In today’s modern business world, it’s
imperative for companies to know the purchasing power of women.
Even more importantly, companies need to learn how to market
to women, to know their needs and wants, and to realize that
they make the majority of buying decisions for their households.
Tom Peters’ book, “Re-Imagine! Business Excellence
in a Disruptive Age,” outlines the strong influence women
have when purchasing products. This information should be a
strong indicator to companies about the importance of marketing
products to women. Below is a list from Peter’s book
of major categories affected by women.
"In category after category, women are
instigators-in-chief of most consumer purchases. To wit:
- All consumer purchases: 83 percent
- Home furnishings: 94 percent
- Vacations: 92 percent
- New homes: 91 percent
- DIY (do-it-yourself projects): 80 percent
- Consumer Electronics: 51 percent
- Consumer Electronics: 51 percent
(And in the latter category, cars, women significantly influence
another 30 percent of purchases, bringing their power score
to 90 percent.) The same pattern holds in services. To wit:
- New bank accounts: women make the choice 89 percent
of the time
- Healthcare: women make 80 percent of decisions,
and are responsible for about two-thirds of spending."
Women’s buying habits aren’t
only important for home purchasing decisions, but more
and more, they are
influential in the business market.
“Back in 1970, women constituted only 1 percent of
American business travelers. That figure now sits at roughly
50 percent. (Wow!) What’s more, many of those women
business travelers are big-time “influentials.” Women,
for example, constitute the majority of CMPs. As in:
Certified Meeting Planners. As in: people who book
enormous blocks
of hotel rooms!
In this area alone, tens upon tens
of billions of dollars are at stake....each
year.”
This example is only one of thousands
of ways women have greatly influenced the economic
development of America. Women
will continue to gain buying power and it’s in the
best interest of businesses to prepare for this progress.
Whether you’re a show producer, event planner,
exhibitor, etc., it will be to your detriment
if you neglect to acknowledge
the extremely strong influence women have on
purchasing decisions around the country.
Excerpts in this article are
from “Re-imagine! Business
Excellence in a Disruptive Age,” written by management
guru and international bestselling author, Tom Peters.
