Monday Musings – Reduce Your Cost of Acquisition
Who should I target 🎯 with my ad campaign? Bloomberg reports that women drive 70-80% of all consumer purchasing, through a combination of their buying power and influence. Influence means that even when a woman isn’t paying for something herself, she is often the influence or veto vote behind someone else’s purchase. So women, right?
NOT SO FAST! Did you know that men spend 68% more online than women according to a KPMG study of online purchasing behavior? The study shows that while men and women shopped with about equal frequencies, on average, the men spent more per transaction—$220 vs. $151 for women—on their most recent purchase. This can largely be attributed to the fact that the male consumers were more likely to buy items in higher priced categories such as luxury goods and electronics.
The real answer is: KNOW YOUR BUYER. Look at your transaction history and the data you have captured about each consumer. But remember, there may be a behind-the-scenes influencer. The higher the price tag the more likely it is that the decision to purchase was a communal one.
So dig deeper. Professionally run surveys or focus groups may be the best upfront investment you can make in order to target the right customers and reduce your cost of acquisition.
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