June 30, 2017 - Media Planet: Future of Business & Tech
KATHY WARNICK, NATIONAL BOARD CHAIR, NATIONAL ASSOCIATION OF WOMEN BUSINESS OWNERS (NAWBO)
Data from the Federal Reserve Board reveals that women control slightly more than half (51.3 percent) of all personal wealth in the U.S., making up 83 percent of all household purchasing decisions. Women drive consumer purchasing and hold tremendous influence over the consumer economy through their buying power. Bear in mind, women aren’t solely making purchases for themselves; They often shop for other members of their household, which may contain significant others, friends, children and relatives of all ages.
Stand By Your Brand
Women are generally discerning consumers who know what they are looking for and can be incredibly brand loyal. According to the report, Battle For the Sexes: The 2016 CrowdTwist Gender Loyalty Report, women are 22.19% more likely than men to stay brand loyal to products and services regardless of price, quality, convenience or brand promise. In fact, the study found that 25.05 percent of women will share a post on social media to earn loyalty points compared to 14.92 percent of men. In addition, 74.17 percent of women said they would refer a friend to a loyalty program that they participate in compared to 67.05 percent of men.
Hire By the Numbers
Despite all the data about the significant role women play in the consumer economy, women are still underrepresented in sales, especially sales leadership positions. According to a CEB Blog sharing its global data, women represent only 4 of 10 of entry level sales employees, 3 in 10 first- and mid-level management roles, and 2 in 10 department head or general manager type roles. That 2 in 10 figure looks even worse when compared with other company positions, where 5 of 10 women are leaders in finance, communications, customer service and HR functions. The CEB data also shows that despite achieving higher goals, women in sales earn $25,301 less than male counterparts.
There is plenty of evidence that gender diverse companies outperform those without such a balance. Despite the many benefits of inclusion, the sales force as a whole is still lagging behind.
Companies must begin to ask themselves — who better to understand what motivates women to buy and remain loyal buyers than other women?
Who Run the World
Founded in 1975, the National Association of Women Business Owners (NAWBO) was the first advocacy organization for women business owners. That legacy continues today; They represent women business owners of all sizes, in all sectors and all stages of business development.
NAWBO views this diversity as a source of strength and they vow to continue working with others in the business community to push for a seat at the tables for women. Bolstering women is important for the whole community, so that better solutions can be rendered and the economy can grow.