Are Women Taking Charge?

Women are increasingly influential in deciding how money is spent, where it is spent and what it is spent on. The role women play in making financial decisions both in the workplace and at home is growing and changing the world of business.

One estimate by the World Bank suggests women are responsible for up to 80 per cent of purchasing decisions, not least because they make most of the financial decisions that affect the family.

Women are therefore becoming a key force in driving the economy, as they are responsible for a large portion of the country’s income and wealth.

The commercial influence of women will continue to increase in scale and value, as they earn more money and make more of the decisions that affect the economy.

‘Women are becoming a key force in driving the economy’

Many businesses, however, don’t appreciate the spending power of women, as they still communicate using male orientated language and images when selling their products and services.

The traditional approach of assuming women have male partners who make all the decision still lingers, as many companies fail to connect with female customers.

In recent years, some companies have made attempts to be less sexist but the more enlightened firms realise the market has changed and that better communication is a commercial necessity.

From a marketing point of view the message has moved from selling the features of a product that traditionally appeal to men to selling the lifestyle benefits that appeal more to women.

Businesses need to understand the growth potential and opportunities of the female economy and ensure their products are marketed correctly to address the needs of women.

Some of the difficulties highlighted by women when dealing with companies include poor communication, sexist language and patronising attitudes of managers, staff and sales people.

Businesses must change their approach not least because word-of-mouth recommendations account for the majority of decisions women make about what they buy and where they buy it.

In the years ahead, women will continue to increase their share of income and play a greater role in business and in the economy, as wealth shifts from traditional male control.

SO, women are taking charge and businesses need to understand the extent of their influence and start to communicate in more meaningfu ways.

What about you?

Do you think women are taking charge?

Look forward to hearing your feedback in the comments below.