Tag Archives: Financial Planning Marketing

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

Some Sensitive Advice on Selling to Women

Some Sensitive Advice on Selling to WomenCompared to men, women have extrasensory sensitivity. They are able to register more subtle levels of sight, sound and touch. Also, they have “emotional X-ray vision:” they can read non-verbal signals more precisely, including tone of voice, facial expressions and body language.

There’s another important attitudinal component that magnifies these sensitivities: women are a “sensitized population.” When selling to women, salespeople must understand this about women.

Most women have had enough experience with being slighted or treated inappropriately in certain sales situations that they’ve come to expect it. Not that they are tolerant of it, but forewarned is forearmed, and they’ve learned to at least be on guard against sexism. So, when women have a negative experience with a person or business, instead of chalking it up to overall lousy service, they often assume it’s because they are female.

Some Sensitive Advice on Selling to Women

For example, car salesmen have a reputation of being condescending when selling to women. I’m sure most of them are not, but almost every woman I’ve met has a story about an unpleasant car sales experience. And the stories get around, so car salesmen’s reputation precedes them. Both male and female car buyers are going to encounter rude treatment or poor service from time to time. But when men are treated rudely, they don’t walk out of the dealership feeling they were treated that way “because they’re men.” Instead they think, “That guy’s a jerk,” But women often attribute bad behavior to disrespect for women. And the really bad part is when they tell their friends, neighbors and coworkers about the dealership.

When you consider the dramatic differences in men’s and women’s gender culture– credibility displays, rapport-building games based on “one-up” instead of “same-same” and exchange of personal details, different listening behaviors and so-on– and combine that with many men’s underlying view that small courtesies are expressions of subservience instead of consideration for others, you can see that the situation is rife with opportunities for misunderstanding. And even innocuous, unintended oversights can easily be perceived by “sensitized populations” to be just one more example of deliberate discourtesy.

I’m not trying to create an atmosphere of walking on eggshells. Rather, I’m attempting to lay out in very concrete terms how and why an extra dose of sincere consideration and thoughtfulness goes such a long way with women. I think many salesmen are genuinely puzzled by women who get upset over a “little” thing like handing the keys for her test drive to her husband. A little extra reading on the topic and a little focused sellig-to-women training for your sales force can go a long way toward making sure you get your share of the women’s market.

 

[VIDEO] Know The Couple OR How to Meet the Wives

For financial advisors, developing a relationship with the husband is not enough. 70% of widows leave the financial advisor chosen by their husband! Here’s how to get to know the couple.

Watch the video: Know The Couple OR How to Meet the Wives

6 Reasons for Marketing Financial Services to Women

6 Reasons for Marketing Financial Services to Women

Here are six points to share with your financial advisory team about why you should be marketing financial services to women:

  1. Women are enjoying growing earnings- and will continue to do so
  2. Women have a growing participation in investment management
  3. Women already command the majority of financial assets
  4. Women will inherit twice – from family and spouses
  5. The most wealthy age group, those who are 65+, becomes increasingly female as the population ages. Women have longer average lifespans
  6. Half of all millionaires are women

So put these points up on your bulletin board, add them to your internal communications and make sure everyone understands the opportunity you’re missing if you’re not marketing to women!

Selling to Women? Small Courtesies Make Big Points

Selling to Women? Small Courtesies Make Big Points

Women are more sensitive to nuance and underlying meanings, and they respond emphatically and negatively to what men might categorize as minor oversights. This tendency makes selling to women a more detail-oriented endeavor. The flip side is that positive actions and small courtesies go a long way towards earning her trust and business.

A couple small examples– that aren’t small to women– include offering to get her a chair if it seems she’s had a long day, or getting her kids a couple sodas from the vending machine if it’s hot out.

Not Every Salesman Can Sell to Women This Way

Selling to Women? Small Courtesies Make Big PointsAt a recent sales training seminar I was conducting, I realized I have to be a little more specific on this point. A very experienced and successful salesman came up to me after the seminar and told me how pleased he was with the seminar and all the new stuff he’d learned. He said it had never really occurred to him to do the small courtesies before, but if “sucking up to the client is what it takes to make the sale, I guess I can do that.” I thought he was joking at first, but he wasn’t!

It reminds me of a scenario in Dr. Deborah Tannen’s book You Just Don’t Understand! in which she recounts a psychologist asking a husband-wife pair of respondents what they thought “politeness” meant. They answered at the same time: the woman said “consideration for others,” while the man said “subservience.” Asking around among my male acquaintances reveals that quite a few men share this attitude.

Since, to many men, my recommendation to offer small courtesies when selling to women seems antithetical to their culture, I now hasten to add: If you can’t do it with genuine sincerity, don’t do it at all. Women will see through fakery, and instead of having gained her appreciation, you’ll have lost her trust.

[VIDEO] Women are Referral Megaphones!

Have you ever wondered why word of mouth spreads faster with women? Marketing to women expert Marti Barletta explains how women’s emphasis on the personal make them the perfect referral source. Once financial planner says his women clients send him, on average, 26 referrals. His male clients only send him 2! What a difference!

Watch the video: Women are Referral Megaphones! 

3 Tips for Starting a Conversation with a Woman Prospect

It can be difficult getting to know a new prospect. Salespeople walk a fine line between learning about prospects and communicating about their offerings. Starting a conversation with a woman prospect is different than with men.

Selling to Women Tip #1: Ask about Her First

3 Tips for Starting a Conversation with a Woman ProspectStart the conversation by asking your woman prospect about herself. Don’t introduce yourself first. Women often become very interested in learning about others. If you start the conversation about yourself, she may spend the entire conversation asking questions about you. Then you’d never learn anything about her– and how can you sell to a stranger?

And don’t worry, you’ll have an opportunity to talk about yourself soon enough! Reciprocity is built into women’s natures. She will certainly ask about you and what you do.

Selling to Women Tip #2: Your First Question Sets the Tone

Asking a woman about herself can be tricky. Avoid making assumptions about your prospect’s life situation. Don’t assume she is a career women or a stay-at-home mom. You set the stage for a friendly conversation when your first question to her is neutral.

To avoid awkward situations, try these opening questions:

  1. What keeps you busy these days?
  2. What gets you up in the morning?

Selling to Women Tip #3: Listen for These 3 Key Things

3 Tips for Starting a Conversation with a Woman ProspectIt may be true that women have a lot to say, but if you listen for these three topics, you’ll be well on your way to a successful sales conversation:

  1. Information about her family and lifestyle that help you understand how your offerings could help her.
  2. Interests you share in common that can start to build a friendly acquaintanceship.
  3. Something you can follow-up on later to show her you were listening and care about the conversation you shared.

[VIDEO] How to Connect With Women in Conversation

Selling to women is different from selling to men, and it all starts with the sales conversation. Learn 3 keys to connecting with women in a sales conversation.

Watch the video: How to Connect With Women in Conversation 

Why Women Make the Best Financial Services Clients

It’s time you start selling to women.

Why Women Make the Best Financial Services ClientsAffluent women are everywhere– 50% of millionaires are women, and they are poised to inherit 70% of the $41 trillion in inter-generational wealth transfer expected over the next 40 years. Women have the money, and they will only get more of it.

But that’s only one (really big!) reason to sell financial services to women. Here are four more:

  • Women are easier to reach. Hardly anyone prospects wealthy women! Who wouldn’t love a target market that faces almost zero competition?
  • She’s very motivated to purchase financial services, both for herself and her family.
  • Women are very loyal clients. Once she selects you, she’ll stick with you. Financial advisors of my experience report that women are much less likely to defect during downturns. Because she was thorough in her financial advisor selection process, she knows her decision has yielded the “Perfect Answer” for her needs.
  • Make her happy, and she will send you way more referrals than her male counterparts. One financial advisor tallied up his referrals and found that, on average, men referred two clients, while women sent him 26 referrals. Wouldn’t you like to multiply your referrals by 13???

To learn more about selling to women, watch some of my Selling Financial Services to Women videos. I’ve put together this super-helpful playlist, sure to provide useful to-dos and to-DON’Ts that help you up your sales game.