Women own or hold primary interest in about 10 million businesses in the U.S. This amounts to roughly 40 percent of privately owned businesses, and female-owned companies are increasing at 1.5 times the national average. When evaluating businesses with an annual revenue of over $1 million, women own one out of every five. Clearly, this is a demographic marketers can't ignore.
But marketing to female business owners isn't the same as marketing to men. They are looking for different things in a vendor and can actually be harder to win over. The upside of the extra effort is that women tend to be more loyal customers after you do earn their business. Here are some must-have tips for marketing to businesses owned and controlled by women.
1. Explain the Benefits of the Product
Women want to know why. Why is this better than not having such a product? Why is your product better than so-and-so's? When marketing to women, you have to give them a clear picture of what their business stands to gain from the purchase.
2. Make It Clear How to Use the Product
Women tend not to buy until they understand how the product works and can visualize using it and benefiting from it. Establish your company as the go-to source of information for your industry and she will be far more likely to buy your brand.
3. Be a Vendor With a Reputation for Quality
In male-dominated businesses, some vendors can sneak by with a little shady reputation. That isn't the case when marketing to women. Establish your brand as squeaky clean in terms of quality, reputation, and credibility.
4. Show Her the Value of the Investment
Women are not penny-pinchers, but they do avoid purchases that aren't clearly good investments. Use your marketing savvy to show her how buying your product is an investment, not a frivolous expense.
5. Prove Your Features are Useful
Fancy bells and whistles may woo the male buyers, but it doesn't budge the ladies. Forget painting it pink and giving it a cute name -- these ladies are serious. Give them useful features that endow the product with real value. Or, box it up and save it for the gents.
6. Offer Her Fair and Consistent Pricing
When it comes to pricing, women buyers aren't cheapskates, but they are not wasteful, either. Make your pricing schedule clear, transparent, and easy to understand. Make it fair and competitive. Then remain consistent. If you jump the price a bunch between purchase cycles for no apparent reason, prepare o lose a fair number of your female customers.
7. Realize That Content is Queen
In the spirit of transparency and providing ample information to make a sound decision, content is truly queen for the female B2B buyer. Women-owned businesses respond especially well to high-quality content, including articles, research papers, whitepapers, informational and how-to videos, SlideShare presentations, email newsletters (so long as it's quality content and not spammy), and well-made infographics.
When you understand your female buyers, you can effectively market to millions of female-owned and controlled businesses around the country and across the globe. ReachForce helps marketers increase revenue contribution by solving some of their toughest data management problems. We understand the challenges of results-driven marketers and provide solutions to make initiatives like marketing automation, personalization and predictive marketing better. Whether you have an acute pain to solve today or prefer to grow your capabilities over time, ReachForce can unify, clean and enrich prospect and customer lifecycle data in your business, and do it at your own pace.
To learn more about how ReachForce can help you optimize demand generation and your impact on revenue, check out our real-time web form enrichment demo, or request a free marketing data diagnostic. Get the power to let data drive marketing and higher performance.