October 26, 2015
NEW YORK: When it comes to marketing to affluent women, some brand categories are notably more successful than others and have even improved the perception of their marketing efforts over the past three years, a new survey has shown.
Luxury Institute, a New York-based specialist research firm, ranked industries based on their success marketing to women with a minimum annual household income of $150,000 and then compared the results with a similar survey it conducted in 2012.
It found the top industries considered to be doing a good job marketing to women are clothing (75%), shampoos and conditioners (74%), fragrances and cosmetics (72%) and shoes (72%).
Compared to 2012, each of these categories achieved a wider share of women who view their marketing efforts favourably, but the jewellery and watch sector saw the biggest improvement, rising to 62% positivity from 53% in 2012.
However, the survey – which did not include a sample size – also identified industries that continue to lag in their marketing to affluent American women.
Among industries that these women say are faring badly in their marketing efforts are insurance, liquor, electronics and banks, each of them gaining approval ratings of less than 5%.
In addition, just 6% of respondents view the car industry favourably and other poor-performing sectors include real estate (7%), home improvement (8%), credit cards (13%) and pharmaceuticals (15%).
“Women maintain huge economic power and it is a necessity for companies to step up marketing and how they connect with affluent women regardless of industry,” said Milton Pedraza, CEO of the Luxury Institute.
“Research that includes speaking directly with these women about what appeals to them and what turns them off removes much of the guesswork in making marketing decisions,” he added.
Part of that research could involve marketers taking account of the age profiles of their target audience as the survey also revealed that older women are more receptive to marketing activity.
Affluent women aged 45 to 64 generally feel that brands across industries are doing well when marketing to them, the report found, but this positive response drops among younger generations.