It’s been a profound 50 years for women. Despite the fact that the Mad Men era is a very recent blip in history, women have made strides in all areas of life but particularly in economic and educational areas. Consider a few statistics:
- Women aged 50 and older own 3/4 of America’s financial wealth
- The number of wealthy women investors is growing at a faster rate than men
- Women earn more doctorate degrees than men, 60-70% of undergraduates are female
- Starting in 2005, single young women owned double the numer of homes as their male counterparts
- Women account for 85% of ALL consumer spending, from homes to cars!
Point made? Good. There is no business that should not take uniquely reaching out to women seriously. So what is your business doing to reach this massive, lucrative market? Nothing! I can help…
- Attend women’s conferences, workshops and events, regardless of the type of business you have or product/service you sell
- Never assume that the man in the household makes all of the financial decisions, but never assume he doesn’t
- Train your staff to talk to both spouses/partners and to seek out the female when they are trying to make a sale, explain a problem, etc. Don’t just explain that plumbing issue to the husband unless the wife declines to listen!
- Hold women-specific promotions and events (breast cancer awareness, women athletes, “ladies night”, female college students)
- If yours is a business that generally caters to men, seek to educate women (fishing, sports, hunting, power tools, beer)
- Add video to your site that is specifically designed to educate women
- Avoid PINK unless you are selling to young girls or promoting Race for the Cure-women can sense when they are being treated with condescencion
- Women are far more likely to call customer service so make sure yours is phenomenal
The economic decline of the last three years impacted men far worse than women and it may take some groups of men years to catch back up. Don’t ignore this marketing opportunity! Engage your female employees and customers in discussions on how you can reach them better. What is your business doing to reach new women customers?
by Steven Schlagel