Tips for Selling to Women Business Owners
Gerry Myers, President of the Myers Group, a consulting firm specializing in women owned businesses, led a discussion in this week's AccountingWEB Workshop on tips for selling to women owned businesses.
Some interesting ideas and trends that she provided about selling to women should be reviewed carefully:
- 90% of all women will be responsible for managing their own finances at some point in their lives.
- Given their traditional investing and savings patterns, women retiring in the next 20 years will have less than one-third the income they need to live comfortably.
- Only 6% of women are confident they will live their golden years in comfort.
- Women do more research on financial matters than men and generally handle the day-to-day household finances, while men buy investments more impulsively and generally do the family taxes.
- Men view money as status, a game, and a way to keep score. Women see money as security for their future
- As investors, men assume they know more than they do; women assume they know less. When successful in their financial endeavors, men credit their own cleverness; women attribute it to smart advisor or luck.
- When they lose money, men blame the incompetence of their advisors, women blame themselves.
- Women share much more information with many more people than men do.
- Women value extraordinary treatment and professional service. They want a relationship with the people they do business with. They want someone with integrity and product knowledge that they can trust.
- It is important to realize that little things matter to women. How they are treated, if you take them seriously, if you value them as a client and let them know, etc.
- Women are interested in learning more and working with knowledgeable professionals, and in general are more loyal and provide more referrals than men.
Gerry offered a number of ways to market to female owned businesses, and what is important when soliciting their business. For more information and details on selling to women-owned businesses, go to the transcripts now.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.