If you can see how the economy operates, you’ll perceive an unlikely yet almost inevitable occurrence. A massive part of the reason why it continues to thrive is the impact of women consumers. Through their everyday purchasing and whopping income, women direct the movement of several markets onwards. As the prediction made by a global professional services firm EY goes, women are likely to attain $18 trillion in global incomes by 2018.
On this account, it isn’t surprising why women’s approach to buying has become much of an interest in people, specifically in marketing and sales. Is there science behind it? What makes women buy and not buy? Businesses worldwide are constantly on the move for innovation. They want to know which marketing and selling techniques to adapt.
Well, brewed below are 10 interesting things you can take note of, as far as women consumers are concerned. These might just help you uncover a little of the so-called global mystery. Are you all set? Awesome, now let’s fix our eyes to our first point!
10 Things Everyone Should Know about Women Consumers
Customer Service is a recipe for success
This can’t get any more straightforward. When buying, women don’t just focus on technicalities. They’re after the depth and soul of the customer experience itself. If there is a huge investment in customer service, what’s there not to like? Service is a powerful element in persuasion, a primary differentiator even. If you’ve been well-attended as a customer, that will give you more reasons to go back and buy. Going the extra mile seals the deal a lot faster.
Women as females and consumers share a lot of similarities
Women from all over the world may have stark differences, but their similarities still abound. You may see this in their hormone levels, brain structures, and roles in society. They are more than endowed with the role of giving birth to the human population. They nurture, communicate, and foster relationships. Although their choices in buying differ, they show likeness in several aspects, too. In a way, their purchasing patterns may be attributed to the roles they play in society.
Demographics are a remarkable signpost
Three points carve the movement of the female population. Globally speaking, women take much of the place in the labor force. More and more women are contributing to the workforce. This signifies an increase in income generation. Another thing worthy of note is the fact that they are in no hurry of getting married compared to older generations. Marrying later is no problem for young adult women. Nowadays, they have relatively fewer children, too, alongside men. Of course, these are propelled by different factors. With these demographic ideas in mind, you can better arrive at strategies in driving your business.
The economy’s face is unmistakably female
What do you think is the sex of the consumer economy if it had one? Well, let the numbers help illustrate the picture for you. Over 70% to 80% of consumer purchasing is propelled by women. Power, along with influence, comes to play in this reality. Women are influential in the overall resolution of a person’s purchase. That is, whether they do it intentionally or not. Not to generalize, but if you look around especially at shopping malls, you’ll see that this is mostly the case.
Endeavor a more gender-balanced team
Interestingly, companies consisting of gender-balanced teams are reported to have a higher Return on Investment (ROI). Everyone appreciates being represented. Businesses that are fairly comprised of are much more flocked into unlike those that aren’t. And the reason for that is no rocket science. Most of the customers all over the world are women. Companies that took the initiative to even out their management team in terms of gender recognize this as a step forward.
Examine female culture like another foreign market
There’s a whole other culture within the world of women. From there, you can find a load of differences that are worthy of research. Remember, women make up a great part of the customer base of the world’s renowned companies. These cultural variations have a huge say in women’s perception, language, and behaviors. What more, all these have a bearing on how they purchase stuff, too! If you want to run a company to its utmost, you need only study the ways of the female culture. Only then will you figure out what’s missing in your business!
Do not stop at pink—explore other colors!
Long gone are the days of playing safe in business. If you were to choose only one color to introduce your product to women, what would it be? Would you go for the stereotypical feminine color or would you dare try new ones? These color-coded associations, such as pink for women and blue for men, won’t get you much attention. It won’t put you forward either. If you stick to the old marketing ways, you won’t find anything new. Why not look for a more venturesome strategy? The chances that it would click to female interest are never bleak.  Â
Women serve as a multiplier in business
Women have a striking influence on how the economy advances. What was thought to be actions of inconsequence actually has a drastic effect, when looked closely. Since women take the role of caregivers both for the elderly and children, their purchase is a lot more frequent. They shop on behalf of their other household members. Sometimes, they even go so far as buying for, as well as, on account of their friends and in-laws. This, of course, results in manifold consumption in many parts of the world.
What you see is just part of the whole
Nothing is ever as it seems. What you see on the credit card doesn’t necessarily paint the entire story. You may see the name of a man, but the person behind the money might just be a woman! That lady you come across who never seems to earn a paycheck? She may likely be a doorkeeper to the financial outflows of her household! In every sales transaction, you can expect a female touch in the decision-making.
Dig deeper into gender. If gender is a domain you haven’t delved that much, you should waste no more time of disregard. Devote yourself to learning more about it because this gives you an edge in the competitive world of business. Gender is a decisive factor in several aspects of business processes. It dictates how consumers act toward a certain product or service. Although people don’t discuss as often about it in the workplace, you shouldn’t join the band. Explore this less-traversed path and give your business that record-smashing payoff!
Conclusion
As women consumers dominate the market, existing and emerging companies must close the gap. Looking into the psychology of marketing and selling to women is a progressive step. And now more than ever, you have a benchmark for your succeeding course of actions. The 10 things laid out above may be used as a roadmap for both of your short-term or long-term business decisions. Therefore, whether you’re still starting your own name or you’ve been long enough in the game, these are key pointers to help you magnet more women consumers.
