When being briefed on a finals presentation that I was coaching, the gentleman leading the sales team said, “One other thing—the buying committee is largely made up of women. As it stands now, the sales team is all men. I’m trying to switch out one of the guys for a woman.”
I’ve run across this situation often.
While I applaud the sensitivity of the need to reflect the gender of the client, I am afraid that it is most often driven by appearances rather than the true value of diversity.
Most financial advisors know that it is ideal to have a team made up of both men and women, but not much thought goes into why and how to extract value from it.
Similarly, not much thought goes into the implications of the sales approach when the client is a woman or group of women.
While research backs the notion that a diverse selling team is a more effective team, we’ll focus on the differences between men and women in the role of a buyer and the implications for how we sell to them.
It turns out the differences in the way men and women buy is science-based; our brains are different.
I was surprised to learn this was first discovered in the 1990s with the use of MRIs. As research progressed, it has since uncovered more than 200 differences between the male and female brain in both structure and neurotransmitter mix, which explains a lot.
When we think of selling retirement plans, it’s important to acknowledge that the current selling approach has been largely formulated for male decision-makers. But now that women are filling more and more boardroom seats, perhaps we need to revisit that approach.
The following list of facts describes how women buy and implications for how we sell to them.
It’s important to recognize that these are still generalizations and that the best salespeople look for differences in individuals and situations, regardless of gender.
No. 1: Decision-making
Women often like a collaborative decision-making process and find consensus-building important. They tend to be more inquisitive than men, wanting to hear everyone’s thoughts before making a decision.
Implications: Demonstrate your flexibility and invite discussion. Facilitate a discussion around your solutions. Provide opportunities to engage in brainstorming and problem-solving.
No. 2: Deliberation
Men are more likely to deliberate over one piece at a time while women tend to think of the whole picture.
Implications: When appropriate, incorporate the larger picture into your presentation (e.g., how does your proposal interact with other projects or impact the overall strategy?)
No. 3: Rapport
Men tend to view a presentation or meeting with a potential client as the end of the process, whereas women look at it as the launch of a new relationship.
Implications: Recognize that rapport, friendship and building connections are typically important objectives as a means to develop trust with women decision-makers.
No. 4: Head ‘honcho’
According to Harvard Business Review, “traditional male buyers want the buyer’s power over the seller to be acknowledged. Thus, high-ranking people from the seller organization make appearances at meetings to signal the importance of the project…women are less likely to see the value of such rituals. The ‘honchos’ are welcome to join the discussion, but for their experience and insight, not their obeisance.”
Implications: It is more important to bring the team that will be working with the company than the head of your firm. If you are going to bring in a “honcho,” make certain that he or she does not overpower the client’s ability to connect with the people who will be doing the work.
No. 5: Details
Women generally have more interest in detail and pay more attention to them than men do.
Implications: Be sure to have details on hand in case they are requested. Offer to provide more detail as a follow-up.
No. 6: Results
Both men and women like to know that others have made the same purchase decision with positive results. Women, however, tend to want to know the reasons behind someone else’s purchase decision.
Implications: Incorporate reasoning and motivations of previous buyers in case studies and stories.
Being conscious about the subtle differences between how men and women make decisions, and strategizing accordingly, could be the difference of winning or losing that next deal.
Nadine Keller is President and CEO of Precision Sales Coaching & Training. Her firm has provided strategic programs for tens of thousands of sales professionals with measurable results. Her expertise crosses sales, marketing and communications with a focus on helping organizations drive sales behavior to achieve their goals. Keller is an avid writer and speaker. Her most recent work is a book titled Make it All About Them: Winning Sales Presentations published by Wiley in 2013.