The Rise of the FemTech Market
The world of FemTech (female technology) is undergoing a remarkable transformation, capturing the attention of businesses and consumers alike. Over the past few years, the burgeoning industry has gained substantial momentum, with projected revenues reaching $5.0 billion by 2033, according to Future Market Insights. At the heart of FemTech lies the intersection of technology and women’s health and wellness, addressing a wide-range of issues such as fertility tracking, pregnancy monitoring, breast cancer screening, sexual wellness, and more. By empowering women to take control of their health through technology. FemTech is not only reshaping the healthcare system but also shedding light on critical risk factors that disproportionately affect women. Join us on a journey through the exciting advancements in FemTech and discover how it is revolutionizing women’s healthcare experiences for the better.
What is FemTech?
The FemTech industry refers to the intersection of technology and women’s health and wellness. It includes companies and products that focus on women’s health issues such as fertility tracking, pregnancy monitoring, menstruation, breast cancer screen, menopause management, sexual wellness, and so much more. The FemTech industry has been rapidly growing in recent years, as women become more interested in taking control of their health and leveraging technology to do so. Femtech is improving the healthcare system for women and could help bring social change to healthcare.
FemTech Companies
Leading companies in this space include Flo a popular period tracking app, Ava a fertility tracking bracelet that uses sensor technology to menstrual cycles and fertility and Elvie offering a range of products related to breast pumping, pelvic floor exercise, and sexual wellness. These companies, use a variety of tactics to share their product and give voice to their benefits. Tactics includes social media, search ads and some even partner with health organization to promote their services.
FemTech, Our Bodies Ourselves
According to Aflac, as consumers, women make 80% of the household decisions on health care. Women are also more likely to have health insurance and visit the doctor. However, the cover of FemTech products by insurance varies depending on the product and the insurance plan. With laws changing day by day, or so it seems, it is important to check with your insurance provider to understand what’s covered, and what’s not.
In consideration of this, we need to keep in mind the kinds of messaging that resonate with women. What do we know about women making purchases and healthcare decisions?
Women are interested in building a connection with brands and want to trust that providers and brands have a deep understanding of their needs and desires. Women like to see their own behaviors exemplified in ads, and value testimonies, and true stories. They are not easily swayed by pink lettering and female-forward taglines. Much like getting a woman flowers, if you don’t have the gesture backed up with genuine connection, it falls flat.
Most women consider an extensive list of factors before deciding and prefer recommendations from peers, friends, and family. 63% of women trusted word-of-mouth recommendations, and 56% were likely to pass on the recommendation to others. Online presence is also important, and healthcare websites that are kept up to date, as well as having a section for reviews, may be attractive to women.
Ways FemTech is improving the healthcare system and experience for women:
- Provides women with the information and education required to empower them to make their own decisions.
- New tools allow women to track their menstrual cycles and be more aware of inconsistencies or detect problems earlier on their own.
- Women’s perspectives are being considered, and long-neglected areas of women’s health are now being talked about, and more affordable products are coming available for long-standing women-centric issues.
- Connection with communities of people experiencing the same issues, is now possible with apps that connect patients with each other, as well as connect them with health experts. These connections span from pregnant and breastfeeding mothers to women experiencing menopause.
Healthcare Marketing and Messaging
Marketing healthcare services can differ based on the demand for specific healthcare services. The solutions are available in both digital and offline.
Wellness marketing is booming, with more consumers spending their money on improving their health, nutrition, appearance, sleep, mindfulness, and fitness efforts. The industry is growing at more than 5% each year, and it is estimated that the spend on wellness products and services to be more than $450 billion annually.
Why the FemTech Industry Needs Marketing and Personalization
Marketing and personalization are critical components of the FemTech industry, helping companies stand out from the competition and target messaging to specific audiences. It is also a way to empower the individual, the consumer, by presenting tailored customer experiences to build affinity.
- Increased Competition: With the growing number of companies entering the FemTech market, it is becoming increasingly important for companies to differentiate themselves and stand out from the competition. Effective marketing and personalization can help companies engage and retain customers by creating a strong brand identity and offering products and services that meet their specific needs.
- Targeted messaging: FemTech products and services address a wide range of concerns and marketing tactics needs to reflect this. Know who you are targeting? What is their preferred media? Where do they go to learn more? By having a healthy marketing mix to create a robust omnichannel approach, companies will increase SOV and relevancy which drives ROI.
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Personalization: Even if two women are diagnosed with the same issue how it presents, and impacts varies. To some the same issue may present physically and to others emotionally. It’s all real. Effective personalization of products and services can help companies create a more meaningful connection with customers, build trust and loyalty over time. This can lead to positive word of mouth, referrals, and an organic presence that money cannot buy.
- Improved UX: Personalization can also improve the overall customer experience by making it easier for individuals to find and use the product that fit their needs. By offering recommendations, discount codes and links to learn more, companies create a more engaging forum of give and take that encourage customers to come back for more. Companies that embrace data visualization platforms like MNI’s Optics, will have the benefit of being able to see campaign performance from all media types at-a-glance to optimize performance.
Conclusion
To get going in FemTech, or any industry for that matter, it’s important to understand who you are reaching out to and what they want. This is the foundation of forming a persona that can be used as your guidepost. From here it’s up to the brand to tweak and tailor messaging to the individual because in FemTech one size definitely does not fit all.
About the Author @Janine Pollack is the Executive Director, Growth & Content, and self-appointed Storyteller in Chief at MNI Targeted Media. She leads the brand’s commitment to generating content that informs and inspires. Her scope of work includes strategy and development for Fortune Knowledge Group’s thought leadership programs and launching Fortune’s The Most Powerful Woman podcast. She is proud to have partnered with The Hebrew University on the inaugural Nexus: Israel program, featuring worldwide luminaries. Janine has also written lifetime achievements for Sports Business Journal. She earned her masters from the Northwestern University Medill School of Journalism and B.A. from The American University in Washington D.C.
