Femeconomy’s aim is to inform and encourage women to shop brands with female leaders to create gender equality. Our journey started with a goal of using consumer loyalty to reward companies who had at least 30% female board of directors or 50% female ownership. This would inspire other consumer brands to pursue gender equality in their leadership ranks. We are creating a community of women and men, who truly believe in, value and see the merit in creating gender equality in our organisations and society. Decades of research shows companies with women on their lead teams are more profitable .
We’ve kick started something
Our website is just over three months’ old. Our expectations were realistic around how difficult it would be to inspire consumers to change their behaviour. Most people stick to a range of ten favourite brands. Brand loyalty is incredibly sticky. People have entrenched shopping habits and preferences. We knew this going in.
To our surprise, from the start friends and supporters have been communicating with us about how they have switched brands. Why, who from and who to, based on the information they have gleaned from Femeconomy. They have also told us how knowing a brand is Femeconomy approved has increased their loyalty to that brand. I get an endorphin rush every time someone tells me one of these stories.
Femeconomy is Sublime
Andrea Smith of Sublime Finds fashion blog fame lists Femeconomy as number 2 on her Top Ten Sublime Finds of All Time. We were pipped for top spot by Kate Spade NY, a Femeconomy approved brand incidentally, so that’s okay. Andrea got in touch with me the week we launched our research on the website. At lunch she advised me that she had purchased a (Femeconomy approved) Witchery top she had been wanting via the Femeconomy website that very day. She was our first customer. Then Andrea covered herself further in Femeconomy supporter glory by introducing us to Gemma Lloyd and Valeria Ignatieva of Diverse City Careers, who have subsequently become our partners.
David Jones versus Myer
Michelle Redfern, a Femeconomy supporter and new friend, proclaimed on social media that she would be shopping at David Jones now, instead of Myer. “Pre-Femeconomy I was a very loyal customer of both stores. Now David Jones is the sole beneficiary of my department store patronage.” We are pleased to advise that Myer appointed an additional woman to their Board in late November 2016, so now meet Femeconomy’s approval criteria.
Luxury Shoppers have switched loyalty
Leonie, one of the brightest, funniest and hardest working colleagues I ever had, and now a dear friend, has a deep and abiding love for designer handbags and shoes. She texted me last week, “I need you to know that my last three luxury purchases were: Alexander McQueen Legend Tote, Balenciaga Giant City Bag, Bottega Venetia purse. Thanks Femeconomy for telling me who to buy from. And for me to be able to tell husband that the purchases aren’t really for me, they are for feminism. I actually tried to buy a Burberry purse as well, but they were out of stock!”. Next text – “Oh, and I want to buy some Gucci shoes too!”.
Christmas Shoppers switched brands
Alanna and I received an abundance of Femeconomy approved Christmas presents this year. My sister-in-law Raelee asked the David Jones staff to wrap my gift in their branded ribbon so it visually proclaimed its Femeconomy credentials.
All of the gifts, food and drinks we purchased at Christmas were Femeconomy approved brands.
Toilet paper became topical
There was a special on Kleenex toilet paper at the supermarket. A lady in the aisle gestured to the Sorbent rolls in my husband’s hand. She then advised him of the special and that he could save money this week if he switched. He looked, shook his head regretfully, and said (to her astonishment), “Sorry, Kleenex don’t have enough women on their Board of Directors. Sorbent do”.
Amanda, who we met on this journey, advised us at a high level meeting that she had switched from Kleenex to Sorbent. I was impressed she had looked into it!
It’s a live conversation
Zoe recently posted on our social media page proclaiming her brand loyalty to Target, because it’s Femeconomy approved, and congratulating them on the diversity in their latest catalogue. Her view was that it was an accurate reflection of how our community looks.
It’s easy to switch
The takeaway is that there are so many incredible brands that do meet Femeconomy criteria. People are finding it easy to substitute products to a Femeconomy approved alternative .
Femeconomy approved brands have at least 30% of women on the Board of Directors or are 50% female owned. So far over 700 brands meet our criteria. Look for our badge to shop Femeconomy approved brands.
Female leaders will create gender equality. #femeconomy #shop4equality