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What Women Want: The Buying Power of Women

Posted By on Sep 21, 2016 |


 

So, why do salespeople treat women differently and make buying so challenging?  Do salespeople really believe that they can short change women? They are sorely mistaken if they do. When a woman is dissatisfied, angered, or disrespected, regardless if she is with a man or not, the chances of making a sale drop to 0%. It’s time that salespeople open their eyes and see that their biggest customer group is women. It’s time salespeople understand what women want so they can start to capitalize on their buying power.

by Jennifer Libin, Sales Director, APB

Did you know that we live in a “Sheconomy?”  Like it or not women plan and coordinate the finances in the majority of U.S. households. They are the primary decision-makers, they manage household expenses, and in essence they are the bankers that control the purse strings or the proverbial “checkbook.”

The facts speak for themselves. Women purchase:

  • 93 % of a family’s food and pharmaceuticals
  • 92% of all vacations
  • 91% of all new homes
  • 85% of all consumer products
  • 80% of all healthcare services
  • 66% of all technology
  • 65% of new vehicles
  • 65% of the service work done at dealerships

In addition:

  • 89% bank accounts are managed by women
  • 80% of all vehicle purchases are influenced by women

Clearly, women are the primary financial decision-makers for everything from vehicles to healthcare.  Yet many salespeople still believe that women can’t or don’t make decisions when it comes to buying vehicles.

There are approximately 174 million women in the U.S. and Canada compared to about 167 million men.  Clearly, women represent the biggest sales opportunity as not only do women make the majority of all purchasing decisions, but there are more women consumers.

So, why do salespeople treat women differently and make buying so challenging?  Do salespeople really believe that they can short change women? They are sorely mistaken if they do. When a woman is dissatisfied, angered, or disrespected, regardless if she is with a man or not, the chances of making a sale drop to 0%.

It’s time that salespeople open their eyes and see that their biggest customer group is women. It’s time salespeople understand what women want so they can start to capitalize on their buying power.

So, what do women want when buying any product?

  • They want information so they can make apples-to-apples comparisons and informed decisions.
  • They want to be treated with courtesy and to have their time respected when they go to a business.
  • They want to be heard. They’ve done their homework and are looking for specific information. They want to have the opportunity to experience the product or service and, while doing so they want the salesperson to be eager to talk about the features that address their specific needs.
  • They want salespeople to take a sincere interest, and to work with honest salespeople with integrity.
  • They want salespeople to tell them things they don’t already know, and to help them select a product or service that meets their needs.
  • They want to know what’s in their best interest in terms of and other considerations. Women want straightforward answers.
  • They want the process to be simple and straightforward.

Isn’t this what anyone would want?

It’s time that salespeople recognize that women should be given the same respect, information and treatment as any other customer. Don’t shortcut them. Only when this happens will salespeople be able to capitalize on the enormous purchasing power held and controlled by women.

 

jennifer-libinJennifer Libin, Sales Director, has worked for APB since 2008. Ms. Libin has a keen understanding of the automotive industry and excels as a leader who builds teamwork and cultivates relationships. In addition to APB, Ms. Libin works as a gymnastics coach and is head varsity gymnastics coach for three high schools. She earned her degree in from Assumption College in Worcestor, Mass. She can be reached at jlibin@apb.cc or (508-626-9200).