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Doing Business with Women
Working women have a definite impact on the economy. First of all, they are the
primary decision-makers in their households. Seventy- five percent of the time
they choose what type of goods and services go into their homes, from clothing
to cable TV to insurance policies.
Not only that, but they're one of the fastest growing segments of small business
today. As of 1999, there were 9.1 million businesses owned by women in the
U.S., employing more than 27.5 million people and generating more than $3.6
trillion in sales, according to the research institute, the National Foundation of
Women Business Owners (NFWBO).
So chances are if you're out doing business, you're doing business with a woman
entrepreneur. And there are some things to know that can promote success in
those arrangements. For example, when they're purchasing products or making
other decisions, women business owners are more likely than men entrepreneurs
to seek advice from associates and advisers, sometimes lengthening the
process. They also place more emphasis on quality, service and the reputation of
the vendor.
If the numbers above aren't reason enough to make you change your business
approach to women, Sharon G. Hadary, executive director of the NFWBO, based
in Washington D.C., has one more:
"Women are incredibly loyal," she explains. "They're willing to put all their
resources in one place, so it's a wonderful opportunity for banks or businesses to
cross-sell their products."
As part of the NFWBO's initiative to provide knowledge about women business
owners and their enterprises worldwide, they've developed more than just
numbers on their economic impact. They've also offered some insight into the
unique characteristics of women business owners.
"Winning Strategies for Doing Business with Women Business Owners"
* Women want to know that a company respects them as businesswomen and
understands their point of view. Having women visible in leadership positions
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demonstrates that your company values and recognizes women as business
leaders.
* Build relationships with women business owners through support of women
business owner issues and programs.
* Demonstrate you understand the market by the way you present your sales
messages, the involvement of your representatives in the businesswomen's
community, in the way you move through the sales process, and in the support
your company provides after the sale.
* Women want to know the facts and to have their questions taken seriously.
* Women business owners want to build a relationship with your sales
representative and gather information. The result is a longer sales process. It is
worth the time, however, because women business owners are loyal, long-term
customers.
* Use reference sales and referrals. Women business owners are more likely
than men entrepreneurs to ask for advice from outside experts and fellow
business owners. An endorsement from someone they trust is a key factor in
selecting a service provider.
* Use the Internet to provide information while providing easy ways to contact a
company representative in person. While women business owners are more
likely to purchase online than other businesswomen, many of them still prefer to
finalize the transaction in more personal ways.
* Cross-sell business and personal products/services. Women business owners
are a large potential market across the corporation for business-to-business as
well as consumer marketing. NFWBO's research documents that women
entrepreneurs often use the same product and service providers in their personal
lives as in their business.
* "Deliver on the promise" throughout the whole transaction chain, including
service, training, delivery and billing. NFWBO research shows that after-sale
service and support are more important to women entrepreneurs than to men
entrepreneurs.

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* If you want women business owners to buy from your company, your company
should buy from them. Whether at the corporate level or at the branch office
level, do business with women business owners.
(C) Copyright 2001 Janet Bigham Bernstel. Syndicated by ParadigmTSA

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