By now it should be no secret that women buy, consume and make more spending decisions than men. In fact, what’s dubbed the female economy generates 150 billion dollars annually.
And yet women feel underserved and often even ignored.
Which is why there is plenty of room in the female economy to make money – lots of it.
All you have to do is identify a need – something women want and answer that need.
But to do that, you have to understand women. What we want, why we want it and why we will want to do business with you or your company.
In this post are 3 untapped markets in which women would love to see more choice.
Financial Services
According to the World Bank’s Global Findex report, close to one billion women globally, have no access to savings, credit or insurance. Banks are getting wiser as they access this demographic. But what about women who do have access to savings, credit and insurance? How many of those women do you think are in fact satisfied with the services they’re receiving?
According to Women Want More, women in most households handle the finances. And yet, the financial services market is dominated by males and for the most part still assumes that women don’t have money to spend.
Who’s getting it right?
In Israel, Pepper, a free mobile banking app, targets women and aims to provide them with a banking experience that can’t be rivalled. Pepper meets women’s needs by enabling them to handle transactions without stepping foot in the bank. Additionally, the app provides women with the data to better understand their spending and saving habits and gives them tips on managing their money better.
Fitness
Many women, dare I say most, obsess over their bodies. Many want to be thin. Many desire the benefits that come with being thin – weight control, better appearance, more energy. But staying fit is hard.
The fitness industry generates over $80 billion annually. Companies looking to serve women’s fitness, weight loss and convenient food replacement will win.
Who’s getting it right?
Curves is about cheap, fast and convenient workouts. Founded by Gary Heavin whose mother died at age 40, Heavin set out to help women by fixing what was wrong in conventional gyms. Today there are over 10,000 Curves locations charging women an average of $40 a month and offering simple, affordable and convenient workouts.
Food
Connected to the untapped fitness industry is the food industry. Women want to eat healthy. They also want their families to eat healthy. But they are also busier than ever before juggling the various aspects of their lives.
Women want more options. And they want it to come with service, efficiency and value. Also, food doesn’t have to only be nutritious, it needs to be delicious.
Who’s getting it right?
Whole Foods. Just ask Julia and thousands of women like her. At Whole Foods not only do you get minimally processed products, you also get high quality food and selection. Not to mention service – they deliver. But beyond, that Whole Foods educates women about healthy food and healthy eating.
Today’s woman has high demands. We expect to be seen, heard and marketed to. Companies can enchant women and gain us as loyal customers by listening, serving us and tapping into what we believe. In return, they will see their business flourish.
