Today's New York Times reports that women in their twenties who live in major metropolitan markets are outearning men in a variety of occupations - in Dallas by as much as 120%. Some theories put forth behind this major sociological shift are that women are gaining college and graduate school degrees at a higher rate than men and starting careers earlier in anticipation of having to slow those careers down later when they marry and have children. Likely there are a variety of factors at play, but clearly this is no short-term trend, particularly with the widening gap between the genders in higher education, a key to most of the better paying jobs. Product and service companies MUST adapt to this shift in order for their business growth to keep pace with this market evolution and its impact on consumer choices and decision factors. With all the data from this study, the reasons offered behind the shift were rooted in theory vs. fact. However, when it comes to why and how these young women will connect with your brand, relying on theory won't be enough. Priority number one? Find out.
During the same week a study was released by Oxygen called "Girls Just Wanna Have Funds," about women's response (or lack thereof) to financial services ads. Some highlights from the article in Ad Age: Ninety-four percent felt financial services ads didn't target them, yet 62% consider themselves the financial head of their household. In the midst of this data that reflects an opportunity the financial services industry should take very seriously, were two "cheeky" questions that (loosely translated) revealed women would prefer "big financial assets" to a big posterior and a financial makeover to a beauty makeover. We get that humor is part of the Oxygen brand but can you imagine the same kinds of questions being asked of men? Instead of taking the opportunity to dig deeper and learn what are key motivators and needs around financial services, Oxygen kept things superficial comparing financial concerns to beauty concerns. It, unnecessarily in our opinion, undercuts a message that might open the door for Oxygen to connect with more financial services companies and partner with them in developing something really groundbreaking, and relevant.
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