The Economic Power of Women

As the economic power of women grows, there is money to be made by answering the age old question, "what do women want?"

Freud famously wondered, "What does a woman want?" He never figured it out, but many business owners have—and are making money in the process. What women want right now is attention to detail in product design and service; the right choices, not endless choices; and a nuanced, longer selling process that respects their desire to understand what they're buying before they take it home.

This prevailing wisdom doesn't just apply to the obvious categories like clothes, kids' stuff and cosmetics. Marketers of any product or service can adopt a service philosophy that delivers what women want. Once you translate these expectations to your market niche, you'll win the hearts and pocketbooks of women.

That pocketbook is big and carries plenty of cash. Trend watchers say the escalating economic power of women is emerging as one of the biggest business stories of this decade.

Some might say that explains the rise to power of chains such as Bed Bath and Beyond, and Yankee Candle Company, but the secret is that plenty of guys like these stores too. I guess it is that whole metrosexual thing.