Think about the last time you sat across the table from a female prospect. She was nodding her head. You were convnced she was ready to sign on the dotted line. But, she didn't and you don't know why.
You're asking yourself, "What happened? I saw her nodding her head. What could I possibly have done differently?"
Then your thoughts turn to the numbers game. So many at-bats and you're guaranteed a close. That's what we've been trained to think, right?
Sometimes we need to rethink our training, especially when it comes to selling to women. For instance, when a woman nods her head, it doesn't necessarily mean she's ready to buy. It could be she's just telling you she's hearing what you're saying. Understanding the imperceptible differences could make or break your sale.
Maybe it's time to think in terms of how you relate to your female prospects rather than thinking about "business as usual." You might want to "ditch the pitch" because there is a key to selling to women that is different than selling to men.
It involves understanding and adapting to women's needs and values, and it centers on trust. Ask yourself if you get up every day wanting to make a sale, or wanting to help someone? A subtle but significant difference.
We all know men and women have different dispositions, motivations, and communication styles. While everyone is unique, generally for men, fulfillment equals success and accomplishment. They are interested in objects and things, but not usually in talking about feelings or relationships. They are goal-oriented and want to find a solution to a problem on their own.
Women, however, are relationship-oriented and care about people and feelings. They want to communicate, share, and talk, talk, talk.
For example, men and women shop differently. Women make shopping an experience, not a mission. When a woman shops for a new dress, she might visit five stores, even if she found a dress she liked in the first store. She wants to be sure. When a man shops for a new shirt, he buys the first one he sees that meets his criteria.
Men and women also look at money differently. Men often say, "Everyone borrows money -- no big deal," and "I've got a great tip on a hot stock. It's risky, but that's how you beat the market." Women say, "I'm uncomfortable owing lots of money," and "I want a steady return and I don't want to lose any money.1"
Because of their ideas about money and the fact they love to communicate and share, women have great REFERRAL POWER. A female client will refer up to 28 individuals if she is happy with her experience, while a male client will refer an average of 132. In addition, women have the power to veto in 95% of purchasing decisions that involve a spouse or partner3. This means opportunity for you!
Keep in mind that women make or influence over 80% of all consumer purchases4, including homes, PCs, food, vacations, and cars. They spend about $5 trillion annually5! Yet another great opportunity for you.
The third opportunity comes because women not only spend, they earn, too. Think about this -- the number of women earning $100,000-plus has quadrupled in the last decade6; 48% of married working women generate over half the household income7; and women employ more than 12.9 million people, generating $1.9 trillion8 -- money that can be spent on insurance and other financial services.
Women also live longer than men and 90% of all women will have the sole responsibility for their finances sometime within their lifetime9. Quite a potential market!
It's all about trust
Selling to women involves a five-letter word: TRUST. If they don't trust you, they won't buy from you or give you referrals.
Trust begins with the eight seconds you have to make a good first impression. After that, think carefully about how you interact with them. They don't want you to push to close a sale, overwhelm them with too much information, make assumptions about them, or assume they have no authority or knowledge.What they do want is guidance and honesty.
To earn their TRUST:
Talk with them, not at or to them. It's time to ditch that pitch! Have a real conversation and show them the authentic you. Stop transacting and start actively listening to them.
Respect and relate to them. Treat them as equals and acknowledge that they matter. Build a rapport, find common ground.
Understand them. Learn where they're coming from and where they want to go. Help them articulate their financial goals and dreams and validate their feelings and concerns. Continue to ask questions until you have a clear picture of what they need. Play back what you've heard to ensure you understand. They may talk about many things that seem unrelated, but to them they are. When women think and feel they've been heard and understood, they will be ready to trust. If they trust, they are more likely to move toward a purchase.
Solve with them. Empower them, build their confidence, and support them. Focus on helping them determine the solution. Give them limited options and use examples and stories to reinforce your recommendation.
Team with them. Create a long-term relationship that allows for follow-up. Stay visible and valuable and become their trusted advisor.
The road to TRUST with women is not a one-and-done path. It takes time and sustained effort to build and keep, but the referrals will be worth it.
Now put yourself across the table from a female prospect. Will you "ditch the pitch" in favor of a more understanding, trusting, relationship-building conversation?
If you do, you will find an exciting truth -- women will buy from you if you sell to them in a way that earns their trust. Furthermore, you'll have the opportunity to foster a lifetime relationship with them and their friends.
Cynthia Tidwell is president and CEO of Royal Neighbors of America. With nearly 30 years experience in the insurance industry, she has built start-up organizations, managed turnarounds, hired and retained top talent by using a results-oriented and team philosophy. She also is a sought-after speaker on leadership and women's health and financial security.
Footnotes:
1. Money, "He Says She Says, How Men and Women are Different About Money"
2. "Winning the Toughest Customer: The Essential Guide to Selling to Women,"
Delia Passi
3. "Tap Multi-Influential Referral Power: 5 steps will help you turn your customers into referral sources," Miriam Muley
4, 5. "www.m2w.biz/fast_facts.php"
6. "Allianz News Release, 2006"
7. "Don't Think Pink: What Really Makes Women Busy and How to Increase your Share of this Critical Market," Lisa Johnson and Andrea Learned
8. "Center for Women's Business Research, 2006"
9. Oppenheimer Funds, "2006 Women & Investing Survey"
