Mother’s Day was this Sunday (May 13)! Like every year, we were reminded of the incredible role that mothers play in our lives. But moms aren’t just important to us. They are also super valuable to corporations.
Why? In most cases, moms are the CFO of the household. Research suggests that they control 85% of all household purchases, giving them an estimated spending power of $2.4 trillion (yes, trillion)! The implication for companies is that if you… sell clothes, beauty supplies, food, toys, appliances, shoes, or most anything else, you need mothers’ love to succeed.
Secondly, moms’ shopping choices can greatly shape the preferences of their children. As stated in Principles of Marketing, “Like it or not, you are more like your parents than you think, at least in terms of your consumption patterns. Many of the things you buy and don’t buy are a result of what your parents bought when you were growing up. Thus, winning over moms can have inter-generational payoffs for companies.
Finally, moms love sharing their opinions with friends. In the schoolyard, the office, and online, moms often candidly discuss their appreciation or hatred of products. And because “moms have credibility amongst each other”, their opinions can hold great influence. In fact, nearly 70% of moms believe word of mouth and 81% of US online consumers trust information from mommy blogs. Hence, for companies, impressing just one mom can translate into dozens of new customers.
Despite these realities, three out of four mothers say “companies have no idea what it’s like being a mom”. Perhaps that’s because, as of 2017, only 39% of moms were asked for their opinion about purchase decisions.
At Op4G, we can help change that! We can target specific segments within the population, such as single moms, stay-at-home moms, millennial moms etc to help capture the insights you need to make informed decisions about this consumer segment.