Looking to build, grow or start a business? Turning to women may be a surefire way to succeed. According to a recent survey, businesses that cater to female consumers have a better chance at growth. The Boston Consulting Group questioned over 12,000 women, globally, and discovered that women “control as much as 70 percent of household purchases and $20 trillion of consumer spending worldwide.” The survey also found that “they will be responsible for $5 trillion of incremental spending over the next several years.”
Information from this survey has been compiled into the forthcoming book, “Women Want More: How to Capture Your Share of the World’s Largest, Fastest-Growing Market,” authored by Michael J. Silverstein and Kate Sayre. The book will focus on what’s quickly becoming known as the new “female economy.”
What’s more, the survey found that women are not satisfied with the way most companies are serving them, according to Silverstein, BCG’s senior partner. They have found failure in several categories, including investment companies, the auto industry, banks, physicians, life insurance and car insurance.
Silverstein cites key areas that need improvement: failure to meet women’s needs in time-saving solutions, failure to tailor products to women’s unique challenges, and faulty sales and marketing techniques that often relies on dated stereotyping.
What does this mean for both established and burgeoning businesses? Properly addressing the needs of female clientele should mean a huge jump in profits. An example noted is the service industry. It reveals that women need time for themselves and are willing to pay for help.
The survey found that women want Fulfillment, Love and Connection, Time and Work Life-Balance, and Money as a Marker. In other words, Silverstein says that those businesses wanting to succeed must provide products and services that respond to women’s needs on an emotional level as well as on the technical and functional levels. Those businesses that are successfully addressing women are the beauty, clothing and food industries.
To find out more about the book or to take the quiz, log onto www.bcg.com.
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