The word is out -- women are the world's most powerful consumers. They make up just over half of the population but control more than three quarters of all spending -- and they are the big spenders, whether it's household, corporate, or small-business purchases. Retailers and packaged-goods companies have long been aware that women are their primary customers.
What many organizations haven't caught onto yet, however, is that women also make the majority of insurance and financial services decisions, areas that have traditionally been considered the domain of male consumers.
More than 25 percent of American households are headed by women, making them the sole decision-makers in these situations. And in the remaining households, women are increasingly taking the lead or influencing the purchase. Women are also extremely entrepreneurial, starting businesses at a much faster pace than men and creating not only professional but personal financial opportunities that meet their needs.
I think we can all agree that men and women are different. But do these differences really matter when you are trying to make a sale? The answer is yes -- without a doubt. Taking the time to understand how female perspectives and priorities differ from males' will lead to more sales, higher customer retention, and increased client satisfaction. This satisfaction will in turn generate referrals, which translates into more business.
1. Pay attention to the stories
In order to successfully sell to women, you must recognize that they communicate via the "stories of their lives." This can seem puzzling, as you may not immediately recognize that your female clients are essentially telling you how they will use your product or service in the context of their lives. Female clients are not making small talk when they tell you about their families -- they are giving you important clues about their needs, wants, and worries.
Use this information to guide your female clients toward the product that will provide them with a solution. Guaranteed income annuities, for example, will appeal to women who are worried about outliving their capital. Long term care insurance is a great option for those concerned about being a burden on their families. In other words, present the human benefits, not the product features, when you offer products to female clients. Personalize your pitch based on what they have told you and the needs they have communicated through the stories of their lives.
2. More than words
Pay attention to non-verbal cues. These indicators come across differently for women than they do for men. For example, when men nod, it means, "Yes." For females, it means, "Go on; I am listening." The minute she stops nodding, she is letting you know that she now has something to say or ask.
3. Devil in the details
Details matter. Women tend to have a longer list of questions than men -- they want everything that men want and more. Cutting off your female clients before they have all the details of what you're offering is never a good idea. Women want to understand all of the nuances of the product or service before making a decision, while men tend to be distracted by such details.
Offer options, along with the pros and cons of each, so female clients feel like they have a comprehensive grasp of the specifics and have done their due diligence in exploring all possible avenues.
4. Practice patience while highlighting expedience
Expect more questions and a longer decision-making process from your female prospects. It takes time to process all of the details. You can help short-circuit any decision reluctance on her part by pointing out the benefits of making a decision as soon as possible. For example, point out that the protection offered by insurance will begin as soon as her coverage kicks in, or that the interest on her investments will begin to accrue immediately if she purchases now.
5. Give her time
For females, "I'll think about it," really does mean that she wants to do just that -- she's not just putting you off. Often, men tend to use this phrase to be polite and end the conversation, but take note when you hear that from a woman, and be sure to follow up with her when she tells you she needs some time to consider her options.
Follow up with your female clients in a way that indicates that this purchase or investment is for her benefit, not yours. Try something along the lines of, "I was thinking of you and your family today" rather than, "It's the end of the month, so I thought I should check in."
6. Show your appreciation
Once you've closed the deal, a small token of your appreciation can lead to a big payoff. Women are a great source of referrals, and when you take the time to thank her for her business, it can lead to great word-of-mouth promotion and enthusiastic recommendations.
Surprise and delight her with a memorable thank-you gift, perhaps a file to contain all of her insurance policy paperwork, and she will be sure to mention it to her family and friends.
Dealing with women is a whole different ball game than dealing with male clients. When you put even a few of these six simple tactics into action, you're sure to see immediate and positive results.
Marti Barletta is a speaker, consultant, and author of "Marketing to Women" and "PrimeTime Women: How to Win the Hearts, Minds, and Business of Boomer Big Spenders." For more information, visit www.trendsight.com.
