There have been volumes of research published recently on the phenomenon of women's role in purchasing decisions, whether for home or business. Depending on which study you read, we know women make at least 80 percent of all buying decisions, and according to one researcher, 91 percent say advertisers don't understand them. With these statistics in mind, it seemed appropriate to ask women business owners how they promote their businesses. Do they have a better instinct about what works, and how do they develop their marketing approaches?
Every spring, the Lexington Chapter of the National Association of Women Business Owners honors those who have shown excellence in business, politics and work-life balance. I asked three former winners to share their thoughts on marketing.
Pam Larson, AFLAC
Pam Larson, district coordinator for AFLAC, said that although many of her clients are female, she doesn't really think about that when she's promoting her services.
"Statistically, I know that women make the majority of health care decisions," she said. "But I don't target women. My business is not about selling; it's about helping. I know that sounds clichÈ, but AFLAC is based on a promise that we'll be there when people need us."
Larson, like all who work for AFLAC, is an independent consultant. In other words, she's the business owner, even though she's backed by a big company. She said she relies mostly on networking to promote her insurance products and that her sales usually are based on relationships built through organizations like NAWBO. She said her female customers understand and worry about expenses associated with an illness or injury that keeps them or their spouse from working. The service that Larson provides them in their time of need and her relationships with them are what make her successful, she believes.
AFLAC was voted as one of the best places to work by Working Woman magazine. Larson said the flexibility of scheduling is attractive to women and the opportunity to earn based on production levels the playing field for women.
Beverly Clemons, CMI Consulting
Beverly Clemons, owner of CMI Consulting, a Lexington-based human resources consulting firm, also said she relies on networking and building long-lasting relationships with clients. Clemons, however, does focus on women when developing marketing strategies for her company.
"In Central Kentucky, more than 80 percent of human resources professionals are female," she said. "So everything we do takes that into account."
A recent post on Inc.com indicates there are differences in the ways men and women perform their jobs and relate to people. The article says women are better listeners and tend to create better relationships. Clemons said she sees that in her business. Although she has many good clients of both sexes, she said women tend to be more open to getting to know her, establishing relationships and building trust.
"It seems that we just naturally develop relationships," she said. "Women can sit down and talk about pets and kids and what's going on in their lives. It's sometimes different with men."
Clemons said she receives a lot of referrals from her female clients.
"These people trust me enough to refer me to their friends or co-workers, and I love that," she said.
Patty Breeze, Breeze Financial, LLC
Women may be good at building relationships, but financial planning is one area in which some women are woefully inadequate. They leave it up to their husbands or expect that Social Security and Medicare will take care of them.
Patty Breeze, a certified financial planner and owner of Breeze Financial, LLC, says she plays devil's advocate with women who don't take the bull by the horns and plan for their financial security. Her company specializes in insurance and investment products and services, financial products and services and financial planning advice and counsel for individuals and businesses.
"I ask women what they're going to do if this or that happens," she said. "I tell them that there are no guarantees in life. You have to look out for yourself and whoever is depending on you. Take control of your own financial destiny and security."
Breeze, who's been in business since 1981, said she believes women business owners are more cognizant of the marketing opportunities they have with other women. She also believes women spend their marketing budgets effectively and efficiently.
Like her fellow NAWBO members, she said networking has been her greatest marketing tool, but she's in the midst of rebranding her business and plans to include more advertising, direct mail and seminars to reach potential clients.
"What I do is a personal, relationship type of business, and it's hard to convey that in an ad," she said. "But I've found that I need to include traditional advertising because I've had people tell me they didn't know about the realm of services I provided."
NAWBO's Winner's Circle Awards
If you want to learn more about what business women in our community are doing, consider attending NAWBO's awards lunch on May 22 at the Marriott Griffin Gate Resort. For ticket information, visit www.lexnawbo.org.
It offers a good opportunity to talk with women business owners and to start marketing your business to them.
Mary Hemlepp, APR, is co-owner of the Lexington-based public relations firm Wiser, Hemlepp & Associates. Contact her at mary@wiserhemlepp.com.