Women Business Six Essential Principles for Marketing to Women Business Owners |
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Written by: Lois Carter Fay Marketing to women entrepreneurs is not difficult. You just have to follow six easy, but essential, principles.As of 2004, there are an estimated 10.6 million privately-held firms in the U.S. that are 50% or more women-owned, accounting for nearly half (48%) of all privately-held firms. These firms generate 2.46 trillion in sales and employ 19.1 million people nationwide according to the April 2004 biennial update on women-owned businesses by the Center for Women’s Business Research. The report was based on U.S. Census Bureau data.I’m sure it comes as no surprise to you to learn that selling goods and products to women (especially women business owners) is different than selling to men. If you’d like to do business with this huge segment of the business world, what do you need to know?In my business as a marketing consultant for women entrepreneurs, I've discovered six easy, but essential, principles for doing business with women business owners. They are:- Start small.- Look at the big picture.- Sweat the small stuff.- Less is more, as long as it’s quality.- Build relationships through education.- Stay visible and involved.Now let's look at these principles a little more closely.Start small.Women business owners (WBOs) tend to be very cautious. They make very careful decisions that are well-thought-out. Because of this, WBOs will generally purchase something small or hire a consultant to complete one project before committing to an ongoing relationship and a huge investment. Although this isn’t always cost-effective, it gives them the opportunity to try the product or service before they invest significant dollars.Sally Falkow, branding strategist with Falkow, Inc. in Pasadena, Calif., agrees. “Women business owners have a tendency to 'stick their toes in the water.' Many of the women business owners I deal with are eager to learn about how the Internet can expand their business. But they do it on a gradient. This way they can cope with the new technologies and get one aspect under their belt at a time."Look at the big picture.Studies show that women-owned businesses have a better success rate than those owned by men. Their businesses generally grow slowly and steadily, and they don’t spend money carelessly.For instance, when Jo DeMars, president of DeMars & Associates, Ltd., a dispute resolution firm in Waukesha, Wis., began her business, she borrowed office space, purchased used furniture, and only spent money if she absolutely had to do so. She always paid her bills on time and was very careful about who she hired.“When I got client work, I wouldn’t hire for the position until I had the contract signed,” says DeMars. She now has 27 employees and contracts with Ford Motor Company and Daimler Chrysler in Calif., among others. Looking at the big picture helped her stay on track.Sweat the small stuff.If you get the little stuff right, women will be less concerned about the big stuff. That’s because women are into details. They want to know everything about a product or service before they buy it—-not only how it works and what it costs, but also what kind of support can be expected and how long it will last.Gathering information is an ongoing process for women. How are you dressed? Did you shine your shoes? Were you genuine and honest? Have you done what you said you would do? Do you send professional follow-up notes? Does your office run smooth as silk? All this makes a difference for women.“As a woman business owner, I not only look for this in my vendors, but at Rowena’s we only hire people who are detail minded. In a retail and wholesale foods business like ours, focusing on details is absolutely essential,” says Rowena Fullinwider, president of Rowena’s, a gourmet cake and foods company in Norfolk, Va.Less is more, as long as it’s quality.
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