Tag Archives: Financial Planning Marketing

Why Do Women Ask SO Many Questions?

When You’re Selling to Women, You’d Better Know Your Stuff

Why Do Women Ask SO Many Questions?Women ask a lot of questions. Women take longer to make a buying decision. It’s not because she’s fickle, and it’s not because she can’t make up her mind. It’s because women have a different decision-making process from men.

This difference between men and women is the key to motivating women to buy from you. And understanding women’s decision-making process will take the hassle out of selling to women.

Men are focused on their top criteria. As soon as they find a product that meets their criteria, they buy it.

Women are more detail-oriented. They identity all the important things– and all the other important things, as well. Women have a longer list of criteria, and they want everything. To show what I mean, let’s consider an example.

How Women and Men Book Hotels Differently

Everyone, women and men alike, have two main criteria for booking a hotel room:

  1. Location
  2. Price

So, let’s say you want a hotel in mid-town Manhattan for about $450/night. There are plenty of options. If you’re a man, you’ll book the first one you find. Mission accomplished. Job well done.

Women will almost never book the first option. She’ll want to assess the four or five best candidates to make the perfect choice. One might have a free cocktail hour, while another includes parking. Or perhaps a third offers a world-class spa. If she looks at the details, she will learn which hotel she prefers.

Why Do Women Ask SO Many Questions?When Westin introduced their “Heavenly Bed,” they found it spiked their sales 21% in the first year. What does a heavenly bed even mean? Do you need one for a good night’s sleep? What makes it so wonderful? Curiosity drove women to give it a try. All other options being equal, you might as well choose the heavenly bed!

Here’s great news about selling to women: they care about the things that differentiate you from your competitors! And that’s why they ask so many questions.

 

Why Bother Marketing to Women?

Women already buy the majority of products in almost every category. They are responsible for 80% of consumer spending.

So what’s the point of marketing to women? It may seem redundant. Surely marketers couldn’t be doing such a terrible job, or women wouldn’t be buying anything at all.

2 Reasons Marketing to Women Will Boost Your Brand

Why Bother Marketing to Women?Marketing to women is about two main factors:

  1. To gain share with women. Motivate women to choose your brand instead of your competitors’ brand. Marketing to women will help you build share.
  2. To enhance your profits. Women are more loyal customers, which means they make repeat purchases and actively spread word of mouth. Because women have a long decision-making process, once she makes a decision, she wants to stick with it and build a relationship with your brand.  Also, because she believes so strongly in her decisions, women’s word of mouth is phenomenal. In fact, I say that Women are Referral Megaphones!

Currently, women purchase many brands through necessity or chance, because these brands don’t support her decision-making process or appeal to what she cares about during the sales cycle. Even if you have a high market share among women now, marketing to women is important for your brand. You never know when a clever competitor could come along and offer your women customers the Perfect Answer they’ve been seeking.

Closing the Sale with Women

Women’s “Perfect Answer” Requires a Longer Sales Process

Here’s a critical difference between women and men when it comes to closing a sale: while men seek to make a good decision, women are looking for the Perfect Answer. As a result:

  • Expect a lot more questions from women
  • Expect a longer decision process

Closing the Sale with Women

Cowboys and Sharpshooters

Salespeople are trained to try to close the sale in the initial meeting. That may work with men because they have a faster decision process. Making decisions from the fly and “shooting from the hip” is one way men communicate their autonomy and decisiveness– the “cowboy factor.” But women are marksmen, not cowboys– and if you rush them or push them while they’re trying to zero in on what they want, all you’re going to do it irritate them.

Women want to consider, compare and talk it over with trusted advisors. It’s not enough for the product or service to meet her needs; it must be the best way to meet her needs.

Selling to women can be frustrating in this respect, but I’d advise you to refocus your attention on what you’re going to do to follow up instead of pushing too hard right away. Otherwise, she will start to distrust your motives (you’re supposed to be her agent, not her adversary!) and destroy all that great rapport you’ve been building up during the sales process.

 

[VIDEO] Why You Need to Look Women in the Eyes

Face-to-face sales conversations with women need to happen… facing each other! Women are most comfortable making eye contact and looking at the other person’s face.

Watch the video: Why You Need to Look Women in the Eyes

Surprising Personal Touches Bring the WOW when Marketing to Women

Surprising Personal Touches Bring the WOW when Marketing to WomenMarketing to women professionals can sometimes get caught up in the statistics of campaigns– open rates, click rates, conversions, etc. Our data-driven environment does indeed help us be better marketers. But we also need to remember the personal, and the value women find in being surprised and delighted.

Years ago, out of the blue, for absolutely no reason, I got a letter from Jeff Bezos of Amazon (well, he signed it, didn’t he?). The letter included ten one-cent stamps and arrived just after the price of stamps went up a penny. “We can’t replace your refrigerator lightbulb,” the letter read, “and we can’t make your tuna salad just the way you like it– but we can save you time.” It felt as if Jeff himself had taken a peek into my lifestyle and recognized how very busy I am; when am I going to get to the post office for a book of add-on stamps? Jeff did it for me. As a marketing to women campaign, this message was spot-on. Amazon builds its brand on convenience and personal recommendations. For return on investment, you can bet that mailing beat a coupon.

Surprising Personal Touches Bring the WOW when Marketing to WomenOne of the most original “nice surprises” I’ve heard of comes from a financial advisor at Investors Group in Canada. One of their top 5% producers builds most of his business with women, and with his marketing to women approach, I have no doubt why he’s so successful. Whenever he gets a new client or significant new business from an existing client, he sends her a jar of homemade apricot jam. The jar even has a hand-lettered label, personalizing it further. The twist on this that I love is that his clients often call up and thank him for the thank-you! You can be sure they’re telling all of their friends about this– and that’s how he keeps getting more and more referrals!

Finding a balance between crunching the numbers and remembering the emotional and practical motivations of your customers will result in memorable marketing to women campaigns that are wildly successful.

Selling to Women: DON’T ‘Always Be Closing’

Selling to Women: DON'T 'Always Be Closing'We all know the ABC’s of sales: Always Be Closing! However, women find this sales approach tiresome and exhausting. If you’re always trying to close the sale, she will close her mind to your offerings.

To avoid irritating your women customers, reach out to her occasionally for a non-sales reason. Here are two examples of thoughtful, non-sales communications that women appreciate.

Selling to Women: DON'T 'Always Be Closing'

Every so often, I get an email from United Airlines, which I fly frequently, telling me about new developments I might like to know about. And they aren’t trying to get anything from me. For instance, one email told me about an impending strike from mechanics that might affect my flight choices.

Similarly, a friend who bought a Ford Explorer got a follow-up call from the dealership a few weeks after she had purchased it, just letting her know that Ford was there to answer any questions or problems, and asking if she liked the car.

Women are suspicious of salespeople who are always trying to get something from them. And they can spot an ulterior motive or sales agenda from a mile away. So be genuine. Stay in touch with your women customers now and then, even if you aren’t selling anything to her at the time.

[VIDEO] Financial Advisors: Don’t Let the Wealthy Widows Get Away!

OK, financial services providers, here’s a tough fact: 70% of widows walk. That means she doesn’t feel any loyalty for the financial advisor her husband chose. And this is a big problem for you. The average age of widowhood for women is 60 years old– and she’s going to live 20 years beyond that. Keep those wealthy widow clients!

Watch the video: Don’t Let the Wealthy Widows Get Away!

55 Alive! Marketing to Boomer Women in the Prime of Her Life

55 Alive! Marketing to Boomer Women in the Prime of Her LifeWith healthier diets, different lifestyles and advances in health care, we’re all living longer. At first glance, this would seem to add an extra decade to the end of life, but on the contrary! It’s more like adding an extra decade to the middle, somewhere around age 50. These days, 55 is very alive. The stereotype of ages 50-70 may be “the sunset years,” but the reality is that it’s more like high noon!

Boomer women encounter the added decade of life very differently from the way midlife men do. While both men and women approach their 50th birthdays with a good deal of apprehension, as it turns out, the midlife transition is a good deal easier on women.

Most men reach 50 alarmed about sliding downhill for the rest of their lives. They want to stay where they are, to keep what they’ve got. Some try to recapture the feelings of their youth—they act on their rebellious impulses. Some don’t know what to do with themselves after retirement and no longer have a power role in society. They stay at home and putter around the house, declining to exercise or socialize.

55 Alive! Marketing to Boomer Women in the Prime of Her LifeTo women, 50 comes as a gift. For most, it’s a major life shift, from the “mom” mode to the “me” mode (In case you think I’m overgeneralizing about the mom mode, consider that by the age of 40, 84% of women have had children). At the same time as the kids are leaving home, leaving mothers with more time, those moms get a little extra boost of post-menopausal zest. They use the added decade of life to go back to college or start a new business. It’s finally “my time,” and they make the most of it. They feel lucky to have the luxury of focusing on themselves, finding their inner individuality, and fulfilling long-suppressed dreams.

The potential for marketing to these Boomer women should be quite apparent—but how does one go about developing marketing strategies? The most powerful ways for marketers to create relevance and appeal for women is to elicit “That’s me!” moments—when a woman sees herself in the situation and your product or service as the solution. As women approach their 50s, they are even more in tune with “That’s me!” moments than before. And we already know this is a sizeable marketing target—the National Association of Baby Boomer Women share that there are over 39 million Boomer women in the US.

Selling to Affluent Couples is Tricky Business

Selling to Affluent Couples is Tricky BusinessSelling to women one-on-one is fairly easy to master. If you understand women’s gender culture and respect her decision-making process, you’ll be miles ahead of most other salespeople.

But selling to couples is trickier. The adage “three’s a crowd,” comes into play because you’re managing three personalities and styles– the woman, the man and yourself. And when you’re selling complex, high-investment products or services, like financial planning or home remodeling, it can start to feel like you’re a counselor as much as you’re a salesperson!

Identify the answer to this question to get started:

Who is the Primary Buyer/User?

Selling to Affluent Couples is Tricky Business

When the couple is buying something for her— her car, her computer, her new kitchen, if the salesman talks to the husband, he gets one warning, often from the husband. If the salesman continues, they leave. There is no room for mistakes here.

When the couple is buying for him, you still need to talk to her. Whether it’s a man cave or a yacht, the wife needs to be sold also. There was once a young yacht salesman who figured out how to sell to couples. He said that he doesn’t target the husband; he already wants the boat. He sells to the wife because she’s the one who needs to be convinced. And he became one of the most successful salespeople in his company using this strategy.

Remember, women have enormous influence on the conventionally male big-ticket items, whether she intends to be the primary user or not.

[VIDEO] Understand that Women Often Have Hidden Financial Control

When you’re selling financial services to women, it can be easy to miss who controls the finances behind the scenes. In affluent families, control of wealth and finances may not be as straightforward as it seems. Marti’s story of one affluent Boomer couple reveals that women often have “hidden” financial control.

Watch the video: Women’s Hidden Financial Acumen