Why The Typical Sales Techniques Dont Work With Women
Its time to adopt new thinking and approaches to engage women as clients and prospects. Women are not an emerging or niche market, they are the market.
Over the next 30 years, baby boom women will inherit the greatest wealth the world has seen from their parents and spouses.
Women desperately need financial services, products and trusted advisors. You are looking for new clients and prospects. Seems like a match made in heaven. So whats not working?
The financial services industry has been ambivalent about (or witlessly ignoring) womens purchasing power and preferences.
Womens financial needs are similar to mens. But, our “cognitive” wiring is different and drastically dictates how we respond to and work with advisors.
We dont need different products, but we do need to be approached and managed differently. How youve been trained to sell does not accommodate womens ways of purchasing.
If you want to reach women, you need to take a hard look at your sales cycle and sales approach.
The research is pretty clear about how women make life decisions. Regardless of a womans net worth, level of experience or sophistication with financial planning, she has two basic cognitive drivers–competence and connection. These are the mental processes that motivate her to take action. Its what makes her different from her male counterparts.
Women have a strong, compelling need to feel competent. You need to understand the role competence plays in decision making for women. For example, the auto industry has already learned that women spend more time than their male counterparts on the new car buying process: 17 weeks for women vs. 14 weeks for men, according to American Woman Road & Travel (www.roadandtravel.com).
Women control the purse strings, but without much confidence in their financial literacy.
There is a serious learning curve for any financial or large-dollar purchase. Translation: She wont act if she doesnt have the right amount of knowledge, information or data that make her feel competent to make the buy decision.