Don’t ignore the mum business market
Mums in business are an untapped, growing segment amongst the professional services market which many brands are overlooking.
For the past decade, women in Australia have been entering business at more than twice the rate of men. These numbers are driven by mothers who are seeking more flexible working conditions and more meaningful work. There are more than 300,000 mum-led businesses operating in Australia, powering the Small Business segment. As a result, mums are out there purchasing a diverse range of products and services. They are engaging accounting, legal and advertising services. They are signing commercial leases, financing cars and purchasing security systems. Yet, despite the incredible breadth and influence of their spending, few brands are tapping into this growing market segment.
What is a typical mum in business
Mums & Co, a leading business mums network, has recently released an in-depth report into the Mums in Business category. The Mums & Co Australian Mums in Business Report, was undertaken by EY Sweeney with 852 mums who either own a business or are considering starting a business. The report has revealed that the average mum in business is aged in her thirties with two children and she’s likely to be tertiary qualified. One-third of mum-led businesses were started whilst on parental leave and six out of ten mums who started their businesses this year had an infant or toddler.
Is your business catering to the needs of mum business owners?
An interesting finding in the report was that more than half of the respondents had started businesses in a completely new field to what they were doing before. This often means they are seeking adequately priced expert consulting support in an array of areas including marketing, social media, administration, finance and legal.
What are their challenges?
As someone who has mentored more than one hundred mum-led business owners in the past two years, the key challenges I’ve seen are around money, mindset, and marketing. Many struggle to adequately finance their business. Hence, there exists an opportunity for the brands within the finance area, to assist mothers to find access to information about different ways to finance and grow their business. Can you advise on grants, accelerators, capital equity options for mum-led business owners?
Confidence is another key concern. Many of the mum-led businesses I’ve mentored feel isolated and struggle with gaining the confidence to think big. This provides opportunities for businesses associated with mindset, goal setting, business strategy and planning.
However, perhaps the greatest pain point I have found amongst this market segment is around marketing. How can you attract customers to your business on a limited budget? Answering this very question, led me to write my first book, Marketing to Mums. This book has been embraced by mum-led business owners, who are attracted to the simple eight-step framework of things they can implement into their business at low cost. With 90% of my book sales coming from this segment, it wasn’t long before it went #1 on Booktopia’s Business bestseller list, highlighting the influence of this segment.
Mums in business are a powerful growing segment within the business services market. They represent a significant opportunity for brands operating in the B2B market. The question is, how can you create specific service offerings which support and address their notable pain points?
This post was written for Smallville and is republished here with permission.