“It doesn’t matter whether it is purchases of cars, cosmetics, or even products for men, female consumption power is the leading consumption power in the world,” states Andrea Jung, President and CEO of Grameen America, a non-profit organization helping women in poverty build small businesses to create better lives for their families.
This confirms there’s just one viable option for growing your business in the 21st century: create products and services that appeal to women clients. It takes creativity, planning, and hard work, but the rewards will make it worth your effort.
Some Revealing Data
“Women drive 70-80% of all consumer purchases, through a combination of their buying power and influence,” says a recent Forbes article. And 64% of affluent Millennials are now women.
A 2013 survey by EY (Ernst & Young) stated that women have begun impacting the world economy in a major way. “The global incomes of women are predicted to reach a staggering $18 trillion by 2018,” said EY. That’s right now!
An Example To Follow
Have you heard of a company called Drybar? It’s a salon where women get their hair washed and blown dry in one of five styles for $40.00. That’s it. No dying, no perming, no cutting. It’s a simple concept, but women are flocking to these salons that have opened from California to New York.
There are salons on almost every corner, so why has this one done so well? Every process attends to the needs of women, from the music played and fabric on the chairs to flattering lighting and well-trained stylists.
The owner started offering these services from the back of her car in Los Angeles in 2008, and today has $20 million in sales and counting. There’s not much better proof of the rewards that come from catering to women clients—no matter what business you’re in.
Strategies From A Female CEO
Bridget Brennan, CEO of the consulting and training firm Female Factor and author of Why She Buys, has been studying women’s impact on the consumer marketplace for over ten years. Recently writing on Forbes.com, she presented strategies for attracting women to your business. Here’s a quick overview.
- Make your products/services easier for women to buy.
- Create services that supplement the products you offer to women consumers.
- Don’t overplay female stereotypes in your marketing.
- Women shop with all their senses. Find ways to engage them in your advertising.
- Enable women to feel smarter just by doing business with you.
Developing products and services for women investors is an incredible opportunity to grow your business, and Purse Strings is here to help. Don’t wait! Contact us and start growing your insurance and finance businesses by effectively serving women clients.
A satisfied customer is the best business strategy of all.
– Michael LeBoeuf
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