The Forgotten Segment: Women in Business

If you're in the small business card issuing business, you may be missing a cardholder segment that holds the promise of significant transaction activity - women.

Yes, it's that simple, the economic power of women represents over $1 trillion in commercial spending each year. Not only are more women starting businesses than ever before, women are often in positions of influence when it comes to purchasing decisions AND payment methods.  

What are some of the guidelines to consider when marketing your card products to women? According to studies done by M2W, here's some information you might consider as you craft your marketing plan.

  • Over 91 percent of women feel that advertisers don't understand them, therefore, don't make assumptions about your female customers until you test those assumptions using tools like focus groups or advisory boards.  
  • About 78 percent of women use the Internet for product information before making a purchase.  When designing an internet marketing plan consider the fact that most women are serious multi-taskers and have multiple roles, therefore, the more information ties together product usefulness into those roles, the more attractive it is for women. 
  • Pay attention to details. Women absorb detail about everything. 
  • Be careful about coming across as patronizing in the use of graphics, color, and language.  
  • Purchase a copy of Faith Popcorn's book "Evolution -- the Eight Truths of Marketing to Women", which continues to be a textbook on marketing strategies for this segment.  
The lesson to be learned is that your marketing strategies for small business may be designed in such a way as to not appeal to or worse, turn off, this significant market segment.  As you plan your next campaign, shine this light on it and see if you get a glow.  

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