Supporting Women-Owned Businesses

Goals

To identify statistics that prove or disprove the theory that women are more likely to support women-owned businesses for the purposes of developing a women-owned business-themed TV campaign targeted at millennials.

Early Findings

Preliminary findings indicate that current data on the percentage of females who support women-owned businesses is not readily available. A 2014 study from Walmart is still being cited by current sources, and may be the most current data available. We were able to find the following findings in our early research:
  • In a 2014 study conducted by Walmart, 90% of female shoppers indicated they would go out of their way to purchase a product from a women-owned company if the product was labeled as such.
  • Products that were labeled with the women-owned seal drove higher sales than products without the seal.
  • In addition, the study showed that shoppers considered products from women-owned companies to be high quality.
  • A 2017 Cone Communications study indicated that "84% of consumers want companies to support women's rights" and 87% said they would purchase an item from a company that supported a cause they cared about.
  • One psychological reason why experts believe people want products from women-owned companies is because "People think women better anticipate their needs, and wouldn’t do anything to harm women or children."
  • Onyx, a product from a women-owned nail polish remover and bath products company, displays the "women-owned" seal on the front of its product and owner Marsha Martin believes its helped increase sales.
  • Since mostly women purchase nail polish and bath products, this would indicate that women purchase Onyx (support the company) because it is a women-owned business.
  • In addition, the company receives regular emails and messages on social media that "they buy Onyx products because the company is female-led."
  • Retailers also seem to find women-owned labels help sell products as Jodi Scott, CEO and co-founder of Green Goo by Sierra Sage found when a national pharmacy chain reached out to her to ensure the label would still be on the product after an upcoming packaging change.
  • In January 2018, Tracy Klinkroth made a pledge to only buy everything she consumed (including "food, cleaning products, makeup, gas for her car, shampoo, even her car insurance") from women-owned businesses, which indicates that some women are more likely to consider the gender of the owner as a factor for purchasing decisions.
  • At her launch party, 200 people showed up to support Klinkroth's project.
  • Kantar found that "Nearly two-thirds of millennials and Gen Z express a preference for brands that have a point of view and stand for something."

Proposed next steps:

You need to be the project owner to select a next step.