Saluting your largest market in the world

We all do some sort of work for making a living. So its really important that if there’s  a special day allotted to our largest market, we take a pause to acknowledge it. It’s really important to salute the customer who is driving our economy!

womanIf you are still scratching heads and plan to Google about which day is it today? Well, no more waiting. I wish you all a Very Happy Women’s Day! Yes today is International Women’s Day. A day dedicated to celebrate the economic, political and social achievements of Women.

If you are still thinking, “But hey! We were talking about the largest market in the world, and now you are talking about the International Women’s day?” Let me tell you that you are at the right place. Here are some facts to let you know on this auspicious occasion:

  1. According to a survey Women have 85% share in consumer brand purchase decisions. This includes homes, foods, cars and bank account.
  2. According to the book “Marketing to Women” Women are the largest market and have buying power bigger than Japan’s economy.
  3. Over half the US GDP is spent by American Women. source
  4. More and more girl children are getting educated, earn themselves and are paid higher. The employment rates independence has increased in leaps and bounds. The whole demographics have changed. A time article
  5. Thanks to the working ladies there’s now a concept called as the second income in a family. This has not only increased the purchasing power but more importantly empowered women to take active part in decision making.

So while we are definitely indebted to our mothers, sisters and loved ones we should not forget to realize them as our best market. Since BizDharma is learning all about business, I thought this insight will help you further.

Again post understanding these facts and realizing the importance. Just think:

  1. Is your product somewhere influenced if not directly purchased by a Woman? Like most of the houses are purchased by Men but the decision maker behind them is a women.
  2. Women products require woman as the lead in the ads, but so is the case with Men’s products. Isn’t it? Does your marketing strategy, your ads etc take care of the same?
  3. Do you provide offers that push the fair sex to please the men to buy? This is very important because your million dollar campaign may be neglected but a demand from wife cant be.
  4. Do you have Women Sales Professionals? That’s very important. You know why we have receptionists, HRs and similar roles more with women. They are much stronger in understanding the issue and handling difficult people. So isn’t all this sufficient to have women in your sales staff.
  5. Women as we understand generally have some upper hand in areas like organization, planning, cleanliness, aesthetics, luxury, beauty and sensibility. If women are not in your product development teams, there are signs that your product or service is lacking one of these important elements. That’s a serious issue.

So with all these pointers, I believe as a blog writer I have paid my tribute to the world’s biggest and fastest growing market. And while you are dealing with any decision for your business you definitely need to think about the women. As we all know, behind every successful man there is a woman. (Never heard a vice versa for this, though).

True generosity must benefit both parties. No woman can control her destiny if she doesn’t give to herself as much as she gives of herself – Suze Orman

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sonia george March 10, 2010 at 4:26 am

Great aticle!!! But still one thing has always surprised me to see the way women are applauded for their achievements. Why shud paper and magazines have editions on Women’s day telling all about the gr8 women who made a difference to our society, isn’t it quite normal for any individual to excel, given an oppurtunity irrespective of the gender factor. Today Mumbai Mirror reports about Sonia Gandhi “She’s the Man”, so again we are being told that if you are good and have the power to make things happen it means u can be termed as a “Man” as if this word has become symbolic to power and gud work.I feel that it is high time we start considering the efforts put by us as normal and shud not be compared to any benchmarks put forward by the so called male dominant society.

Chanda Himanshu March 10, 2010 at 4:33 am

Sonia I think your comments are really true, but it will take time for the ideal scenario to come. Still there are good occurrences for women not given the right chance and equal opportunities compared to men. And if still some lady manages to excel than the expectations, thats when she is called “the man”. Hopefully more Sonia Gandhi’s in this world and such terms will get completely abolished. It will be a joint effort.

BTW this gives me anther idea of a long pending post on a similar topic. Do catch up with that as it deals with women and their power to excel than men. And yes thanks for commenting. Keep coming :)

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