Women Influence 83% Of All Consumer Spending In U.S.

In Pt. 3 of our video series, Inspire Your Company To Engage Men In Advancing Women, author of WHY WOMEN, The Leadership Imperative to Advancing Women and Engaging Men, Jeffery Tobias Halter continues the conversation of how to drive operating profit and efficiency while leveraging unique aspects of diversity including the advancement of women by addressing three major areas of focus for companies:

1. The first thing you need to do is talk about your business case every day. Women influence 7 trillion dollars of spending in the US annually in this country and influence 83% of all consumer spending in the United States.

As a middle manager of a department at a Fortune 250 company, how much a woman spends doesn't mean anything to him. He needs a business case at his level that he can talk about and understand and have accountability for. Then he can start to manage talent differently and ask tough questions while holding people accountable.

2. He also needs to deepen his cultural competency. He needs to talk with people he doesn't have common traits with and get to know them.

3. Finally, focus on advancing the appropriate symbolic gestures and systemic changes to becoming a gender equality or gender partnership champion as an organization.

Jeff discusses the 80/80/80 which represents three things that every business leader is interested in.  The:

o    First 80 is Revenue

o    Second 80 is Talent

o    Third 80 is Engagement:

Below is a paraphrase of what he shares on the video:  Every organization has their own way of tracking numbers so plug these in for your company.  Read on below or watch the video to learn more about the first 80, Revenue.  Talent and Engagement will be addressed in an upcoming video/blog/newsletter.

80-Revenue:  Women are the economy of the US. 83% of everything sold in the non business to business setting is done or influenced by women. 

Consider how your revenue goals and performance are influenced by women.  Does your product or service consider their interest?  Should it?  Is your leadership team considering and fully utilizing the talent, insight and wisdom of the women on your staff as related to generating revenue in relation to your product or service?  Should your team bring on more qualified women or support the development or more qualified women staff, middle managers or managers in to the c suite?  Even if your product or service isn't woman focused or influenced, might qualified women offer unique perspective in to how your organizations runs or could run for optimum results?

Women are the economy of the US. 83% of everything sold in the non business to business setting is done or influenced by women.  That's 7 trillion dollars, larger than the economy of Indian and China Combined.  89% of financial service decisions are made by women and control 40% of investable wealth and they inheriting another 30% of it when their husband dies and men typically die first.  Women live another 15 years and 60% of the time she fires the male financial planner because he has always been patronizing to her.   The first thing she does is turn to her friend and ask who her financial planner is.   Transferring of wealth to women in this country is in the trillions of dollars.

Women  influence 70% of car purchases in this country yet we don't have a place for a women's purse in cars. It's the most important thing in her life other than her children because it houses her entire life including her children.  The purse isn't strapped in when she's driving and when she hits the break, her entire life goes spilling out.  Lexus RX 350 is the bestselling car among women and it's likely because there's a big open trough on the floor where she can put her purse.

Women are making 80% of the health care decisions.  Bristol-Meyers calls her the "Home Health Category Manager" because she's making decisions for the immediate family and the parents.

Another example of women influencing spending is that of houses.   Men are not typically buying the house unless his wife or partner is on board.  And "do it yourself" home improvement projects supported by things purchased at Lowes and Home Depot are also significantly influenced by women.   Women are more likely to be thinking or saying, "Oh God, that bathroom is hideous, we've got to tear that out.  The paint in the foyer, when is the last time we did that?".  Men are typically pretty happy doing their guy stuff on the weekend.  Women are the influencers of most home improvement projects.

Once again, the expenditure of 83% of all consumable income in this country is either spent or influenced by women.  Consider how your revenue goals are influenced by the power of women or perhaps should be.

The video discussion panel this paraphrase is taken from takes place in front of an audience made up of corporate leaders from organizations including Microsoft, Ebay, PwC, PG&E, Genentech, Hanson Bridgett, Hewlett Packard Enterprise, Visa and more.

Better Man Conference sponsors include: PG & E, Hanson Bridgett, Genentech, Mankind Project, PwC, San Francisco Giants, and the 3% Conference.

Marketing partners include: Lean In, The Bay Area Council, The Representation Project, Anita Borg Institute, WiRL, Institute For Women's Leadership, Institute For Gender Partnership, Griggs Productions, Women In Technology International

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Visit www.GenderLeadershipGroup.com to learn about training for your organization.