Women have always felt the weight of the glass ceiling looming over them in the working world, but there are some significant changes to the status quo on the way. These days women make up a decent percentage of the U.S.'s millionaires and business owners, and some experts estimate that by the year 2030 women could control up to two-thirds of the nation's wealth.
Social media is one of the new outlets that is helping to close the gap for women. With the ability to start new companies, market products and speak to customers directly, as well as collaborate with other businesses, women are finding that social media is one of the most powerful tools they have to get ahead in the business world. Here are three major ways social media is helping female entrepreneurs succeed.
Thriving on Social Media Marketing
Traditionally marketing methods have required a large investment of time and a sizeable team of people to support the various associated costs and expenditure of resources. For business owners these days, a relatively large marketing campaign can be undertaken using far less money by circumventing the normal channels and instead utilizing the powerful tools that social media marketing offers.
Female entrepreneurs especially are finding that they have a much less expensive, more effective way of marketing. According to Hunter Hoffman, head of U.S. communications at Hiscox Small Business Insurance, women are taking advantage of the significantly lowered costs of starting businesses and setting up shop online, where they have the ability to expand easily. It doesn't hurt that marketing via social media happens to play on traits often associated with women: cooperation, collaboration, and sharing.
Direct Customer Communications
One of the most advantageous parts of social media channels is that they give the company direct access to customers, allowing for better communications between companies and consumers. Communications majors everywhere rejoice: it is actually very simple for companies to use social media to share product updates, make new offers, and have an engaging customer service experience.
Women are leading the way when it comes to this particular form of communication. Women report using social media for direct contact with customers at a significantly higher percentage rate than their male counterparts. Female entrepreneurs are using social media channels to promote their personal brands and businesses, tapping into a rich and growing customer base that includes a rising number of women.
Collaboration Between Women-Owned Businesses
Social networks are the ultimate networking field and women have figured out there's a gold mine to be tapped into when collaboration can be made between companies. Not only are women using social networks to reach customers and cut the costs of their marketing campaigns, they are also using them to connect with a larger community of businesses to diversify their own networks.
Collaborations are a great source of strength for businesses, and this holds every bit as true for those run by women as for those run by men. Across the internet women have built a rich ecosystem of networking groups, many with very specific focuses, such as how to start a technology company or women of color working in the digital space. One of the strengths women offer is their inclination to help each other, which may help to explain the a proliferation of organizations that focus on providing leadership training, granting access to capital, and accelerating connections between female-led companies.
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