NEVER UNDERESTIMATE THE POWER OF A WOMAN
You may be stunned to learn just how much women’s economic power has increased in recent years. Their impact on consumer economy and influence in decision-making has elevated them to account for 85% of all consumer purchases. Understanding the factors leading to related statistics and how to appeal to this gender is critical to capture their business.
Factors leading to the decision makers demographic rise to power:
1. Women earn the majority of bachelor’s degrees (57%), master’s degrees(60%) and doctoral degrees (51%).
2. Seventy percent of women with children under 18 are working at jobs and at home.
3. Women control 60%+ of all personal wealth in the U.S.
4. Women purchase over 50% of traditional male products, such as automobiles, home improvement products, and consumer electronics.
5. Nearly 40% of U.S. working women earn more than their husbands.
This powerful force is expected to develop and dominate the marketplace for generations to come. Businesses must educate themselves on how to approach women and meet their purchasing needs. Research indicates “91% of women feel that advertisers don’t understand them.”
How to appeal to the decision making gender
Because women are sandwiched between raising children, working, caring for the home and caregiving for their elderly, their time is limited. Customer service and convenience are paramount to a good relationship and a satisfied shopper.
Training your sales and customer service staff to create a pleasant customer experience and recognize the importance of appealing to this shopper’s buying needs will help to increase sales and develop a repeat customer. To fail to acknowledge their presence or significance in the decision-making process will be a definite detriment to the ultimate sale of your product or service. Here’s a great read from Forbes.
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