Move over minivan ads and day time soaps…
Today’s women want more than just pretty things. They want things that save them time, money and, most of all, meet their many needs.
They also represent a big opportunity for businesses. According to the authors of “The Female Economy,” a study published by the Harvard Business Review in 2009, women represent a growth market bigger than China and India combined. In fact, they represent the largest market opportunity in the world, controlling $4.3 trillion of $5.9 trillion in consumer spending. As a result, women now yield more economic power than ever before.
In addition, they are juggling more than ever before carrying titles such as household CFO, elderly care planner and business owner. Women are continually striving to find balance between all the overlapping demands on their time.
So why is this important to you? Organizations that understand and accommodate to women’s changing needs will win long term. With all the increasing demands, women are seeking products and services that understand and help manage these increasing demands. Products and services that recognize this and are designed to meet women’s unique needs will have the chance to capture part of that $4.3 trillion in consumer spending and gain long-term customer loyalty.
With that said, here are some tips for reaching out to women.
· Get to the point – Tell them what you’re offering whether it is a special offer or free shipping, but don’t ask them to do detailed research your product or service. This will focus your offerings and save them time.
· Market to the individual – Although most women share values, each one is unique and wants that to be recognized. Don’t use blanket statements to reach all women. Identify and understand the different traits between the generations, the stay-at-home mom vs the career-focused entrepreneur.
· It’s all about conversation – Invite your customers to participate in channels like Facebook and Twitter to learn what customers really think about your product or service. This allows you to understand what matters to them and show your customers you are listening.
· Embrace the internet – Make sure your Website has good information, high search rankings and (if applicable) an online purchasing option. In an effort to save time, more women are researching and purchasing products online.
· Do good for the world – Find ways for your company to give back. Women are more likely to purchase from companies that give back to the community, promote emotional or physical well-being, preserve the environment or care for the needy.
Now is the time to go beyond the “make it pink” mentality and offer products and services truly tailored to women’s needs.
FYI – here are some other statistics emphasizing the development of the “she-conomy”
- Women hold 60 percent of advanced degrees among adults 25 to 29, the Census Bureau reported last month, and half among adults of all ages.
- As more women attain advanced degrees, their earnings power is likely to rise, the Census Bureau predicts. According to 2008 data, the most recent available, people with bachelor’s degrees earned an average of $58,613 a year and those with advanced degrees an average of $83,144.
- Women are now the primary home purchasers in nearly 25 percent of all deals, up from 14 percent in 1995, according to the National Association of Realtors.
- Women make up half (49.8 percent) of the U.S. work force and, according to the Internal Revenue Service, constitute 43 percent of the nation’s top wealth holders — those with assets of at least $1.5 million.