Is your brand communicating to women? They could be the ones leading the economic recovery.
Women make 85 percent of buying decisions, including half of all purchases of products geared toward men, according to multiple expert sources. The emphasis on women”™s role in the economy is growing ”“ and Connecticut”™s largest conference for women is just around the corner.
“Winning strategies for business professionals” is the theme of the 30th annual Business Women”™s Forum, which will be held Nov. 1 at the Connecticut Convention Center in Hartford.
Speakers include Elizabeth Vargas, an anchor with ABC”™s “20/20” news magazine program, and Dennis Snow, a Walt Disney Co. veteran who will address how to “hardwire” service excellence into an organization, in part by taking cues from leaders.
Other workshops will cover critical traits for leaders, engaging employees to perform at high levels, sharpening the competitive edge, and “to ring or to ping” in managing communications across various platforms.
The Connecticut convention follows the largest national women”™s conference, held in California in late September, where a major emphasis was placed on how women can help bring the economy back to pre-recession levels.
Women will lead the economic recovery, according to Michelle Patterson, executive director of the California Women”™s Conference, based on their roles as entrepreneurs, employees, advisors, consumers and mentors.
In Connecticut, there is ample evidence for that statement ”“ American Express OPEN found that over a 15-year stretch through 2011, employment at women-owned businesses shot up 17 percent in Connecticut, easily outpacing the national rate. And women”™s business networking groups have flourished in Fairfield County of late, including the Women”™s Business Development Center which hosts its own annual business breakfast Nov. 15 in Stamford, with American Express OPEN President Susan Sobbott among the scheduled speakers.
“When women are involved, you see the economy flourish,” Patterson said. “You have situations where you have money going into schools, health care ”“ and economies do well.”
Patterson lists multiple ways women are having a major influence on the economy today.
1.    Entrepreneurship.
Women are starting their own businesses at twice the rate of men. There are approximately 10 million women-owned businesses in the United States, representing the fastest-growing business segment in an otherwise sluggish economy, according to the Center for Women”™s Business Research.
2.    Contributing as talented employees.
Nearly 8 million men lost their jobs through the recession and women now hold the majority of jobs, Patterson said, and women”™s talents are being valued more by companies than in the past.
3.     Making spending decisions.
Women have first-hand knowledge about today”™s top consumer ”“ women influence 85 percent of all spending ”“ and are valued for traits such as collaboration and communication.
4.    Advising others.
Businesses with at least three women on their board of directors outperform companies that have none, according to research by Catalyst Inc., a women business advising firm based in New York City. Return on sales is 84 percent higher, return on invested capital is 60 percent higher and return on equity is 46 percent higher.
5.    Mentoring.
If women are given the right tools and resources, their businesses can succeed, Patterson said. That can happen by networking and building relationships with other women. Additionally, Patterson stressed the need to continue mentoring young girls who, when they are older, will be the ones to sustain the recovered economy.
