Guest Post by: Tumi Frazier, founder of Tumi Frazier International
Women are the economic wave of the future because they are the world’s most powerful consumers. According to the Harvard Business Review, women control about $20 trillion global consumer spending and earn about $18 trillion. Disposable income in Africa’s major cities is expected to grow at an average of 5.6% each year up to 2030, while the aggregate spending power is set to more than double to $1 trillion from now to 2030 according to the African Development Bank. The African Bank also estimates that by 2025 most African countries will have a middle-class majority. Johannesburg, Cape Town, Nairobi, Lagos, Casablanca, Cairo and Tunis are considered to be cities to invest in. All this represents an exciting marketplace for the entrepreneur.
However, for the most part the average female consumer still feels misunderstood by most businesses and this presents major opportunities for those who understand what women really want. So the question is, as women entrepreneurs are you using the same strategies to offer products and services to women as you do to men?
"... each female buyer wants to be regarded as an individual so, pay attention to her needs.
As women entrepreneurs you are likely to best understand and sell to this market. So, spend as much time and resources to engage with female consumers to understand exactly what they want. While women are most likely to spend more on lifestyle, it is not uncommon for women to spend on home improvements; new bathrooms, kitchens, floors and so forth. After all it is a woman in a household who makes decisions about the majority of purchases, not only on food but also banking, homes, cars, health care, insurance and so on. So, with this in mind why are we not capitalizing on other industries with high earning potential, such as the manufacturing of floors or cars for that matter?
One of my favourite stores is Nordstrom because their service level is phenomenal. But what I like most about them is their unconditional return policy. I generally do not fit clothing in stores but rather buy and try them at home. So, for the most part, I return clothes as you can imagine. So, when it comes to Nordstrom, I do not have to worry about lost slips or elapsed time between purchases and return dates. Moreover, the services Nordstrom offers have earned the loyalty of women, especially mothers. The store even has shoe-tying classes for children while mothers shop, how brilliant is that?
Remember, each female buyer wants to be regarded as an individual so, pay attention to her needs. Focus on offering your female customers an experience that goes beyond the product or level of service; this is what creates loyalty.
Tumi Frazier is a South African entrepreneur, professional speaker, author, TV personality, consultant, and founder of Tumi Frazier International, Tumi Leadership Academy, and Tumi Foundation. Tumi is an internationally acclaimed Leadership and Change Management expert who has worked with high profile clients and organizations across Africa, United States and Europe. Tumi has authored 4 books: Courageous Stories of Inspiration; In the Midst of the Storm; Stepping Stones to Success; and Your Moment. Follow Tumi Twitter | LinkedIn
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