A study of women in 22 countries identified 5 ways brands are failing women, and 5 strategies to earn back their trust.
A landmark study found that women control 73% of household spending, but feel neglected by many brands.
Authors Michael and Kate Sayre, partners atBoston Consulting Group recently published a book: Women Want More: How to capture your share of the world’s largest, fastest growing market .
The landmark study upon which the book is based traced the attitudes and purchasing habits of 12,000 women in twenty-two countries.
The study found that women control 73% of household spending, and $4.3 trillion in consumer spending in the U.S. alone.
But it found that women the world over are dissatisfied with the products and services they buy. The reason?
Many companies don’t take the time to understand the issues modern women face, and create products that fail to meet their needs.
The authors found that women are having difficulty balancing all the roles they are called to play at home and in their job. They’re time-starved and stressed out.
And they struggle to balance what the authors call “the job at the job and the job at home.”
The book reports that companies fail to meet the needs of women in five key ways:
- They are not addressing women’s need for time-saving solutions.
- They have poor product design and customization for women.
- Their sales and marketing efforts are clumsy and often insulting to women.
- They fail to align with women’s values or develop community.
- They don’t ‘give back’ to society as well or as much as they could.
The authors offer five ways that travel & leisure brands can earn the loyalty of women:
- Take the time to understand and tailor your product to their needs and values.
- Create products and services that save women time.
- Demonstrate your own values and commitment to the community.
- Empower your sales force to be more responsive.
- Offer 24/7 access to customer service, and product information that’s simple and easy to find
According to the study, women place a premium on the following values:
- Emotional Wellbeing.
Women want the brands they buy to understand those values, and offer them services that honor them.
According to Ms. Sayer, “Take care of those core values,and companies can really connect with women.”
How is your travel & leisure brand connecting with women? What changes have you made to reach better connect to women’s wants and needs? Talk to us.