Women, they are an economic force with a lot of value attached to them. They are more than a rich vein of money, they can turn into the best and most loyal of brand advocates too. Better to keep them satisfied for life, than have to constantly acquire them.
Lately, I’ve met a load of businesses and companies who think they have got this sorted because they have gender diversity under control. However, earning the female dollar takes a lot more science, intelligence and effort than asking your HR team to bring in a room that is at least half-full of female marketers.
Women are responsible for 9 out of 10 purchasing decisions. And within ten years, females will be spending 85% of discretionary household income. So ignore them at your peril.
The thing I hear more often than anything else is “but we already market to women and always have”. Or my favourite “Yeah, I know women, my wife is a woman!” (no jokes).
In a stagnating economy where growth is getting harder to find, it is now more important than ever to rethink the way your business is thinking about profit. Rather than another failed innovation attempt, try this even more effective idea: understanding the changing needs of your future females. Your consumer’s gender should not be a consideration at the end of the innovation process, but a consideration that is right at the centre of any business model.
The last decade has seen disruption to business via technology and new business models such as Uber, Air B’NB and companies that create incredible wealth through solving customer-centric needs.
So if you are selling to women and you are not actively and authentically seeing the world through her goggles and meeting her needs… good luck competing with the disruptors who are. Female entrepreneurs are finding solutions to fill the gaps that established business has missed.
Indeed the future will belong to those braver souls who are willing to put gender politics aside and instead ask of their female audience – what does our customer really need, really want and how can we be the first to give it to her?