Buying from women-owned businesses builds brand equity

In a poll of 1,227 women between the ages of 35 and 55, 51 percent also said that a company’s support of women’s businesses would result in a second chance, even if the product or service misses its mark the first time it’s used.

Among the respondents, 81 percent also said awareness of a company’s mission to buy from women’s businesses would solidify their brand loyalty.

Though little research has been done to determine the return on investment from supplier diversity, “when you connect the dots it’s easy to see the untapped opportunity,” said WBENC Interim President Linda Denny in a news release. “Corporations that have a history of buying from women(-owned) businesses will have an instant competitive advantage with the most powerful purchasers in the marketplace today.”

According to the survey, 76 percent of women were not aware that some corporations made a concerted effort to buy from women’s businesses.

“We found that many of the respondents were unaware of how far women still have to go to achieve parity with men,” said Sharon Castillo, president of SB Services. “For corporations to leverage their investment in women’s businesses they need to put the issue in context for the consumer.”

Founded in 1997, the Women’s Business Enterprise National Council is a third-party certifier of businesses owned and operated by women, serving as an advocate of women’ business enterprises as suppliers to corporate America. Information is available at www.wbenc.org.