Women as Customers ….

Women as customers comprise a powerful economic force .. In fact a Harvard Business online article mentions :

Globally, they control about $20 trillion in annual consumer spending, and that figure could climb as high as $28 trillion in the next five years. Their $13 trillion in total yearly earnings could reach $18 trillion in the same period. In aggregate, women represent a growth market bigger than China and India combined—more than twice as big, in fact. Given those numbers, it would be foolish to ignore or underestimate the female consumer. And yet many companies do just that, even ones that are confident they have a winning strategy when it comes to women.

Source -http://hbr.org/2009/09/the-female-economy/ar/1

So what are companies doing to understand this important customer segment .. Various initiatives right from having a well defined diversity and inclusion approach ,  embark  on market research studies , to designing women friendly products etc.

The same Harvard Business online article mentions :

In 2008 the Boston Consulting Group(BCG) fielded a comprehensive study of how women felt about their work and their lives, and how they were being served by businesses. It turned out there was lots of room for improvement. More than 12,000 women, from more than 40 geographies and a variety of income levels and walks of life, responded to our survey. They answered—often with disarming candor—120 questions about their education and finances, homes and possessions, jobs and careers, activities and interests, relationships, and hopes and fears, along with their shopping behavior and spending patterns in some three dozen categories of goods and services. (You can learn more about the survey and take an abridged version of it at www.womenspeakworldwide.com.).

The BCG study mentions that :

Women have become the dominant engine of the economy worldwide, and are the primary drivers of changing spending patterns and accelerating social change across the globe. The "movement" has only just begun: women will demand more, better goods, will grow economically, and will take more leadership jobs.

Three key factors are accelerating the rate of change:
  • Education
  • Career opportunities
  • Politics and social leadership

So it goes without saying that you have to acknowledge  the presence of women in all spheres and take actions accordingly to win all kinds of war – talent , competitive business etc ..

You can participate in the ongoing study at https://www.113.vovici.net/se.ashx?s=13B2588B0BCE859F