Category Archives: Women in business

What if We Saw the World Through the Eyes of Women?

My question isn’t rhetorical, or even emotional. Factually, only 5% of directors are women, including feature films, television, documentaries, music videos and commercials. A group of directors and other industry professionals are highlighting this issue with their group 5% WTF! Watch their clever animation to understand the problems this inequality worsens:

What if We Saw the World Through the Eyes of Women?

Juliana Lukasik, Principal/Director of Large Films, has a solution to achieve a higher representation of women in director roles:

What if We Saw the World Through the Eyes of Women?“As a Commercial Director I am appalled at how few women directors there are in advertising as well as all other aspects of filmmaking. But hey, I direct commercials so it is especially disturbing that while 85% of the time it is a women making the final decision on purchasing a product, about 95% of the time that advertisement is brought to her by a man in the lead creative role.

“The goal: EVERY time a woman directs, she should have an aspiring female director on set with her. It makes a huge difference.”

I met Juliana at M2W 2016 this year and was very impressed by her efforts. As women professionals, let’s take this mentorship challenge! Women make 85% of purchasing decisions and have real economic power, but when we only see the world through men’s eyes, we’re missing half the picture.

Open Your Eyes to the ‘Invisible’ Woman

Women in a world of men are invisible. And knowing this is a great advantage for improving your sales success. Sometimes selling to women is as simple as looking for them.

Selling to Women is Impossible if You Don’t See Them

Open Your Eyes to the 'Invisible' WomanOne of my woman friends, a regional director at a major insurance company, was training a salesman to be an insurance agent. He wasn’t fresh out of school; in fact, this man was mature, confident and fairly seasoned in his profession. During his training, he accompanied her to a networking event– a meeting of the local chamber of commerce. At this meeting, she observed that although 25-30% of the attendees were women, he didn’t talk to any of them.

After the meeting, she said to him, “I was interested to note that you’re meeting and greeting– just not with any of the women.”

His response? “Oh, there were women there?”

She laughed and replied, “Sure, there were. There were 15 or 20 of them.”

Apparently, something in this salesperson’s internal software was registering the women in the room as “background noise.” Whatever the reason, the point is that even face-to-face with physical reality, 25-30% of this networking opportunity was invisible to him. The first step for selling to women is to literally look for women in the places and events you already use for networking.

This advice for selling to women may seem incredibly obvious, but it’s obviously necessary. Open your eyes to the invisible women prospects all around you!

Why the World of Industrial Design is Failing in Marketing to Women

Women Buy Everything. So Why Aren’t You Designing for Them?

Why the World of Industrial Design is Failing in Marketing to WomenFirst of all, why should industrial design brands care about women? Women aren’t particularly “industrial” are they? Wrong.

In the US B2C world, women account for 80% of consumer spending. And they buy significantly more industrially-designed products than men. According to Michael Silverstein of the Boston Consulting Group,

“Women make the decision in purchases of 94% of home furnishings… 92% of vacations… 91% of homes… 60% of automobiles… and 51% of consumer electronics.”

Please tell me you aren’t thinking something like, “Well, sure, women buy a lot of consumer goods. Isn’t that sweet?”

Women mean business, too. Women also account for about 55% of business buying decisions (Listen up, B2B!). It’s worth noting that, according to the US Bureau of Labor statistics, women comprise over half of wholesale and retail buyers (think retail inventory), purchasing agents and managers (cost of goods), administrative assistants and managers (business equipment and services), and HR employees and managers (employee benefit plans). In other words, except for real estate and new building construction, women place the purchase order. And even if she’s a recommender rather than the final decision-maker, if you don’t make her short list, you have no shot at the contract.

How to Design Products Women Love

How do we know that the world of industrial design is failing in marketing to women? In many categories, women report a continuing gap between what they want and what they’re offered. By large majorities, they feel manufacturers, marketers and designers aren’t paying attention to what they want.

Why the World of Industrial Design is Failing in Marketing to WomenIn the automotive industry, for example, a 2014 Frost & Sullivan study of car buyers revealed that globally 50% of women are dissatisfied with their vehicles, which probably explains why fully 74% say they feel misunderstood by car manufacturers. I’ve seen similarly shocking numbers from studies in other big-ticket categories, including consumer electronics, financial services and healthcare, so I’d be comfortable guessing that this pattern would hold in just about any of them.

Design firms love to say that their process is customer centric. But the marketplace is telling us that either they’re focusing on the wrong customer—at the very minimum, they’re not including the right customer—or they aren’t doing a great job figuring out what she wants. Women are different. They aren’t built like men. They have different lifestyles and roles than men. They perceive, prioritize and shop differently than men do. And as far as women can tell, designers and marketers don’t care.

Women are far more likely than men to recognize and respond to the second-tier features and improvements that all brands rely on to differentiate themselves from competitors. Women’s perceptual abilities allow them to register and retain details better than men do. Moreover, because women shop differently from men, they pay more attention to features that men—and researchers—tend to classify as unimportant.

Men are more likely to believe that little things make little difference. Women believe that little things make all the difference. In their search for the perfect answer, women seek out more options and compare their trade-offs down to the last detail.

In the world of industrial design, thousands of products are annoying millions of women every day. And for designers, that’s called opportunity. Listening to women—as end users, as buyers and as designers—is a sure and certain path to better innovation, stronger sales and greater career success.

[VIDEO] Who’s More Honest – Women or Men?

Defining “honesty” is another key area of interest in women’s gender culture. Men’s hierarchies vs. women’s peer groups affect how each gender views honesty. Women are “compulsive confessors” while men “put the best foot forward.” Just because women disclose their flaws, don’t underestimate them!

Here’s an example of how Deloitte’s partners grew in understanding about the difference in men and women’s perception of honesty in senior managers’ self-evaluations.

Watch the video: Who’s More Honest – Women or Men?

 

[VIDEO] Why I Don’t Think We’ll Ever See Women as 50% of CEOs

Women and men choose to do different things. And that’s okay! In this marketing to women video, see why the majority of women choose different occupations than men– even in the gender-equality wonderland of Sweden. And see why these choices don’t make them women any less powerful.

Watch the video: Why I Don’t Think We’ll Ever See Women as 50% of CEOs

Nobody Prospects Women!

Nobody prospects women!We know that 55% of affluent women think wealth managers could do a better job serving women. And 73% are overall “most dissatisfied” with the financial services industry.

And no wonder. Almost nobody even bothers to prospect women (let alone building great client relationships with them)! According to LIMRA:

Of female producers, only 50% prospect women. Of male producers, only 20-25% do!

Some financial advisors have told me that men don’t prospect women because, “Women investors prefer women advisors.” Nope, I’m not buying it!  Economist Dr. Sasha Galbraith revealed that merely 11% of women prefer a woman advisor, with 85% having no preference concerning their advisor’s gender.

Selling Financial Services to Women — What a Golden Opportunity

In a market where women will soon control 70% of private wealth and 50% of millionaires are women, I’m almost in shock that financial advisors would basically ignore this lucrative segment. Besides her affluence, women make better clients.

Three Long-Term Rewards for Prospecting Women

  1. Women have the money. Women will inherit 70% of the $41 trillion in inter-generational wealth transfer expected over the next 40 years.
  2. Once she chooses you as her advisor, she’s loyal. Advisors report women are much less likely to defect during downturns.
  3. Make her happy, and she’ll send you way more referrals than men do. I mean WAY more. An average woman client will refer you 26 times compared to a man referring you twice.

If you aren’t prospecting women already, what’s holding you back? Please leave a comment and let me know– I’m incredibly curious.

 

The Game-Changing Generation that Rocketed Women to the Top

The Game-Changing Generation that Rocketed Women to the TopSo, Start Marketing Financial Services to Women!

Financial management firm Barclays Wealth raised some eyebrows when they found, “More than 80% of affluent women now derive their riches from personal earnings, particularly from their own businesses.” Instead of “marrying into money,” as the stereotype goes, women are generating their own affluence through independent income, business ownership and investments.

Wow, how did that happen?

Selling to Affluent Women? Look for the Boomers!

Boomer women are radically different from all prior generations of women, and they are the main reason that 50% of US millionaires are women. Boomers are a unique breed of women! Here are the four reasons they have changed the game:

  1. Advances in health, nutrition, fitness and medical treatments mean they will live longer and happier
  2. Boomers started the college graduation groundswell among women, with 27% of college graduate Boomers being women (compared to 14% of college graduates during World War II and before)
  3. At 55%, the majority of Boomer women work outside the home
  4. Boomer women have fought for and taken advantage of gender equality measures like family planning and property rights

Boomer women have life experience and expectations that no other generation of women ever considered before. And, they have more independent wealth as a result. They expect financial service brands to honor their achievements to win their business. Are you up to the challenge?

Have you seen any particularly effective (or terrible?) approaches to marketing to affluent women? What are your thoughts on Boomer women’s affluence and power? Share your comments and join the conversation!

When Women and Men Can’t Work Together – Here’s Why

Everyone talks about the importance of teamwork in the workplace– but men and women define it differently! When women and men have difficulty working together, it’s because they approach ‘teamwork’ from different angles.

Watch the video: When Women and Men Can’t Work Together – Here’s Why

The New Face of Wealth: 50% of Millionaires are Women!

Wow, I bet you didn’t know that 50% of millionaires in the U.S. are women, did you?

Millionaires make up 9% of U.S. adults:

  • 50% of those are men, with an average age of 46
  • 50% of them are women, with an average age of 50

50-millionaires-are-women

These days, most wealthy women earn their own wealth. Of women with at least $3m in investable assets, 61% earned it themselves, according to Russ Prince and Hannah Grove in Women of WealthWomen like Facebook COO Sheryl Sandberg, fashion designer Tory Burch and Spanx inventor Sara Blakely are becoming the new face of wealth.

And here’s another shocking fact:

Nobody prospects high net-worth women!

LIMRA, the insurance and financial services trade organization, finds only 50% of female producers prospect women, with only 20-25% of male producers prospecting women. Marketing to these wealthy women is not only smart– but it’s also less competitive!

Consider this heads-up my favor to you. But you’d better act fast before someone else earns the loyalty of these high net-worth women.

Marketing Financial Services to Women is Easier

Women have peers, while men have hierarchies. These two different mindsets mean that women are more receptive to trusting an expert adviser, like a financial planner, than men are. To spell it out very clearly: Women make better clients! Marketing to women is the smartest thing your firm can do.

Watch the video: Women Have Peers. Men Have Hierarchies.