IS IT TIME TO OUT THINK YOUR RIVALS IN THE NEW GENDER ECONOMY?
The global rise of women is happening on a societal and economic level but continues to be overlooked and missed out on by business. By 2028, EY has predicted that women will be responsible for 75% of household discretionary spend.
Our $35T global consumer economy has women valued at $28T, meaning she is making 80% of consumer purchases in the world. A Harvard Business Review report by Boston Consulting Group states that women make the final decision in 80% category purchases including automotive, finance and FMCG.
Women’s economic rise and influence is spreading like wildfire yet it has created a tenuous state for brand and businesses to exist in. Females are now demanding that they are the primary target, and that brands speak to them in a more nuanced and authentic way that demonstrates a deeper understanding of what women need and want today.
A SheSpeaks US study has confirmed this, reporting that 80% of women do not trust brands anymore and that the tension between female consumers and brands has risen over time.
Further to that, the values and culture that business deems successful have moved into a new space away from the provenance of command and control thinking. C-Space has confirmed in a report that brands that embody feminine traits like openness, relevance, experience, empathy and emotion, deliver higher revenue, while brands that make a positive impact on consumers outperform the stock market by 206%.
WOMEN AND MEN WANT MORE – USE A NEW LENS TO CAPTURE A GREATER SHARE OF BOTH MARKETS
For more than a century of business history, women have been served up ‘male-lensed’ business solutions for female problems. Historically business was built by men, so it should be no surprise that constructing it through this default lens has resulted in a myopic approach.
Clever businesses have cottoned on that women want more from brands today, and they are moving to align with her values and needs. They get that she is looking to be seen, understood and met on terms that fix her pain points.
BRINGING A GENDER LENS INTO YOUR BUSINESS WILL ILLUMINATE YOUR BLIND SPOTS
Businesses need to see through a larger aperture – namely a lens that sees business through the needs and values of women too.
By taking our masculine business lens and widening its scope, we can be more inclusive not only to women’s needs but to our blind spots when it comes to meeting new emerging and changing market forces.
PUTTING A GENDER LENS ACROSS YOUR BUSINESS WILL INDUCE FAST GROWTH AND LONG-TERM PROFITS
Businesses that take the female market seriously and with deep consideration have proved extremely lucrative and profitable.
There are numerous brands across the world that have leveraged their gender lens for the benefit of their long-term vision.
From veggie manufacturers in Australia to P&G’s renowned #LikeAGirl campaign to Chinese smartphone maker Huawei; these businesses are seeing skyrocketing profits thanks to their early mover grasp on the fastest growing global market – women.
INTEGRATING A GENDER LENS INTO YOUR BUSINESS THINKING WILL HELP IMPROVE MORALE AND CULTURE, AND MOST IMPORTANTLY – PROFITABILITY
Businesses that value male and female employees, and design spaces for them to thrive create better business cultures and outcomes.
A gender lens will help employees better understand how differences can be leveraged to create favourable results. It will also help them understand and connect to the new business reality that is before us and let go of the limits of out-dated traditional thinking.
BEC BRIDESON TEACHES YOU HOW GENDER AT THE CENTRE OF YOUR BUSINESS IMPROVES THE BOTTOM LINE
Better understanding gender’s prevalent and disruptive impact on the market will aid in designing solutions that meet your market. The diagram below reflects the market’s gender-intelligence today – those best poised to capture the economic impact are RETHINKing and preparing for BIG THINKING.
Most businesses today sit in PINK THINK
They follow the herd in instituting policies around equal opportunity, equal pay alongside self-development seminars and luncheons focused on aiding marginalised groups. But the opportunity for growth is recognised when business understands how much more can be leveraged from considering gender commercially.
By understanding the lens of gender at the core of your business, your market orientation will be of more value – with less market wastage and better ROI. No more wasted product development, hit and miss marketing and wasted media investments.
BEC BRIDESON HAS DEVELOPED A PROCESS TO FULLY CAPTURE AND SUSTAIN THE GENDER INNOVATION THAT NEEDS TO TAKE PLACE IN YOUR BUSINESS
In her five-step process, Bec helps businesses develop a long-term strategy to leverage gender by:
- Identifying the size of their prize: how much are current male and female customers worth to your business and are they a strategy worth pursuing?
- Identifying where the wastage is and auditing the revenue potential from better connecting with your customer through gendered insights.
- Evaluating what is the gender of your business: does your internal culture match your external consumer?
- Assessing market orientation: what does your market want and how can you better meet the needs?
- Recommending how to deliver it, measure it, refine it and continuously refresh it.
Many companies use expert solutions provided by consulting and advisory firms to advance gender equality. However, the offering of gender equality services tends to be fragmented.
We are working to identify and promote a portfolio of gender equality services from consulting organisations who meet Femeconomy’s criteria. The criteria to be a Femeconomy approved company is at least 30% of women on the Board of Directors or 50% female ownership. This provides businesses with the opportunity to support gender equality through their procurement decisions. Contact us for more information.