Mommy bloggers. Mommy entrepreneurs. Mommy shoppers. Moms have slowly become one of the most profitable and important audiences marketers can target.
A recent infographic entitled “Shopper Mom” from Hip Digital, a leader in promotional marketing technology for premium digital content, calls moms “brand powerhouses,” that influence a staggering $2.4 trillion dollars in annual household spend, as well as make 85 percent of all consumer product purchases in the U.S.
Here’s a quick look at “Hip Digital’s Demographic Snapshot” of key characteristics that make “Shopper Mom” the most profitable shopper:
They’re mobile
Ninety-five percent of moms own a mobile device, and half of them say they’re addicted to their smartphones – using them not only for communication and entertainment, but also for finding deals and making purchases.
Segment stat: “60% of all moms use their mobile devices in-store, searching for offers.”
They’re social
According to Hip Digital, Shopper Mom has the unique ability to foster relationships in the social media sphere, generating and encouraging enthusiasm and “loyalty for brands among her peers” – and in turn directly impacting the way they spend.
Segment stat: “84% of moms go to social media in order to search for brand/product recommendations” – and they share those recommendations with their friends.
They love digital content
“Moms spend an average of 6.2 hours per day consuming media content, with more of that time spent on mobile devices than any other platform,” says the Hip Digital report.
Segment stat: “Moms in the U.S. are the most active app users, using up to 10 apps a month.”
They want value-add offers
Hip Digital cites Shopper Mom’s “propensity to spend,” her increasingly digital nature, and the “types of content that she relies on for entertainment and personal fulfillment” as characteristics that suggest that Shopper Mom responds best to “promotions that provide her with added value.”
Segment stat: “45% of moms who are rewarded will switch over from a competitor’s product, and 60% would sign up for regular email updates.”
So, what does all this mean for financial services marketing?
As the primary spender and shopper in the house, moms are also the most likely to be using and engaging with financial service tools and products on a daily basis – from credit cards to debit cards, online banking tools to spend trackers and more. They are also more likely to share any banking tools and products that they find appealing and valuable with their peers, acting as unofficial “brand ambassadors” for their preferred financial institutions. Put simply, the Shopper Mom just might be the financial services industry’s untapped, hidden gem.
There are some big banks that have begun to tap into this valuable segment, and others should take note and perhaps follow suit. Last year, for example, American Express launched its EveryDay℠ Credit Card and caught the attention of Shopper Moms across the country with a card designed specifically for their busy lifestyles – rewarding them for their frequency of use, rather than the amount they spend.
Taking it a step further, Amex introduced Tina Fey, one of America’s most-loved SNL comedians, actress and real-life super-mom, as the face of the card. She’s funny, charming and easily relatable to the everyday, multi-tasking Shopper Mom. Amex also took to social media with #everydaymoments, a campaign that encouraged women to share their “everyday moments” via Facebook and Twitter – sparking interest and chatter amongst Shopper Moms and peers on the platforms that they seem to use the most.
Around the same time, Bank of America launched a commercial for BankAmericard Cash Rewards™ credit card as part of its “Life’s Better When We’re Connected” campaign, which features “Katie the Hockey Mom.” She uses her card for all the purchases that keep her busy family running, and she gets cash back for all her purchases.
Both banks are capitalizing on the key characteristics and everyday spending habits of the Shopper Mom audience, rewarding these women for the purchases that keep their households up and running.
Hip Digital says that by 2028, “moms are expected to earn more than the average male, further increasing their spending power” and further increasing their leverage and status as a target segment amongst leading brands, including the financial service industry. Look out world… moms are taking over.
The source for the quoted segment stats is the “Demographic Snapshot of Shopper Mom from Hip Digital,” which you can download here.