Not too long ago, a popular American singer emphatically declared that girls run the world (what\\\'s her name again? We kid, we kid!). We definitely agree with this statement, especially when it comes to business. There are more women around the world filling top roles in different business categories and putting up their own companies and ventures, leading to (and is reflective of) increased economic status, opportunities and spending power.
Just how big is this increase? Ekaterina Walter of The Next Web gathered handy statistics for the US for a February 2012 article: various sources declare 51 percent of US private wealth, 60 percent of all personal wealth, and 50 percent of all stock ownership as under female control. In addition, women (75 percent of whom assume responsibility for shopping for the household) are responsible for 85 percent of all consumer purchases, 80 percent of health-related decisions, and 68 percent of car purchase decisions, and had a hand in US$90 billion\\\'s worth of tech toy purchases for 2007. The automotive and e-commerce industries have also felt the immense power wielded by better informed female consumers, and a corresponding infographic posted on the GirlPower Marketing blog showed that women in the US contribute a jawdropping US$7 trillion to the economy through personal and business spending.
In the Philippines, renowned accounting firm Punongbayan & Araullo credits Filipinas, specifically the ones in the middle-class sector, as the reason behind the improvement of the local retail industry; the firm noted the possibility of these women exerting control over their husbands\\\' finances as well as their own. Punongbayan & Araullo\\\'s June 2011 Management Brief also states that a specific portion of female consumers (32% of the 41 million Filipino mothers aged 18 to 64) spend a lot of time online, and engage in activities like shopping and going through news and entertainment-/health-related information.
Even with these findings, some entrepreneurs and firms may falter when it comes to promoting their products and services to the discerning female population — which then leads to loss of profits. For those who create products and offer services targeting impressionable young girls, empowered single ladies, experienced women executives, and savvy moms and mompreneurs, we give you five tips that would reel them in (both online and offline) and ensure a boost in sales and brand recall.
Deviate and innovate.
Most companies have standard characteristics in mind whenever they design and produce for different markets. Here are some of the consumer stereotypes: the moneyed get items made of rare materials and jewels; guys often go for sleek, high-tech, and cutting-edge goods that promise to add to their pogi points; and women are thought to make an instant beeline for dainty, girly products that take up little space in their purses.
Thing is, people aren\\\'t really limited to just one consumer category, or may not adhere to those stereotypes. There are women who don\\\'t like the color pink (or any of its variants), and avoid buying anything that\\\'s lacy, frilly and flowery. Not all of us use phones\\\' “Pink” calendar feature, have only a basic understanding of how gadgets work, or think that the brand name is all that matters.