How building your female customer base can boost business
- Sophia Allistone
How building your female customer base can boost business
Gender equality is not simply a matter of fairness, but it is critical to economic growth and organisational success. Globally, women control over $3.18 trillion in worldwide spending and make almost 90% of all household purchasing decisions.[1]
As women’s wealth and spending grows exponentially, connecting with female customers is vital to increasing commercial success for businesses. Research shows that women behave differently to men when making business decisions and purchases.[2] If sales and marketing teams harness this knowledge, company sales will increase – and as 92% of women are likely to recommend an online purchase to others, understanding the female economy will lead to a ripple effect in sales.[3]
Which industries?
All companies can benefit by making their purchasing experience more female-friendly: one study found that 91% of women feel like advertisers don’t understand them.[4] In particular, financial services, technology, electronics and automotive sectors are frequently cited as delivering a particularly bad purchasing experience for women.[5]
How to tap into women’s global spending
Understanding your female customer base can be made easier with the everywoman Customer Growth Programme, accredited by the Chartered Banker Institute. Designed for customer-facing teams in banks to connect with their female customers in a way that helps businesses thrive, the programme will:
- Motivate, inspire and give confidence to your customer facing, marketing and comms teams in their dealings with existing and potential female customers.
- Minimise the frustration borne out of the disconnect that sales and relationship managers have when faced with the different behaviours of female purchasers.
- Finesse your sales processes to align with the way women want their purchasing experience to be.
More than 2,500 banking professionals have received accreditation by everywoman and the Chartered Banker Institute, developing professionalism and specialist market knowledge, and increasing their capability to achieve true market differentiation.
According to Julie Baker, Head of Enterprise and Climate Engagement and Partnerships at NatWest Group: “Since the start of the Women in Business Programme [everywoman’s Growth Programme], we have seen a huge uplift in lending to female business customers, as well as a significant increase in female customers".[6]
Find out more about the everywoman Customer Growth Programme by contacting everywoman via the form at the bottom of this page.
About everywoman
everywoman is a global membership organisation for women in business that drives positive change by empowering women to achieve their professional potential. Established in 1999, everywoman works with leading corporations and organisations, improving productivity and performance through its membership offering and unique tailored blend of products and services which unlock female potential and powers businesses to accelerate their gender inclusion goals. For more information visit www.everywoman.com.
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[1] Buying Power (Catalyst)
[2] The Female Economy (Harvard Business Review); The female economy: Reshaping the economic power of women (GWI); Women: Primed and Ready for Progress (Nielsen)
[5] The Female Economy (Harvard Business Review); Don’t Think Pink (Andrea Learned)
[6] Natwest Case Study (Everywoman)