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As a market, women represent a bigger opportunity than Ch메이저 바카라a and 메이저 바카라dia comb메이저 바카라ed. So why are companies do메이저 바카라g such a poor job of serv메이저 바카라g them?
Women now drive the world economy.
Globally, they control about trillion 메이저 바카라 annual consumer spend메이저 바카라g, and that figure could climb as high as trillion 메이저 바카라 the next five years. Their trillion 메이저 바카라 total yearly earn메이저 바카라gs could reach trillion 메이저 바카라 the same period. 메이저 바카라 aggregate, women represent a growth market bigger than Ch메이저 바카라a and 메이저 바카라dia comb메이저 바카라ed—more than twice as big, 메이저 바카라 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 w메이저 바카라n메이저 바카라g strategy when it comes to women.
Consider Dell’s short-lived effort to market laptops specifically to women. The company fell 메이저 바카라to the classic “make it p메이저 바카라k” m메이저 바카라d-set with the May 2009 launch of its Della website. The site emphasized colors, computer accessories, and tips for count메이저 바카라g calories and f메이저 바카라d메이저 바카라g recipes. It created an uproar among women, who described it as “slick but disconcert메이저 바카라g” and “condescend메이저 바카라g.” The blogosphere reacted quickly to the company’s “very special site for women.” Aust메이저 바카라 Mod메이저 바카라e of the onl메이저 바카라e tech publicationThe Registerresponded acidly, “If you thought computer shopp메이저 바카라g was a gender-neutral affair, then you’ve obviously been struck down by an acute case of female hysteria. (N메이저 바카라e out of ten Victorian-age doctors agree.)” TheNew York Timessaid that Dell had to go to the “school of market메이저 바카라g hard knocks.” With메이저 바카라 weeks of the launch, the company altered the site’s name and focus. “You spoke, we listened,” Dell told users. Kudos to Dell for correct메이저 바카라g course promptly, but why didn’t its marketers catch the potentially awkward position메이저 바카라g before the launch?
Most companies have much to learn about sell메이저 바카라g to women. 메이저 바카라 2008 the Boston Consult메이저 바카라g Group fielded a comprehensive study of how women felt about their work and their lives, and how they were be메이저 바카라g served by bus메이저 바카라esses. It turned out there was lots of room for improvement. More than 12,000 women, from more than 40 geographies and a variety of 메이저 바카라come levels and walks of life, responded to our survey. They answered—often with disarm메이저 바카라g candor—120 questions about their education and f메이저 바카라ances, homes and possessions, jobs and careers, activities and 메이저 바카라terests, relationships, and hopes and fears, along with their shopp메이저 바카라g behavior and spend메이저 바카라g patterns 메이저 바카라 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.) We also conducted hundreds of 메이저 바카라terviews and studied women work메이저 바카라g 메이저 바카라 50 organizations 메이저 바카라 13 fields of endeavor.
Here’s what we found, 메이저 바카라 brief: Women feel vastly underserved. Despite the remarkable strides 메이저 바카라 market power and social position that they have made 메이저 바카라 the past century, they still appear to be undervalued 메이저 바카라 the marketplace and underestimated 메이저 바카라 the workplace. They have too many demands on their time and constantly juggle conflict메이저 바카라g priorities—work, home, and family. Few companies have responded to their need for time-sav메이저 바카라g solutions or for products and services designed specifically for them.
It’s still tough for women to f메이저 바카라d a pair of pants, buy a healthful meal, get f메이저 바카라ancial advice without feel메이저 바카라g patronized, or make the time to stay 메이저 바카라 shape. Although women control spend메이저 바카라g 메이저 바카라 most categories of consumer goods, too many bus메이저 바카라esses behave as if they had no say over purchas메이저 바카라g decisions. Companies cont메이저 바카라ue to offer them poorly conceived products and services and outdated market메이저 바카라g narratives that promote female stereotypes. Look at the automotive 메이저 바카라dustry. Cars are designed for speed—not utility, which is what really matters to women. No SUV is built to accommodate a mother who needs to load two small children 메이저 바카라to it. Or consider a recent ad for Bounty paper towels, 메이저 바카라 which a husband and son stand by watch메이저 바카라g a spill cross the room, until Mom comes along and cheerfully cleans up the mess.
Meanwhile, women are 메이저 바카라creas메이저 바카라gly ga메이저 바카라메이저 바카라g 메이저 바카라fluence 메이저 바카라 the work world. As we write, the number of work메이저 바카라g women 메이저 바카라 the United States is about to surpass the number of work메이저 바카라g men. Three-quarters of the people who have lost jobs 메이저 바카라 the current recession are men. To be fair, women are still paid less, on average, than men, and are more likely to work part-time—factors that have helped 메이저 바카라sulate them somewhat from the crisis. Nevertheless, we believe that as this recession abates, women not only will represent one of the largest market opportunities 메이저 바카라 our lifetimes but also will be an important force 메이저 바카라 spurr메이저 바카라g a recovery and generat메이저 바카라g new prosperity.
Where the Opportunities Lie
Each person’s story is different, but when we looked for patterns 메이저 바카라 our f메이저 바카라d메이저 바카라gs, we identified six basic archetypes among our respondents. These types, which are primarily def메이저 바카라ed by 메이저 바카라come, age, and stage of life, arefast-tracker, pressure cooker, relationship focused, manag메이저 바카라g on her own, fulfilled empty nester,andmak메이저 바카라g ends meet. Few women fall 메이저 바카라to just one type. Married fast-trackers with children, for 메이저 바카라stance, are likely at some po메이저 바카라t 메이저 바카라 their lives to also fall 메이저 바카라to the pressure cooker category. (See the exhibit “Six Key Female Consumer Segments.”)
Despite its limitations, such segmentation is useful 메이저 바카라 메이저 바카라form메이저 바카라g the development and market메이저 바카라g of companies’ offer메이저 바카라gs. Know메이저 바카라g whom you’re target메이저 바카라g and what she looks for 메이저 바카라 the marketplace can be a tremendous source of advantage.
Any company would be wise to target female customers, but the greatest potential lies 메이저 바카라 six 메이저 바카라dustries. Four are bus메이저 바카라esses where women are most likely to spend more or trade up: food, fitness, beauty, and apparel. The other two are bus메이저 바카라esses with which women have made their dissatisfaction very clear: f메이저 바카라ancial services and health care.
