Remember that time you piled your girlfriend in a cab, but she kept you on the phone until she was home safe and sound? Gosh, that was funny!
How about when you were super excited to buy your first car, but the suits in the dealership acted like you were invisible? What a riot!
Or how about that time long ago when you hung up your footy boots in Year 5, because only boys played professional AFL? Hilarious.
You know what’s not so funny?
The power of your purse, your voice, your talent – in essence, your disruptive female dollar. It’s some serious business.
Whether it’s the new rideshare service Shebah focused on keeping women safe from sleazy drivers; Tesla placing dealerships amidst the luxury shops of Fendi, Gucci and Chanel; or the launch of the literal game-changing AFLW – women are disrupting the marketplace everywhere.
Businesses who are switched on to the economic sway of diverse audiences; are scrambling to better meet the needs of this influential, overlooked and time poor market right under their nose. The massive growth and financial results for big brands like Nike’s bulging $7 billion women’s business are proof that there is a vast opportunity for anyone to get gender-clever and reach the same outcomes.
Women are the fastest growing global consumer economy; and business’ best bet for tapping into it – is you.
An Ernst and Young study reports that by 2028 women will control close to 75% of discretionary spend worldwide. This presents a trillion-dollar opportunity. But let’s not forget one crucial inheritance: it’s still a man’s world, or at least one built on a male lens. Let’s not disparage what men have done to build the castle; but with the growing contribution of women, a new female lens should not only be valued but in-built.
That women have an overt and influential economic role is a fairly new revelation in the business world.
Business’ biggest blind spot is gender. However, illuminate any business leader with this and they are usually confused or incapable of seeing how it can increase their bottom line. Their answer to gender is more D&I initiatives and market-insight homogenisation that sets to best appease and appeal to both parties, yet does neither. They can’t be blamed – our narrow male lens and an ongoing culture of inertia fears upsetting the applecart.
But now is the best time to upset them apples.
There’s a reason why it’s called the disruptive dollar – ‘womenomics’ is black and white, yet gender propaganda calls into question the capability of women in business – stalling us in the grey zone. Let me break it down:
Authentically understanding and connecting with female consumers while building workplaces and cultures that cater to women’s needs are two essential requirements to drive talent, creativity and profit.
Women are far from incapable of leadership, nor are they lacking in talent, ambition or influence. Your unique experience of the world is an asset to businesses who get that women are constantly out-thinking the competition, and out-buying other market segments.
Whether you’re a business-owner, start-up entrepreneur, working professional (as well as most likely being the CFO of your household); understanding the economics of women is especially powerful when deriving your worth as well as bringing that to bear upon fruit that will build a lucrative, sustainable future for your business, and yourself.
For a business to not see the possibilities of gender is to miss the greater opportunity.
By keeping your eyes open and readjusting the lens to the possibilities and nuances of ‘what women want’ in our marketplace; we can transform the future for women, for humankind and make it even better for booming businesses.
Bec Brideson is helping businesses and brands drive exponential growth with a market opportunity estimated to be worth $28T. Through her work in gender-intelligence and innovation in ‘womenomics’ her first book ‘BLIND SPOTS: How to uncover and attract the fastest emerging economy’ has just been published through Wiley. To find out more about Bec and how she can help you turn a pressing issue into a profitable outcome, visit her at becbrideson.com.