At the Town Hall Discussion “Marketing to Women of Color – The Real Deal” our spectacular and gracious moderator, Cheryl Mayberry McKissack, shared some mind-blowing statistics with us about the spending power of women of color. Funny thing is that we all had an inclination about this information already, but actually hearing it in the aggregate was powerful and truly showed the power of women in the marketplace. With her permission, we are pleased to share these statistics with you.
Our hope is that you take note of your power and more importantly of our power as a group. Let your voice be heard and share the news that we are a strong force in the marketplace.
- Latina, Black, Asian, Native American and Middle Eastern women of color control 85% or more of all purchase decisions made today. WomenEntreprenuer Magazine labels this distinct and unique group of women as “multi-influential” because they reach so many demographics.
- By 2010 the buying power of women of color will reach $1.2 trillion, a 20% increase from 2007.
- There are 54 million women of color currently living in the United States and they are responsible for the purchases of 1.5 million new cars and trucks, 90% of all vacation and travel plans and more than 80% of pharmaceutical decisions.
- In contrast to some misleading stereotypes, women of color are big consumers of online technology from social networking, blogging, search optimization, and email. Women of color currently represent the largest group of all new technology users which is a position they are projected to keep for years to come.
- Multi-influential women of color are the fastest-growing economic sector in the entrepreneurial markets.
- The 2.4 million businesses in this country owned by women of color generate $230 billion in gross sales receipts and employ 1.6 million workers.
- They are a highly networked, influential and motivated group of successful women who are quick to recommend another company, brand, service and prospect if they believe it offers value.
- Gaining their trust as a customer and as a supplier of your goods will pay huge dividends.
- According to Winning the Toughest Customer: The Essential Guide to Selling to Women by Delia Passi, A woman will refer up to 26 individuals to a company, product or service if she is happy with her experience compared to a man who will only refer an average of 11 people even with the highest degree of satisfaction.
Source for information:
Muley, Miriam. “Introducing the Multi-Influential Women of Color.” WomenEntreprenuer.com. WomenEntrepreneur Mag., 7 Sept. 2009. 5 Oct. 2009. http://www.womenentrepreneur.com/2009/09/introducing-the-multi-influential-women-of-color.html
Muley, Miriam. “Tap Multi-Influential Referral Power.” WomenEntrepreneur.com. WomenEntrepreneur Mag., 29 Sept. 2009. 5 Oct. 2009. http://www.womenentrepreneur.com/2009/09/tap-multi-influential-referral-power.html
Information presented by Cheryl Mayberry McKissack, CEO of Nia Enterprises, LLC, www.niaenterprises.com blog: www.girlgetmestarted.com, online community: www.niaonline.com