GET IT I BUSINESS
WHAT WOMEN WANT Gender-intelligence and ‘womenomics’ expert Bec Brideson talks about the $28T market opportunity and how you can tap into it
emember that time you piled your girlfriend in a cab, but she kept you on the phone until she was home safe and sound? Gosh, that was funny! How about when you were super excited to buy your first car, but the suits in the dealership acted like you were wearing an invisible cape? What a riot! Or how about that time long ago when you hung up your footy boots in Year Five, knowing that was it for playing professional AFL? Hilarious. You know what’s not so funny? The power of your purse, your voice, your talent — in essence, your disruptive female dollar. It’s some serious business. Whether it’s the new rideshare service Shebah focused on keeping women safe from sleazy drivers, Tesla placing dealerships amidst the luxury shops of Fendi, Gucci and Chanel, or the launch of the literal gamechanging AFLW — women are disrupting the marketplace everywhere. Women are the fastest growing global consumer economy; and business’ best bet for tapping into it is you. An Ernst and Young study reports that by 2028 women will control close to 75% of discretionary spending worldwide. This presents a trillion-dollar opportunity. But let’s not forget one crucial inheritance: it’s still a man’s world, or at least one built on a male lens. With the growing contribution of women, a new female lens should not only be valued but in-built. The fact that women have an overt and influential economic role is a fairly new revelation in the business world. Business’ biggest blind spot is gender.
Bec’s tips to attract more female customers However, illuminate any business leader with this and they are usually confused or incapable of seeing how it can increase their bottom line. They can’t be blamed — our narrow male lens and an ongoing culture of inertia fears upsetting the applecart. Now is the best time to upset those apples. There’s a reason why it’s called the disruptive dollar — womenomics is black and white, yet gender propaganda calls into question the capability of women in business — stalling us in the grey zone. Let me break it down. Authentically understanding and connecting with female consumers while building workplaces and cultures that cater to women’s needs are two essential requirements to drive talent, creativity and profit. Whether you’re a business-owner, start-up entrepreneur, working professional (as well as most likely being the CFO of your household), understanding the economics of women is especially powerful when deriving your worth as well as bringing that to bear upon fruit that will build a lucrative, sustainable future for your business, and yourself. For a business to not see the possibilities of gender is to miss the greater opportunity. By keeping your eyes open and readjusting the lens to the possibilities and nuances of ‘what women want’ in our marketplace, we can transform the future for women, for humankind and make it even better for booming businesses.
your audience. Who is 1 Audit making/driving the decisions about engaging with your business/brand? Does the internal culture of your business match the external audience you are appealing to? If not, there’s a mismatch in values contributing to a loss of sales, engagement and loyalty. your staff. Female 2 Train audiences/customers need female-lensed thinking, male audiences/customers need malelensed thinking. Do your staff know the difference between the lenses? It’s not about hiring more men or more women — it’s about knowing when to use the right lens. of it like a relationship. 3 Think If she’s ignoring you, how will you get her attention? How will you treat her so well, and really understand her life, hopes and dreams and ensure your product delivers to her wildest dreams? If you want a high yield customer be a brand she falls in love with and marries, and you’ll have her loyalty for life.
Published on Oct 30, 2017