Women are a great niche market and can be more valuable clients than men and are more apt to provide referrals. Investment News reported this based on a study conducted by Delia Passi. Learning how to sell finanical services to women is an investment worth making! At an Investment Management Consultants Association presentation, she made this statement, “Over a lifetime, women will make 26 referrals to their financial advisor on average, compared with 11 by the typical male client.”
Based on my experience working with numerous financial services providers, I believe this.
Here’s just one example: The owner of one of the country’s top producing wealth management firms located in Texas hired owner hired me to help improve his marketing materials, make recommendations for new and special events, and help him to create a service culture. The night before the our work was to begin, he took me to dinner and told this story: Continue reading
If you sell insurance, financial services to women, as well as health care solutions, you need to be a consultant, educator, confidante, friend, and, most importantly, a trusted professional advisor.
There is one quick item to point out. Why are health care decisions so important today? One reason is that several studies have confirmed that workers place health care benefits near the top of the list of reasons in choosing their future employer. Due to escalating health care costs, benefits to offset these costs are considered to be of vital importance.
Let’s look at one interesting example. The Affordable Care Act initiated new compliance laws. These laws mandate that companies educate every employee on the health care services it provides. Previously, some companies felt that employees were never interested in seeing presentations from insurance companies to learn about the major medical or supplemental insurance plans they offered. Their human resources staff would just ask employees if they were interested in enrolling in the plans they provided. Many people would decline, simply out of frustration at the lack of knowledge provided by the companies. (Read on for a real-world example of this.) Continue reading
“Employees are never interested in seeing a presentation from an insurance company to learn about supplemental insurance, financial planning or investments.”
Joe, a highly successful insurance agent and financial advisor for major firm heard those words. He shared this experience with myself and Doug Dvorak, coauthor of How to Sell to Women, Today’s Greatest Economic Engine, on how knowing how to sell to women and having the ability to establish trust and rapport helped him to dramatically accelerate his sales:
“My predecessor had been working the account for over six years with little results. The client was a Director of Human Resources, a female client whose company offered supplemental insurance to their employees.
Should you adapt your selling style when interacting with a female customer? Absolutely. Should your store environment shout “Female-Friendly” as well? Of course it should. This should not be new information to you.
If you don’t adapt your selling style and make a concerted effort to make your store appeal to women, you might be missing out on the increased tire and service sales, some impressive referral business, and the significant amount of word-of-mouth advertising that can result when a female has had an impressive customer experience.
If you are doing these things, the question to ask yourself is, “How well do I and my team do it?”
Is it necessary to adapt your selling style when your prospect or customer is a woman?
You bet! Extensive studies and research have been conducted on this topic. It doesn’t take a rocket scientist to know why – women are different than men. They think differently, communicate differently, decide differently, shop differently, and even buy differently than men.
Selling to Women – Differences You Should Know
Whether you sell b2b or b2c, below are a few simple tips to keep in mind that just might get results –more sales!