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Male-run businesses out of touch with female customers

15th Jan 2010
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The majority of consumer goods are purchased by women, and they now represent the fastest-growing global market – yet most of them are unhappy with the products and services on offer. The reason? Most organisations are managed by men.

According to the findings of The Boston Consulting Group (BCG), male-run businesses are out of touch with female consumers because they don’t do enough research with their female consumer base and so have little understanding of the way females learn about, purchase or recommend products.
Surveying 15,000 women and 5,000 men in 22 countries, BCG suggests that executives mostly collaborate with other men in the development, design and pricing of products/services, and have little experience of the pressures that females face, in particular the challenges faced by working mums.
As such, offerings from categories such as financial services and durable goods are simply not attractive to women. However, with women now purchasing 70% of the discretionary consumer goods, the female demographic has become the world’s largest, fast-growing market, even outstripping the consumer economies of China and India.
Writing in the Wall Street Journal, Michael J. Silverstein, senior partner at BCG, has suggested that some of the main mistakes that men are making when creating and marketing products are: overlooking the need for time-saving solutions; communicating clumsily; ignoring the importance of community; and forgetting design aesthetics.
Silverstein and Kate Sayre of BCG, have now authored a new book - ‘Women Want More: How to Capture Your Share of the World's Largest, Fastest-Growing Market’ – exploring the implications of these findings.

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