The Untapped Power of the Female Economy
In a world where the marketing industry is constantly evolving, its difficult to imagine how any potential audience margin could be overlooked. Yet one independent marketing and communications agency has unearthed an incredible gap in the PR market, where they believe 50% of the population are not being accounted for.
Wellington-based agency Double Denim will be publishing a ground-breaking report later this year, evidencing how an unconscious bias has blinded the industry into overlooking women as their most important target audience. Even the well-used marketing phrase ‘Content is King’ suggests a subliminal male authority, and this agency asks, why not ‘Content is Queen’?
“Women don’t realise how powerful they are to the economy.” Angela Meyer, Double Denim Co-Founder and Director, explains. “But from our research, we have learnt a lot of businesses aren’t even thinking about women as a target market or as an audience, and that’s our challenge.”
Their report, the first research of its kind in New Zealand, has found that 80% of purchasing decisions are made by women, backing up the global figure that $28 trillion dollars of the world’s $35 trillion dollar consumer economy is in the hands of the female population.
“The power of the female economy is yet to be harnessed.” Anna Dean, also a Co-Founder and Director, says. “Most New Zealand brands seem blind to the economic opportunity that lies within seeing women as a target audience. ”
Working within the communications industry for years and with a shared passion for equality, Angela and Anna spotted this gap back in 2016, and founded Double Denim to support New Zealand businesses into building their marketing strategy more towards women.
“We’re trying to educate businesses about the tremendous potential out there, if we just started thinking about women differently. The first thing is recognising that we all have unconscious bias, acknowledging that and understanding what it means.” says Angela.
Through their research, Angela and Anna are making big steps towards helping other businesses realise this huge opportunity which, if understood, can unlock massive amounts of revenue. But as with anything, they understand it’s about proving the opportunity with evidence and changing perceptions.
“There are growing numbers of female marketing managers, but they really need to be able to evidence this need for change to male colleagues, budget-holders and decision-makers. As a society, we really don’t have the perception that women are the ones making the vast majority of purchasing decisions.”
With their research and business model, Double Denim hope to empower not only women, but the marketing industry itself, in recognising untapped potential and shifting a change towards a more equal outlook.
Double Denim have been working with MOTIF since 2016. Since then, MOTIF have helped Double Denim refine their strategy, increase their profits and expand their business. MOTIF works with ambitious companies like Double Denim to create a more sustainable and equitable world through transforming how the world does business - with social and environmental development goals always at the core.
MOTIF work with ambitious companies like Double Denim to create a more sustainable, equitable world through helping companies grow their revenue and profitability whilst delivering sustainable development goals.