The Power of Women
Over the past 40 or 50 years the role women play in the business environment and in the household as a consumer has evolved. Women as a group have gone from not having a respected voice to making 83% of purchasing decisions, including big ticket items like cars. They make 80% of the family healthcare decisions and by 2010 it is forecasted that women will control 60% of the country’s wealth.
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Women, especially single women, are rightfully having products and services designed and marketed with their needs and opinions. One group that has been lagging in this move is the non-profit sector. The 2007 book The She Spot: Why Women Are the Market for Changing the World—And How to Reach Them by Lisa Witter and Lisa Chen gives several reasons why this sector should stop ignoring women.
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Women’s Economic Clout is Rising – As mentioned above; women are responsible for a large majority of the purchasing decisions. But this doesn’t mean they are just spending their husbands’ money. One out of four women out-earns her spouse. Women earning more than $100,000 per year were the fastest growing income segment over the last decade.
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Women Care –And Give – Almost more important than who has the money, is who gives the money. A survey of 400 businesswomen found that more than half donate $25,000 or more a year and 19% donate $100,000. Women aren’t just giving money, but their time also. In the public sector, women head more than half the foundations in the country and hold 70% of the program officer positions.
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Women Pay It Forward – Women are more likely to recommend a product to a family member or friend. Powerful word of mouth advertising is second nature to most.
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Women Volunteer More of Their Time – In a 2005 study, 32.4% of women did volunteer work compared to 25% of men. More women than men engage in volunteer work across every state, education level, and age group.
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