Forbes recently released its annual list of the world’s most powerful women. The common characteristics these women share could act as a lesson for retailers who wish to gain more power, which we all know equals success. The criteria for deciding the women with most power include money, media momentum, spheres of influence and impact. But if you look more closely at this group, there are five standout characteristics that many of these women share. 1. Work Hard: Whether they are entreprene
urs, politicians, activists, philanthropists or celebrities, these women are known for working hard. Beyonce Knowles is said to be possessed by her hard working alter ego – Sasha Fierce.Sheryl Sandberg didn’t become the first woman to serve on Facebook’s board through anything but her unparalleled work ethic. Retail isn’t an easy journey. For those who recognise that it is not a retirement solution, but one that requires blood, sweat and tears, the rewards can be powerful.
2. Cultivate Influence: Powerful women cultivate their influence not just in their chosen field, but also across their organisation, through every aspect of their brand, infiltrating their sector and, where possible, on the world stage.
Retailers who treat their micro and macro environments as equally important areas to sow influence will reap the rewards. By becoming involved in shopping centre initiatives, participating in local council events, liaising with universities, businesses and community groups for opportunities, and collaborating with industry influencers, retailers can cultivate increased influence and success.
3. Be True: 25 year old Taylor Swift has become one of the most powerful women in the world by maintaining her somewhat conservative and demure identity. She hasn’t crumbled under the pressure to keep up with the wild ways of her Hollywood starlet competitors. Instead, she has retained her true identity as a kind-hearted, cat loving and honest, young superstar.
Despite admitting that she was bullied as a teenager for being uncool and loving country music, she has remained true. Retailers who do not falter to the pressure to conform and match their competitors or the latest trends, can foster a truly unique brand and positioning, allowing them to own their market, avoid brand confusion, develop a customer base of raving fans, and stand out from the crowd.
4. Pioneer: Oprah Winfrey was the first black news anchor and the first black female billionaire. GM’s Mary Barra is the first female to lead a global automaker. Sandberg is the first woman to serve on Facebook’s board. Michelle Obama is the first African American First Lady of the US. Elizabeth Holmes, at age 31, is the youngest self made billionaire to ever make the Forbes list. And the controversial Gina Reinhart is the first female billionaire of Australia.
These women have achieved the seemingly impossible – broken down boundaries, dreamed outside the realms of possibility, and flourished in the challenge. Retailers that have the know-how, the knowledge and the nerve to pioneer their industry can create disruptive levels of power.
5. Give back: Many of these women give back to local and international communities through everything from donations of album sales to their organisation’s missions, or their general philanthropic activities. Melinda Gates and husband Bill Gates have established the largest private foundation in the world, enhancing healthcare and reducing extreme poverty.
Patricia Harris is the CEO of Bloomberg Philanthropies, leading the foundation and Bloomberg himself to give $452 million in 2013 and aiming for higher contributions each year.
Ertharin Cousin is the executive director of the United Nations World Food Programme, the world’s largest humanitarian agency fighting hunger worldwide.
Laurene Powell Jobs is the founder of Emerson Collective, which advocates for policies concerning education and immigration reform, social justice, and environmental conservation. She is also co-founder and President of the Board of College Track, which prepares disadvantaged high school students for college.
The ways that each of these women gives back to their communities and the world could be an entire article in itself.
The point, however, is that giving back is actually one of the greatest gifts one can give themselves and their brand.
Retailers who actively seek out ways to make a positive contribution to their customers, their community, their planet and people, will be recognised, respected and rewarded.
Sarah Pickup (sarahpickup.com) is a retail marketing specialist who mentors shopping centre managers and marketing managers to refine their marketing expertise, keep abreast of the latest retail and marketing initiatives, and achieve greater return on their marketing investment.