It may no longer come as a surprise that Forbes has identified women as the world’s most powerful consumer; it’s well documented that women drive 70 to 80 per cent of all consumer purchasing through a combination of their buying power and influence.
In fact, according to EY, the global income of women is forecast to achieve a mind-boggling $18 trillion by 2018.
While women arguably wield substantial influence over many major household purchases, including the procurement of the family home, many male-dominated industries often still tailor their service to the male half of a relationship, which can be at the risk of completely alienating the one ultimately making the decision.
Real estate has traditionally been a male-dominated industry, although over the last few years we have seen the balance start to shift as more and more women join the fray. While in bygone eras men may have been seen as the final decision-maker, times have now certainly changed. Male-dominated industries and their sales practices need to adapt to ensure they aren’t missing a huge segment of their market.
It’s no longer uncommon for women to be the primary decision-makers at home and often act as the household CEO, managing the family budget and ultimately being the final decider on major decisions such as schools, insurance, cars, holidays and, of course, the family home.
This is especially true for women who are choosing to remain independent and are therefore making decisions on aforementioned big-ticket items themselves. If you are providing any service or product which is going to directly impact their lives, they are your target market and focusing on them will reap rewards.
Research has demonstrated that women and men have a tendency to make decisions very differently. Men tend to approach decision-making in a more pragmatic and task-oriented way, whereas women will tend to gather more information before making their decision. This can sometimes take longer and thus they need to be treated differently during the sales process.
Here’s how I believe male-dominated industries can cater to female customers.
Don’t go in for the quick kill
Selling to a woman is different from selling to a man. It’s about building a relationship; rapport and connection are key. Ask questions to find out what she likes and speak to the emotional elements of the purchase. For example, with a house, consider where she will be spending her time. If you discover she loves cooking, highlight the features which will make cooking that much more enjoyable. If she is time poor, point out the elements which will then save her time in the kitchen, making her life easier. Appeal to the benefits for her specifically.
Get social media savvy
According to the Sensis Social Media Report of May 2015, Australians on average own three internet-enabled devices, with laptops and smartphones the two most popular. Of internet users, 68 per cent utilise social media sites in general, with 49 per cent of those accessing them daily; females and younger Australians (below 40) are the most active. It pays to be active on social media and to invest time in building up a credible profile, especially given women spend quite a bit of time scrolling in their spare moments and will likely read reviews before deciding who to buy from.
Focus on service
Service, service and then service a bit more. Women are willing to pay more for good service, especially if it’s going to help them save time. Women are time poor, often juggling multiple roles on a daily basis, and are interested in service which is going to help them solve their problem easily.
Resist problem-solving
It’s wise to resist automatically jumping into ‘problem-solving’ mode. She will come up with a solution herself after receiving the information from the ‘expert’ (you) she’s engaged to assist her with the decision-making process. Instead, remain on hand to answer any questions and make suggestions when you see one being of benefit for her.
Ultimately, women enjoy a collaborative and consultative approach to any form of decision-making and, while they don’t want to be told what to do, they will value and enjoy having a ‘partner’ come on the journey to finding the right solution for them.
