Article provided courtesy of Judith M. Guido
Most of us would agree with the fact that men and women are different. Think John Gray’s famous book, “Men Are from Mars, Women Are from Venus.” Most people get the obvious differences, yet the majority of industry folks don’t understand that women’s buying criteria and preferences are different from men’s.
As a result of these differences, you’ll need to modify your sales and marketing methodologies in order to leverage the substantial purchasing power of women. Understanding the way women think, behave and buy has impacted business, and has caused a shift in sales and marketing from top-down to relational, as women highly value relationships. Consider these facts. Women control $12 trillion of the $18.4 trillion in global consumer spending. By the year 2015, at least $15 trillion will be in the purses of boomer women (those born 1946-1964). Women boomers are the wealthiest economic group on the planet. Younger single women also yield significant financial power, purchasing twice as many homes than men.
Where are these women getting their money? Consider that 67 percent of bachelor’s degrees and 60 percent of master’s degrees are earned by women. In the 22 to 33 age bracket, women earn 8 percent more than their male counterparts. Women are better investors, with an average return of 9 percent compared to 5.82 percent for men.
People think of women more as a consumer purchasing force versus a commercial one. Nationwide, women represent 58 percent of commercial purchasing managers. Women own 35 percent of all businesses, and are starting twice as many new businesses as men. By the end of the decade, more businesses will be started by women than men. And companies who have at least two women sitting on their board are more profitable. In our industry, women business developers outperform men by 38 percent.
When it comes to marketing and sales, word-of-mouth — or as I like to say, word-of-mouse — are big winners. Having a strong formalized reference and referral program, as well as a social media presence, is important.
Feedback systems and transparency are very important to women. Since American women are timestarved, they represent 78 percent of all transactions and 86 percent of research on the Web. Utilizing e-marketing campaigns that include quick-read educational components, along with case studies that are relevant to a woman’s busy lifestyle, are winners.
Think about how your product or service will save her time and create more family time. Protecting the health and well-being of the family are a woman’s top priority, and so communicating the green, health and safety benefits of your offerings will resonate with them. Make sure you clearly articulate why you are different from your competition, and back it up with proof and references, as a woman will perform the follow-up research!
Companies who make women a significant part of their sales and strategy team — and collect continuous feedback from key women stakeholders — will have a considerable competitive advantage in the marketplace today.
Judith M. Guido is chairwoman and founder of Guido and Associates, and a leading business adviser who has been successfully helping green companies grow their people and profits. Contact her via social media, by email at jmguido@sbcglobal.net or by phone at (818) 800-0135.