Marketing to Women Is Big Business

By Neese, Terry | THE JOURNAL RECORD, August 13, 1997 | Go to article overview

Marketing to Women Is Big Business


Neese, Terry, THE JOURNAL RECORD


Is your firm focused on marketing products or services to the fastest-growing segment of the economy? Do you know who the fastest- growing segment of the economy is? Have you read the latest Forbes ASAP article titled, Tom Opportunity Knocks Peters?

In April of 1990, the Small Business Department of the Oklahoma State Chamber of Commerce and Industry brought Tom Peters to Oklahoma to speak to the business community about the future of our economy. At that time, Tom was very focused on small business and the fact that small business was and still is the backbone of Oklahoma's economy. The article in Forbes ASAP proves that Tom is still the guru of business principles. If you are not in tune with Peters' vision and haven't read the article, following are some excerpts.

Tom asks these questions: * What is Business Opportunity No. 1? * In financial services? * In health care? * Autos? * High tech? * Leisure, sports, and entertainment? In a single word -- WOMEN. According to Tom, in 1970 about 1 percent of all business travelers were women. Today? Make that roughly 50 percent. The Wyndham hotel chain realized this situation two years ago, when they started searching for a national association to partner with and provide incentives to women travelers. In July 1996, the Wyndham Hotels and Resorts tapped into the National Association of Women Business Owners (NAWBO) and offered 50 percent room discounts to all NAWBO members. Peters says that during his research in 1980 for In Search of Excellence, he stumbled over ... CUSTOMERS. The talk those days was strategy, strategy, strategy -- marketing, marketing, marketing. The plain old customer had gotten lost in the shuffle. Today, we take customer-centric business behavior almost for granted. Truth is, Tom says he has worked like hell in the intervening 17 years, but has not had another "eureka" -- until now. His discovery? Women -- as the premier business opportunity for anyone and everyone. Well, hello Tom -- where have you been over the past nine to 10 years? The market research is very clear. Women make the most purchasing decisions and Tom is just now getting it! In his article he quoted recent statistics from The National Foundation for Women Business Owners (NFWBO); however, he didn't give them the credit for the data! …

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