No. 1 Consumer group (of all US segment markets)
Women (approx. 147,000,000 of the population)
Consumer spending power of women: $3.7 trillion
(As purchasing agents, women spend an additional $1.5 trillion)
Total number of women in the U.S:
68.1% are White women
13.1% are Latina women;
12.6% are black women;
4.1% are Asians;
1.4% are considered bi-racial or multiracial;
0.9% are considered Native American/Alaskan/ Pacific Islander.
"Companies tend to bucket all women into one group, but there is far too much diversity among us to believe that any one homogenous marketing plan can be as effective as a plan that recognizes the power of Latina women, black women of the diaspora, Asian women, Middle Eastern women, and others," says Muléy. "While there's a lot that holds us in common as women, there is also a lot that differentiates us and that's where the 85% niche comes into play."
What about your pocketbook issues? Who makes spending decisions? As my political friends always say, "follow the money."
If you are in a position to make decisions about where your organization's money is going to be spent, good for you! Find suppliers who are woman-owned and minority-owned to get your jobs done. Even in traditionally male-dominated businesses like construction, the trades, engineering, and science, you can definitely find a local woman-owned, minority-owned firm to support.
Use your local county, city, or state government to download a MBE and WBE list: I promise you will develop a lengthy and beneficial relationship if you call the vendors on those lists.
And ladies, if you own at least a 51% stake in your company and you've been in business at least 12 months, now is the time for you to get on that list to qualify for city and state contract set-asides!
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