Transcript Marketing to Women Consultant - Member Business Solutions, LLC

How to Sell Financial Services to
Women and Couples
Copyright 2015
Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
Agenda
• Differences in male and female business owners
• Differences how men and women make financial
decisions
• Male vs. Female communication style
• Keys to selling to men
• Keys to selling to women
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
The Women Business Owner
Opportunity
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
Women starting more businesses
• Between 1997 and 2014, the number of womenowned businesses in the U.S. rose by 68 percent.
• Women are starting an estimated 1,288 companies
each day, up from 602 in 2011-12.
• They are starting businesses twice as fast as men.
•
•
2014 State of Women-Owned Businesses Report, commissioned by American Express
OPEN.
http://about.americanexpress.com/news/pr/2014/women-flex-economic-muscle-newresearch.aspx
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
Types of financing
• When NAWBO members were asked about the types of
financing they used: 63% of used credit cards, 13% used a
commercial or bank loan, 11% used a personal bank loan,
and only 2% used equity capital.
• A study by Wells Fargo and the Center for Women’s
Business Research found that in fast-growth firms, only
39% of women owners had bank loans compared to 52% of
men owners.
http://nawbo.org/content_10354.cfm
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
Women more prepared
• Women business owners did more due diligence
and put in more effort to prepare than men.
• Bank of the West Study and Harris Poll in May 2014, the "Pay It
Forward" survey http://www.digitaljournal.com/pr/2284747
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
Women fear they will be turned
down
In various surveys women have said that they've not
applied for credit when they needed it because they
feared they'd be turned down. When you actually
look at the data and loan turndowns by banks, there
are no gender differences.
- Dr. Alicia Robb – co-author of A Rising Tide:
Financial Strategies for Women-Owned Firms
https://www.frbatlanta.org/podcasts/transcripts/economicdevelopment/130124_r
obb.aspx
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
Business owners
Men
Women
• Reach out for funding
• Think credit is a necessary
investment
• Grow as fast as possible
• Self-fund
• Think credit is an
unnecessary expense
• Grow incrementally
• g
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
Messaging for women
business owners
• Right and wrong time to reach out for credit
• Credit card, loan, line of credit – which option is
right for you
• Financial cushion
• Less costly source of financing
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
Women want accounts in one
place
• 33% of women want to have all their financial
relationships with a single bank
• 60% of women have confidence their primary bank
can fulfill all their financial needs
Source: 2012 MasterCard Study
http://insights.mastercard.com/position-papers/ladies-first-why-women-are-the
key-to-relationship-banking/
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
Differences in How Men and Women
Make Financial Decisions
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
How men and women look at money
Men
Women
•
•
•
•
•
•
•
•
•
•
•
•
Protector/provider
Performance
Reward motivated
Make it grow
Take action
Credentials
Not dependent
Security
Consequence motivated
Longevity – make it last
Do research
Personal connection
2010 Women and Finance Study, Buchanan Marketing,
Storyselling for Financial Advisors pg. 169
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
Brain differences
Women
Men
Achieve goals
Take Action
Copyright 2015 Buchanan Marketing
women
Prevent problems
Think it through
Holly Buchanan • Marketing to Women Consultant
Prevent problems
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
Achieve goals
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
Women have more questions/
want more information
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
Loan Application
Men
Women
• How much can I qualify for?
• What’s the best rate?
• How soon can I get the money?
• Will I qualify? For how much?
• Which credit option is right for me Credit card/line of credit/loan – and
which type of loan?
• What do I need to qualify for a loan?
• What collateral do I need?
• Who decides if I qualify?
• Am I judged on my personal credit
record?
• What if I can’t pay it back on time?
• Does it help if I am already a credit
union member?
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
Male vs. Female
Communication Style
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
Two questions -Women
• Do you have my best
interest at heart?
• Do you know what my best
interest is?
Selling Financial Services to Women by Holly Buchanan pg.38,43
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
The importance of listening
49 out of every 60 seconds financial professionals are doing the talking
The Power of the Pause
Source: Story Selling for Financial Advisors – How Top Producers Sell by Scott West and Mitch Anthony
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
Keys for Selling to Men
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
Top question - Men
• Will I achieve a
better/faster result if I
work with you?
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
“I identify opportunities you
might not know about.”
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
Keys for Selling to Women
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
Top question -Women
• Will I have a better
experience if I work with
you?
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
Top reasons you lose a sale to a woman
1. Did not uncover her
concerns (or didn’t
take them seriously)
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
Two words
you never say to a woman
Don’t worry
Tell me more
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
What are her top concerns?
• Cash flow problems
• Not having a financial cushion
• Not knowing the right and wrong time to reach out for
credit
• Not understanding her credit options
• Fear she won’t qualify
• Collateral requirements
• What if she misses a payment?
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
Top reasons you lose a sale to a woman
1. Did not uncover her
concerns (or didn’t
take them seriously)
2. Did not answer all her
questions
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
“I need more time to think
about it.”
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
Ask This, Not That
Don’t
• Anything else?
Do
• What information do you
need to feel comfortable
taking the next step?
• Is anything still unclear?
• Does that make sense?
• Do you have any questions?
• Do you have any questions I
haven’t fully answered?
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
Say This, Not That
Don’t
Do
• There are no stupid
questions.
• I love questions. That’s why
I’m here. Ask away.
• I want to make sure we
cover everything.
When she apologizes for
asking so many questions
• That’s ok.
Copyright 2015 Buchanan Marketing
• Ask away. Use me as a
resource. I don’t want you
leaving here with a question
in your head
Holly Buchanan • Marketing to Women Consultant
Help her feel prepared
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
Top reasons you lose a sale to a woman
1. Did not uncover her
concerns (or didn’t
take them seriously)
2. Did not answer all her
questions
3. Did not take the time
to make a personal
connection
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
Women winning questions
• Imagine for a moment, if money were no object, how
would you grow your business? (Great for getting her to
think about credit)
• Why did you start your business?
• If you could farm out one task that you do, what would it
be?
• Are you having any cash flow challenges? Do you have a
financial cushion?
• Do you have one financial professional who has a complete
view of your business?
• What would help you sleep better at night?
• What’s the best investment you’ve made in your business or
yourself?
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
Your Personal Story
• What are you most
proud of?
• Why do you do what
you do?
• “I love my job
because..”
• How do you make a
difference in your
members’ lives?
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
Tell Your Story
• “I believe in business owners….no matter what
their situation. I had a business owner come in who
didn’t think he could make it through one more
month. We sat down and looked at his finances
and came up with a plan and got his business on
track. 4 years later he sold his business for 3.5
million dollars. I don’t know who was more proud,
me or him.”
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant
Holly Buchanan
Email: [email protected]
Website: www.SellingFinancialServicesToWomen.com
Company: Buchanan Marketing
Copyright 2015 Buchanan Marketing
Holly Buchanan • Marketing to Women Consultant