A lot of discussion around marketing to women centers on consumer goods and services. Makes sense as women influence 85% of those decisions and there's a big reward for companies that get it right. Companies actively pursuing women in this category are also a bit ahead of the curve as women have been part of the consumer buying pool for a long time now, although their tastes and habits have certainly changed, and therein lies the challenge.
What doesn't get as much attention is women as business customers and this seems to be a harder nut to crack. Today's issue of Women's Wear Daily (sub. required) featured an article highlighting the latest stats from the Center for Women's Business Research in Washington, which reported that:
privately held firms that are at least 51 percent owned by women are growing twice as fast as the average U.S. firm, contribute $1.1 trillion in revenues to the economy and create jobs for 7.2 million Americans.
According to a quote by the Center's executive director, financial institutions are going after these customers with gusto but we have yet to see one that is really connecting the dots. Citibank has an interesting program in Women and Company, which they chose to market to my husband instead of me... Last week I received an email from my business credit card company with tips on exercising, which included a guide to mall walking. No joke. I can't imagine a bank sending a similar email to a man. This is a business account at a business bank so there's no mistaking that the email was going to a business owner. There wasn't even any relevant introduction to this content such as how this focus on fitness might benefit me as a business owner, perhaps helping to relieve stress or increase my productivity. Just random workout tips for women, any women. How about some advice on sales generation, or hiring or cash flow? Not to mention, what entrepreneur, male or female, has time to walk malls?
Women-owned businesses are a market segment that is driving economic growth and will continue to do so in increasingly greater numbers. A ripe opportunity for the institution willing to commit to both understanding the needs of these consumers and making them a front-and-center priority in the organization. No more half-hearted attempts, please. Take us seriously and we will do the same.
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