It's been a busy two weeks. It started off Friday May 5 with a speech to mark the end of ArvinMeritor's Diversity Week. If that company's name doesn't ring a bell, it may be because it's an auto parts supplier. But you probably use their products every day when you roll up a window or open your sunroof.

It was just the first in a number of encounters during the next few days that once again reminded me why we talk about women, economics, financial power and money. Even in the auto parts industry, there is growing discussion of how important women consumers are to their bottom line.

On Monday May 8, I spoke to the Marketing to Women conference about women, money and power. The audience ranged from executives at companies who are struggling to make their brands and products relevant to women all the way through to companies who get it and are looking for new ideas. It was great to see that continuum of ideas and to see and hear the conversations going on among the group.

That evening, I spoke at the Enlighten Executive Salon, a small gathering that brought together about 30 executives from Chicago businesses such as McDonald's and Northern Trust. These small groups make it easy to get into deeper conversations. And for me it was a chance to reconnect with executives at McDonald's, who I'm happy to hear continue to forge ahead with their products designed by women but sold to everyone. The conversation around our table focused on how important it is to keep the pressure on a company to support products like McDonald's premium salads. There was also discussion about how important women and their views can be inside of companies that need that extra push to do something dramatic for women consumers.

I dashed home to Michigan on Tuesday afternoon to accept the Diamond Award from the Detroit Chapter of Women in Communications. Once again, I was overwhelmed with how important it is to keep talking about the issues around women and how far we have come in the past several decades. Despite those strides, I found over those busy few days that women still don't know their own strength nor do they use it to their own advantage. I'll be blogging more about that issue in the coming weeks as well as inviting several people from my travels to join me as guests. Then in mid-June I'm off to China so look for blogs from there as well.

Posted by Fara at 07:52 AM | Comments (0)

Two weeks ago, one of the world's most respected business magazines, The Economist, grabbed my attention with the term "womenomics" on its cover. Inside, two articles described in detail how women are the true drivers of the growth of the global economy--outpacing even the growth of China, India and yes even the Internet--during the past two decades.

The evidence for such a statement lies in straightforward economic principles. One of the best ways to increase GDP is to employ more people in a country. For centuries, women--half the population of most countries--were simply left out of that equation. Certainly, women have always worked, but very often for no pay. That meant their input and value to the economy was invisible and uncounted.

But as women have joined the ranks of paid workers in the past half century in particular, their value in the economy is finally being noticed. And that value is immense, according to The Economist. "Arguably, women are now the most powerful engine of global growth," the magazine states boldly.

For those of us that have watched as these economic trends form and then transform society, such statements don't come as a surprise. But they do come as a welcome change in a world that too often has a tough time giving women credit for being important to the economy--beyond what they consume.

We, by we I mean the media and marketers, may be to blame for this lack of serious attention when it comes to the issue of women's importance to the economy. We have focused heavily on how to get women to buy more, shop more, spend more. We also should be focusing on how women's inclusion in the world's workforce has been transformative to the global economy.

I'm urging everyone to find the article at http://www.economist.com (April 15-21, 2006 issue) and give it a good read. It will give you great soundbites that you need in that next meeting about why women are important to your company or your readers.

But even more compelling are the statistics and evidence The Economist offers that reveals women--both as producers and consumer--are driving the world's economy. The connection between the two--production and consumption--is a major strength in this article because it gives a much truer picture of women's importance to the global economy. We aren't just consumers; we are significant producers as well.

For more stats and soundbites, read on. Next Monday, May 8, I will be speaking at the Marketing to Women Conference in Chicago and introducing that audience to this revolution called "womenomics." I'll be doing a blog from the conference so feel free to join in the discussion.

Continue reading "Repeat After Me: Womenomics" »

Posted by Fara at 03:42 PM | Comments (1)