to be the best, why not me?’

Anisha Motwani is Director & CMO, Max New York Life Insurance,

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