Yes, it’s true. Women are notorious for sharing in a little behind the scenes gossip, launching a few catty remarks at each other, and even being a little devious at times. Not that men aren’t…it’s just that chicks are better at it because we make it more interesting. But, even when we are at the peak of our emotional trashing we have this weird bond. Women can talk all they want about each other, get our panties all in an uproar, and still vehemently defend our sisters should we find that anyone from the outside is not supporting our tribe.
What does this mean to business and marketing to women? Let’s look at a few statistics and maybe you’ll catch where I’m going with this:
According to the Women’s Business Enterprise National Council, when women are aware you support women owned businesses:
- 79% would try your product or service
- 80% would solidify their brand loyalty
- 51% would give a company a second chance if a product or service missed the mark the first time
So, yes we do support our tribe. Maybe it’s because of the fight women have had to take on to finally make our voices heard and respected. The uphill battle to equality has been nearly accomplished and women are vigilant to make sure we never go backwards. We have demanded that we be treated equally in business and have proven that our opinions not only matter but affect market trends in a huge way.
Now, right here let me just say…I do not consider myself a big feminist, I don’t go to protests, I don’t participate in lobbying…HOWEVER, I am a very big advocate for mutual respect whether it be to female, male, child, race, or whatever. I believe in equality. Most women that I know are right about at the same place. We don’t wave a femi-nazi flag shouting injustice. However, we do support our tribe.
So, you’re thinking…Ok, Coree, so women support each other but there is a great big world of other consumers out there that are also making purchases. What makes you think that I should care about just one target market? Hmmm…good question. Check out a few more statistics:
Women account for 85% of all consumer purchases including everything from autos to health care:
- 91% of New Homes
- 66% PCs
- 92% Vacations
- 80% Healthcare
- 65% New Cars
- 89% Bank Accounts
- 93% Food
- 93 % OTC Pharmaceuticals
American women spend about $5 trillion annually… Over half the U.S. GDP
Women make more than 80% of all consumer purchasing decisions. Consulting firm A.T. Kearney estimates that women determine 80% of consumption, purchase 60% of all cars and own 40% of all stocks (Trendwatching, August 2007)
These are just a few facts that were shared at the Marketing To Women Conference. You can check out more facts there that may help krazy glue this to your brain: The female tribe is one to be reckoned with. Or as I like to say, “Chicks Rule!”
How do you feel about tribe loyalty? Do you tend to give a brand or company more of your business when you know they support women owned businesses? As always, thanks for taking the time to read & comment!
To Your Success,
August 25, 2009 3 Comments