Face the fact - Women Control the Purse Strings

They say that 9 out of 10 women identify themselves as the primary shopper for their household.

Women, in fact, carry out most of the purchasing requirements for the family, whether the goods are daily shopping, electronics or clothing. 

Over the last few years the number of women moving into ownership of small businesses has increased at a very high rate.  Research indicates that today over 50% of small businesses are actually owned or run by women.

This means that improving the way you market your goods and services to women business owners may have a huge impact on your business success.

One of the things that business owners need to understand is that women customers buy differently from men.  For women, price and availability of the products are the basic requirement. 

Women approach a purchase as if they are entering into a relationship and they make buying decisions based on detailed information about the product or service they are interested in.

This means that advertisers need to eliminate any hard sell type of approach and make sure they supply information that enables women to make an educated decision.  In general, it can take longer to win a female customer over, but once you do they are generally more loyal than men.

Some of the important considerations for a female purchaser are convenience and service. 

Most women work part-time or full-time, while still taking on the responsibility of the household.  They therefore have little time available to waste, so convenience and an efficient service are very important.

They will appreciate if the business goes out of their way to save them time and to make life easier for them.  The retailers who understand this would do well to adjust their store hours and location to meet their women customers’ needs. 

Make sure that you keep your women customers happy. They are more likely to learn about you from each other than men are, so a positive referral and approval would be a key role in winning and maintaining women customers.

Whether a woman is an entrepreneur, employee, or stay at home mum, they make buying decisions based on different criteria. 

They say women business owners are less likely to shop at malls and more likely to shop from catalogues.  They generally want to get in and out of stores more quickly than employees, and this is possibly because they have a business to run.

Women business owners are more likely to contract out their housecleaning, compared to a woman who works for a boss. 

These snippets of information can be important when you are targeting certain types of services or products.

All in all, what these facts and opinions tell us is that women have a large control over the purse strings of a nation and therefore their needs and how they think and act should be considered.

Basically you ignore the women customer at your peril.

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