Women have become the chief money makers and spenders of the business world, so it makes sense to cater to their needs
“MONEY, money, money, must be funny, in a rich man’s world.”
Hopefully as you read the words above you got the familiar ring of the ABBA song Money, Money, Money.
A surprising statistic about where our money is going and how it’s being spent has recently been revealed:
“As of 2016, it is estimated that there are more than
11.3 million women-owned businesses in the United States, generating nearly $1.6 trillion in revenue and employing nearly nine million people, according to the second annual State of Women-Owned Businesses Report, commissioned by American Express OPEN.”
I love to hear statistics like this and even though it’s an American example, we can assume relative comparisons based on the Australian population that female entrepreneurs are contributing a lot more to our economy than previous studies have shown.
In 2011, I recall a report that stated 84% of new businesses opened for the year were by women and 92% of all buying decisions were being made by women.
The latest report from the Department of Industry is showing that one in four women are opening their own business in Australia, which is an increase of more than 46% over the last 20 years. Awesome, go girls!
So this begs the question – if women are playing a far more significant role in making money, spending it and selecting suppliers, how many companies are adjusting their sales models and business development strategies to captivate and retain the female market?
I think it’s fair to say that industry has predominately been male-oriented in the past, as has small to medium business, and of course our strategies and business practices have been set up to capture the male decision-maker.
But it appears the tables are turning significantly and it’s time to “flex up” the way we do business to grow and retain our clients.
Women want to know they can trust their suppliers, clients and partners and this takes time. Have you noticed it’s taking longer to get contracts over the line these days? Have you adjusted your strategies to position yourself, your product and your message for potent relationships rather than a speedy sale?
If you haven’t thought about this yet, now is the time.
Money is the key to sustainability and if you’re not discovering how those that spend think, you’re missing massive opportunities.
If you have a question you’d like answered, email Carren on firstname.lastname@example.org.
Women are playing a far more significant role in making money, spending it and selecting suppliers, so how many companies are adjusting their sales models and business development strategies to captivate and retain the female market?