Tag Archives: Financial Services Marketing

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

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