Women Want More: How to Capture Your Share of the World's Largest, Fastest-Growing Market [Hardcover]

Michael J. Silverstein (Author), Kate Sayre (Author), John Butman (Author)

Book Description

Publication Date: September 8, 2009

In our current economic crisis, companies everywhere will begin reexamining their strategies for finding new ways to target customers. With women responsible for 64% of household spending and accounting for an astonishing $12 trillion per year, companies that ignore them do so at their peril.

WHAT WOMEN WANT is a timely book based on the findings of a groundbreaking study (The Boston Consulting Group′s Global Inquiry into Women and Consumerism, which polled 12,000 women in 21 countries) that gets to the heart of women′s deepest desires, frustrations, and goals. The authors describe how this "invisible market" has grown in size, influence, and buying power, and they reveal the countless opportunities for companies who understand that meeting women′s needs is the key to repowering our crrent economy.

WHAT WOMEN WANT offers companies real strategies for growing their global markets by finding innovative ways to appeal to women′s needs and concerns through the results of their well-timed study. Business people should take note of the book′s many revelations. Among them:

Demands on time were cited as the number one challenge by 47 percent of our respondents.

48 percent said managing household finances was the top challenge.

The predominant sources of arguments between the respondent and her spouse or partner were:

- Money, 19 percent

- Chores, 15 percent

- Work schedule, 12 percent

- Children, 10 percent

- Sex, 10 percent

Some 68 percent of the respondents believe they are significantly or slightly higher than their ideal body weight

Only 25 percent of the women surveyed believe they are extremely or very attractive

44 percent say they rarely or never feel powerful

While the main audience is business readers, this book will appeal to a wide general audience, as well. Like Paco Underhill′s WHY WE BUY, WHAT WOMEN WANT doesn′t just offer a glimpse into consumer behavior, how to get their attention, and better serve their needs; it reveals what consumer behavior says about human psychology and desire.

Editorial Reviews

From Publishers Weekly

An exhaustive analysis of the 2008 Boston Consultive Group Global Inquiry into Women and Consumerism, which surveyed 12,000 women from all walks of life about their spending habits. In painstaking detail, and employing every available scrap of corporate history, the authors describe how to reach the group which controls the spending in most categories of consumer goods, but who are sometimes misunderstood by the companies that seek to serve them. Through many examples of the women interviewed for the survey, we see pictures of the modern woman globe-wide—struggling between roles of caregiver, wife, and mother, stressed out, saddled with men who don't help with the housework, pressed for time, over-concerned with expensive beauty products, frustrated with condescending financial advisors and determined to do good with their dollars. The scope of the survey itself is interesting, but the repetitive detail makes the book more useful as a doorstop than a business guide, and there's a disconcerting bemused tone to the analysis—as if the authors were observing exotic zoo animals rather than a powerful consumer group. Others have done it better—and far more succinctly. (Sept.)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.

Review

“Truly inspirational. A great book. We’ve only just begun to scratch the surface of this opportunity.” (Indra K. Nooyi, Chief Executive Officer and Director, PepsiCo Inc. )

“A must read for consumer-oriented companies of every size, shape and persuasion. Women Want More presents the most compelling consumer marketing proposition of our time with powerful insights anchored in thoughtful research.” (Douglas Conant, President and Chief Executive Officer, Campbell Soup Company )

“Women Want More is a call to recognition and response. How can you not focus on an emerging $5 trillion in real income growth for women?” (Les Wexner, Founder, Chairman and CEO of Limited Brands )

“Women Want More is a fresh and insightful analysis of how women’s increasing roles and ever-growing buying power are impacting the marketplace.” (Leonard Lauder, Chairman Emeritus of The Estée Lauder Companies, Inc. )

“Women Want More tells the incredible story how companies can capture the emerging $5 trillion in real income growth for women, who feel undervalued in the marketplace; underestimated in the work place and underappreciated in the social arena.” (Michael Gould, Chairman and CEO, Bloomingdale's )

“Women Want More makes the case for the role of women in moving markets. For consumer companies, it’s an essential resource.” (Irene B. Rosenfeld, Chairman and Chief Executive Officer, Kraft Foods )

“In this essential book, Silverstein and Sayre capture the revolution taking place worldwide: women consumers who demand options, who require personal attention, and who will ultimately determine which companies make it to the next round. Authenticity rules and wise marketers will understand that. Highly recommended.” (John Zogby, President/CEO of Zogby International and author of The Way We'll Be: The Zogby Report on the Transformation of the American Dream )

“Few books offer as many insights as Women Want More….[I]t shines a bright light on the pressures and opportunities the world’s one billion working women face every day.” (Marketing Daily )

“The most helpful findings reveal how many women are currently dissatisfied with the financial, health care, banking, and technological services that they receive. . . . [The book] offers unique insights [and] . . . should be considered for those seeking to freshen up their customer service collections.” (Library Journal )

See all Editorial Reviews

Product Details

• Hardcover: 336 pages
• Publisher: HarperBusiness (September 8, 2009)
• Language: English
• ISBN-10: 0061776416
• ISBN-13: 978-0061776410
• Product Dimensions: 9.5 x 5.8 x 1.2 inches
• Shipping Weight: 1 pounds (View shipping rates and policies)
• Average Customer Review: 4.6 out of 5 stars  See all reviews (14 customer reviews)
• Amazon Best Sellers Rank: #166,205 in Books (See Top 100 in Books)

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Most Helpful Customer Reviews

10 of 10 people found the following review helpful:

3.0 out of 5 stars Informative, but not Groundbreaking, December 20, 2009

By 

Drea Knufken (Boulder, CO) - See all my reviews

This review is from: Women Want More: How to Capture Your Share of the World's Largest, Fastest-Growing Market (Hardcover)

In 2008, the Boston Consulting Group ran a lifestyle survey of 12,000 women in 22 countries. Their survey findings inform the conclusions in Women Want More, a book that details the burgeoning women's consumer market.

Each chapter includes statistics, company stories, and anecdotes from individual women. Readers finish the book with an idea of how women behave as consumers, and how to gear their products for success in the female economy.

Authors: BCG Senior Partner Michael Silverstein, who wrote Trading Up (2003) and Treasure Hunt (2006). Co-written with BCG Partner Kate Sayre.

Recommended for: Corporate leaders and marketers who want to tap the growing women's consumer products sector.

Background

Women comprise a huge potential market for companies. They control almost $12 trillion of the $18.4 trillion in worldwide consumer spending (65%). By 2028, they will control 72%. Over the next five years, they will gain $5 trillion in earned income. The result? A consumer market bigger than China and India.

That's just the beginning. So far, 80% of unemployment growth has been male, making the term he-cession ring true. Women own 40% of US businesses--and that number is growing. Women make most of the household decisions about travel, cars, and electronics. Many control household finances.

With economic potential like that, companies need to think seriously about catering to discerning females. "Making it pink" just won't work.

The Survey

After reviewing the results of their survey, the authors came up with some noteworthy findings. Some of it is familiar: People have either researched and concluded it before, or it sounds like common knowledge:

1) Most women are employed.

* 71% of US mothers are in the labor force (2006 stats)
* 56% have children under one year old (2006)

2) At the same time, women still do all the housework.

* 88% are responsible for grocery shopping
* 85% make all the family meals
* 84% do the laundry
* 84% do most of the housecleaning

3) As a result, they're stressed.

* 47% say that demands on their time are the "big stress in their life"
* 45% don't have enough time for themselves

4) Finally, in an unrelated vein of womanhood, they don't feel skinny or pretty.

* 68% think they're overweight
* 44% of women rarely or never feel beautiful

Sayre and Silverstein also uncover some tidbits that you may not have heard before:

* Women's happiness, as correlated with age, is a V-shaped curve. That means women are happiest when they're young and old, but not so much in between.

* Love, health, honesty, and well-being are the four most important values to women

* When asked what makes them extremely happy, women said:
1) Pets (42%)
2) Sex (27%)
3) Food (19%)

Sorry, guys.

The authors claim there are still a lot of first-mover advantages in the female market. Overall, women fell pressured for time and stressed. They're constantly looking for products that meet their specific needs (unlike men, who are more loyal to brands). If you create a product that saves women time, feel in control of their finances, or offers other key features as defined in the book, you, too, can capture your piece of the femme pie.

Archetypes

To learn exactly how to address women's needs, you need to consider the archetype your target market belongs to. The authors divide women into six archetypes. They're based on economic class, age, and family status. Companies need to understand exactly who they're trying to serve, and refine from there.

Although the archetypes serve the purposes of this book well, they don't take culture, lifestyle, and other important market aspects into consideration. They're a starting point for companies, but not a definitive guide for defining a market segment.

Features of Each Chapter

After explaining the archetypes, the book explores different categories of products that women care about. Each chapter is devoted to a category. Food, fitness, beauty, and apparel make up the first four categories. Financial services and healthcare, which women perceive negatively, make up the next two.

The authors cover how women perceive each product category, how they spend their money on it, and how archetypes react to it. Quotes, statistics, and anecdotes about individual women add flavor to the chapter.

The authors also describe commercial opportunities in each category, illustrating them with major corporations that "got it right." These include Whole Foods, Curves, Olay, Banana Republic, and several other large corporations.

Next, the book talks about women in low- and high-growth global economies. The former include Japan and Europe. The latter include BRIC, Mexico, and the Middle East. Readers learn more about the characteristics of women in those countries, and how to cater to them.

Before concluding the book, the authors detail women's attitudes towards charity and giving.

Analysis

The book is well-written, even fun to read. The statistics, stories, and quotes in each story engage readers with the subject matter. Some topics might feel familiar--of course women don't have enough time--but the book adds value to previous assumptions by going into specifics.

Sadly, several of the characters in the book aren't original. One was sourced from Wikipedia; another came from a blog. BusinessWeek reporters uncovered this irritating fact in September. The authors have agreed to make revisions.

Also note that the book targets leaders of large, consumer-goods corporations (who might, incidentally, read the book and hire BCG consultants). It doesn't go into depth with regards to service industries, outside of financial and healthcare services. It doesn't give readers refined tips, or schedules on how to revise their product offerings. One assumes that's where the consultants come in.

The book provides a general reminder to capture a growing market. It gives a deeper definition of who inhabits that market. And, as far as business books go, it is conventional. It covers established companies and brands. It does not mention burgeoning industries (eg. the green industry) or edgy innovations.

The material is in-the-box and focused on big companies. Undoubtedly, that serves a purpose. Just know that the business wisdom within won't push many boundaries.

In sum: Useful and fun to read, but not groundbreaking.

5 of 5 people found the following review helpful:

5.0 out of 5 stars I Saw Myself on Every Page [and my sisters, and aunts, and co-workers], September 16, 2009

By 

Penny Reads (New York, NY United States) - See all my reviews

This review is from: Women Want More: How to Capture Your Share of the World's Largest, Fastest-Growing Market (Hardcover)

I picked this book up expecting to just flip through it quickly [as I do with most business books] and boy, was I surprised. I was drawn in in the first few pages and couldn't put it down. Not only did I see myself in so many of the interviews [I now understand why I buy the soup I do and why I love Banana Republic pants], I actually found it a very fun book to read. It is not only filled with useful business inisghts, but it's also chock full of stories about everyday women around the world...and on one level or another, I identify with them all.
There are tons of books out there about marketing to women, but to me they all seem to miss the boat. This is the first time someone has taken the time to actually "listen" to what women are saying before writing [the authors say the book is based on interviews with more than 12,000 women and perhaps that's why it rings so true]. This book acknowledges the growing level of frustration and stress that women around the world are feeling as we all try to expand our roles as mothers, wives, household managers, cooks, childcare givers, and increasingly influential members of the work force. We're all so desperate for time. It's hard to believe that major companies still think they can win us over by further complicating our lives[has anyone out there tried to buy health insurance lately?].

As a marketer, I found this book practical, inciteful, and truly useful. However, as a women, I feel like it's a brand new manifesto. Women do want more...MUCH more. And, we'd better get it or the businesses who want our hard earned cash are going to lose, big time. Hats off to Silverstein and Sayre for speaking out for us all.

3 of 3 people found the following review helpful:

4.0 out of 5 stars Perspective on Women Want More, October 23, 2009

By 

Daniel Wolf (Traverse City, MI) - See all my reviews
(REAL NAME)   

This review is from: Women Want More: How to Capture Your Share of the World's Largest, Fastest-Growing Market (Hardcover)

The authors present a study that outlines the strategic and economic rationale for building a broader focus on women. The structural segments revealed in their research include:


*Fast-Tracker - 24% - Upper Status
*Pressure Cooker - 22% - Upper Status
*Relationships-Focused - 16% - Middle Status
*Managing on Her Own - 10% - Middle Status
*Fulfilled Empty-Nester - 15% - Middle Status
*Making Ends Meet - 12% - Lower Status


This supposedly covers the socio-economic spectrum, but it's not clear how lifestyle and culture are addressed in the analysis. Women want more, and probably deserve more in a number of areas, from daily necessities to healthcare services to lifestyle products and financial services. The combination of respect, convenience, balance, authenticity, support and engagement are framers for the generic and aggregate avenues to what women want. Aretha Franklin was on this decades ago.