Women play a significant role in business buying. Whether you target the corporate market or the small business market, there are compelling reasons to get smart about marketing and selling to women.
Up the Corporate Ladder
Many people don’t realize that today, 49% of all professionals and managers in the workplace are women. Even more interesting to B2B companies is the fact that women comprise 46% of purchasing managers and 58% of wholesale and retail buyers.
The New Entrepreneuse
Did you know that 40% of all businesses in this country are woman-owned (ownership at least 50% female)? In fact, for the past 15 years, women have accounted for a full 70% of new business start-ups! That means two out of three enterprises that are creating new accounts to handle their banking, telecommunications, office equipment and supplies, shipping, travel, etc. are woman-owned. And lest you leave with the impression that women-owned businesses are fledgling enterprises uncertain to survive, know that 65% of women-owned businesses have made it past their five-year anniversary, compared to 58% of their male counterparts.
If knowing your customer is the key to selling to her effectively, lots of companies targeting business decision makers had better start learning how women buy.
What’s the Difference?
Until recently, everyone thought the marketing strategies they developed were equally effective at communicating to women and men. They usually aren’t. Women approach the big-ticket buying decision completely differently than men do, and they reach their decision based on a different set of perceptions, priorities and preferences. Companies that combine insights on female gender culture with solid marketing know-how can develop savvy strategies that attract women’s business, strengthen customer relationships and activate women’s “marketing multiplier” – word of mouth. Those who realize it sooner rather than later will reap the rewards in greater share, higher sales and increased stock price.