Successfully Selling Women Business Owners

Women business owners are the fastest growing sector of the economy and with tremendous buying power. However, women business owners have different buying habits and these must be understood to successfully sell to them.

According to the National Foundation of Women Business Owners, women-owned businesses have become the fastest growing sector of the U.S. economy, employing 27.5 million workers and generating $3.6 trillion in yearly sales. In fact, the number of women-owned businesses has doubled in just 10 years, accounting for 40% of all U.S. companies. So what does this mean? Businesses owned by women offer enormous sales opportunities.

For companies such as Long Grove, Ill. based Kemper Insurance Companies, marketing and sales approaches have been modified to take into account the buying habits of women business owners. Kemper Insurance is capitalizing on the opportunities this market offers by addressing the insurance needs of women-owned businesses, while communicating how to manage, mitigate and insure the risk. Our experience shows that todays woman business owner wants and demands specific information," said Ellen Epstein, Kempers women-owned business liaison.
When it comes to making purchasing decisions, regardless if it is for a fax machine, an insurance policy or company car, the differences in buying behavior between men and women business owners can be considerable," said Epstein. Therefore, selling approaches need to be modified in order to reach the woman business owner."

Linda Anderberg, principal of Insurance Unlimited Consultants in Arlington Heights, Ill., is the type of insurance agent who Kemper sees as vital to winning over women-owned businesses.
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Anderbergs success in the women-owned business market has been the result of following three basic sales techniques.

See the BIG picture; small initial sales can multiply in future sales
Anderberg has been in the insurance business for 27 years. While employed at a large insurance agency, she was prevented from working with smaller companies that did not meet the companys minimum premium threshold. Anderberg decided to start her own agency so she could go after small companies. She knew that although some small companies fail, many have the potential for growth and she wanted to help them. In one case, Anderberg had an account that started with only two people in a shared office -- that two-person office has split into four companies, each with policies between $25,000 - $30,000 per year. All big companies start out small. Anderberg looks at the BIG picture.

Consultative approach, build relationships
Women respond to a consultative sales style. They want to work with someone who will educate, advise, and service their business. Anderberg frequently advises her accounts on ways to build their business even before she has sold them anything. Far too often, I deal with women business owners who are frustrated by the way they are being talked-down-to with slick sales talk," explains Anderberg. Its really rewarding when one of my clients tells me that they are glad they met me."
Its important to remember that women tend to take more time while making business decisions, because they want to make educated choices on issues that effect their business. But once they decide, they are very loyal as long as their needs are met. Loyalty is the result of building a relationship on trust.

Stay Visible
Since women are very loyal, it may take a lot of effort for them to change. It may take months or even years before Anderberg may have a chance to sell a policy, but she stays visible by keeping in touch with prospective clients. She asks how their business needs are changing and helps out if she can -- not by writing quotes, but using her consultative skills to win their trust. Shes even persuaded a prospective client to join the National Association of Women Business Owners (NAWBO) because she knew it would be beneficial to the individual 's company. Anderberg lets them know that shell be there when they need her.
Anderbergs involvement in organizations such as NAWBO has given her exposure to potential clients and she has received numerous prospects as a result of her participation. However, Anderberg knows she has to prove herself before any business is written.

The Payoff
Anderbergs sales techniques result in additional sales opportunities, improved retention rates, increased cross-sells, referrals, and business stability -- all leading to higher profitability. It is also important to consider that women business owners can be won over by both women and men by using the right approach. Anderbergs partner, Dennis Courter, recently wrote a health policy for a woman who had sworn off dealing with males since she couldnt stand the slick selling style that left her feeling sought for her money. Dennis gained the womans trust by listening, advising, and letting her make up her own mind. Now, hes potentially earned a client for life.
The sales opportunities that exist within the women-owned business market are enormous. For those who are willing to understand the buying habits of women and meet their expectations, the floodgates are waiting to be opened.
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The Kemper Insurance Companies is a leading provider of property/casualty insurance and risk management services with 2000 revenues totaling $4.8 billion and assets of $9.4 billion. Headquartered in Long Grove, Ill., Kemper operates nationwide and in many foreign markets. Kemper is rated "A" by A.M. Best, Standard & Poors and Moodys. For more information about Kemper, visit www.kemperinsurance.com.