NEW YORK -- The Women Presidents' Organization (WPO) has just released the results of the 2010 Buying Behavior Survey. The results of the survey showed that members of the WPO alone have a projected spend of over $500,000 each on business expenses. Collectively WPO members will spend approximately $169 million on healthcare for 2010 and over $120 million on banking services including credit cards, cash management, line of credit and loan packages. The aggregate spend for WPO members is over $648 million.
The sample used for the survey was taken from the 1,400 women presidents and CEOs of privately held, multimillion dollar companies that make up the WPO internationally. Results from the survey confirmed the power of women-owned businesses through their buying behavior. They are accessing capital and utilizing their purchasing power in this uncertain economic recovery. The majority of respondents obtained all of the credit they wanted in 2009, and indicated that the amount of credit currently available to them is about the same as was available prior to the recession.
"The results of this survey are further proof that women business owners are driving the economy," says Marsha Firestone, Ph.D., president and founder of the WPO. "Women Presidents' Organization members have a significant impact on the economy not only by making purchasing decisions but also through the employment of thousands across the country. At a time when employment is tumultuous, our members collectively employ 107,000 people. This is an economic impact of women-owned businesses that should be recognized and validated."
The key findings include:
Reasons for buying
Results indicated that WPO members are typically the business purchasing decision maker for their organization.
According to the survey, past experience with a company, as well as a company's reputation, are key in members' decision making process.
The WPO itself also has a large impact on the purchasing decisions of members. Opinions of other WPO members are heavily considered when making purchase decisions; service purchases are most likely to be made from a company referred by another member.
A company's sponsorship of the organization has an impact as well – both on the initial decision to purchase, and on the decision to continue to do business with the firm as well as the decision to increase the frequency of purchasing from the firm.
About Women Presidents' Organization (WPO):
The Women Presidents' Organization (WPO) is the premier global peer advisory organization connecting top women entrepreneurs who own multi-million dollar companies. In monthly meetings across four continents, chapters composed of 20 accomplished women presidents from diverse industries and backgrounds invest their time and energy in themselves and their businesses to drive them to the next level. Local WPO chapters are coordinated by a professionally trained facilitator and meet monthly to share business expertise and experience in a confidential and collaborative setting