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Digg It - Six Essential Principles for Marketing to Women Business Owners
Marketing to women entrepreneurs is not difficult. You just have to follow six easy, but essential, principles.
As of 2004, there are an estimated 10.6 million privately-held firms in the U.S. that are 50% or more women-owned, accounting for nearly half (48%) of all privately-held firms. These firms generate 2.46 trillion in sal
As of 2004, there are an estimated 10.6 million privately-held firms in the U.S. that are 50% or more women-owned, accounting for nearly half (48%) of all privately-held firms. These firms generate 2.46 trillion in sal
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
es and employ 19.1 million people nationwide according to the April 2004 biennial update on women-owned businesses by the Center for Women’s Business Research. The report was based on U.S. Census Bureau data.
I’m sure it comes as no surprise to you to learn that selling goods and products to women (especially women business owne
I’m sure it comes as no surprise to you to learn that selling goods and products to women (especially women business owne
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
s) is different than selling to men. If you’d like to do business with this huge segment of the business world, what do you need to know?
In my business as a marketing consultant for women entrepreneurs, I've discovered six easy, but essential, principles for doing business with women business owners. They are:
- Start small.
In my business as a marketing consultant for women entrepreneurs, I've discovered six easy, but essential, principles for doing business with women business owners. They are:
- Start small.
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
Look at the big picture.
- Sweat the small stuff.
- Less is more, as long as it’s quality.
- Build relationships through education.
- Stay visible and involved.
Now let's look at these principles a little more closely.
Start small.
Women business owners (WBOs) tend to be very cautious. They make very careful decisions tha
- Sweat the small stuff.
- Less is more, as long as it’s quality.
- Build relationships through education.
- Stay visible and involved.
Now let's look at these principles a little more closely.
Start small.
Women business owners (WBOs) tend to be very cautious. They make very careful decisions tha
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
are well-thought-out. Because of this, WBOs will generally purchase something small or hire a consultant to complete one project before committing to an ongoing relationship and a huge investment. Although this isn’t always cost-effective, it gives them the opportunity to try the product or service before they invest significant
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
dollars.
Sally Falkow, branding strategist with Falkow, Inc. in Pasadena, Calif., agrees. “Women business owners have a tendency to 'stick their toes in the water.' Many of the women business owners I deal with are eager to learn about how the Internet can expand their business. But they do it on a gradient. This way they can co
Sally Falkow, branding strategist with Falkow, Inc. in Pasadena, Calif., agrees. “Women business owners have a tendency to 'stick their toes in the water.' Many of the women business owners I deal with are eager to learn about how the Internet can expand their business. But they do it on a gradient. This way they can co
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
pe with the new technologies and get one aspect under their belt at a time."
Look at the big picture.
Studies show that women-owned businesses have a better success rate than those owned by men. Their businesses generally grow slowly and steadily, and they don’t spend money carelessly.
For instance, when Jo DeMars, president o
Look at the big picture.
Studies show that women-owned businesses have a better success rate than those owned by men. Their businesses generally grow slowly and steadily, and they don’t spend money carelessly.
For instance, when Jo DeMars, president o
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
DeMars & Associates, Ltd., a dispute resolution firm in Waukesha, Wis., began her business, she borrowed office space, purchased used furniture, and only spent money if she absolutely had to do so. She always paid her bills on time and was very careful about who she hired.
“When I got client work, I wouldn’t hire for the positi
“When I got client work, I wouldn’t hire for the positi
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
n until I had the contract signed,” says DeMars. She now has 27 employees and contracts with Ford Motor Company and Daimler Chrysler in Calif., among others. Looking at the big picture helped her stay on track.
Sweat the small stuff.
If you get the little stuff right, women will be less concerned about the big stuff. That’s bec
Sweat the small stuff.
If you get the little stuff right, women will be less concerned about the big stuff. That’s bec
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
use women are into details. They want to know everything about a product or service before they buy it—-not only how it works and what it costs, but also what kind of support can be expected and how long it will last.
Gathering information is an ongoing process for women. How are you dressed? Did you shine your shoes? Were you g
Gathering information is an ongoing process for women. How are you dressed? Did you shine your shoes? Were you g
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
nuine and honest? Have you done what you said you would do? Do you send professional follow-up notes? Does your office run smooth as silk? All this makes a difference for women.
“As a woman business owner, I not only look for this in my vendors, but at Rowena’s we only hire people who are detail minded. In a retail and wholesale
“As a woman business owner, I not only look for this in my vendors, but at Rowena’s we only hire people who are detail minded. In a retail and wholesale
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
foods business like ours, focusing on details is absolutely essential,” says Rowena Fullinwider, president of Rowena’s, a gourmet cake and foods company in Norfolk, Va.
Less is more, as long as it’s quality. Women business owners often have an overflowing plate. They usually work many long hours building their businesses, whil
Less is more, as long as it’s quality. Women business owners often have an overflowing plate. They usually work many long hours building their businesses, whil
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
also taking care of children, a husband, parents and pets; volunteering for charities; and managing the family’s social calendar. So they don’t have time to spend lots of time researching and analyzing everything they buy.
As a business owner who sells mostly to women, Sandra Weaver of Fragrant Expressions at Dayton Farmer’s Ma
As a business owner who sells mostly to women, Sandra Weaver of Fragrant Expressions at Dayton Farmer’s Ma
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
ket in Dayton, Va., agrees wholeheartedly with this idea. “This is true not just for women business owners but for all women. I have spent a lot of time researching what women need so I can help them feel they can give themselves permission to nurture and express themselves in healthy and appropriate ways,” she says. “Women don’t
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
have a lot of time to shop. They want good buys, convenient shopping, and also honesty. So in my shop, if you’re not happy with it for any reason, you bring it back.”
Because women are so busy, offering a smaller selection of quality products and services will appeal to WBOs. They want to make the right choice without having to
Because women are so busy, offering a smaller selection of quality products and services will appeal to WBOs. They want to make the right choice without having to
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
ade through all of the wrong ones. The way to a woman’s heart and purse strings is through trust.
Build relationships through education. A consultative sales style works well for women. It’s important for them to have an equal relationship with vendors and service providers who help the WBO learn what she needs to know. If you
Build relationships through education. A consultative sales style works well for women. It’s important for them to have an equal relationship with vendors and service providers who help the WBO learn what she needs to know. If you
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
can educate, advise and service her business without patronizing her, you'll be a star.
"I've learned through life and business that preparation avoids unnecessary risks," says Krystyna Bublick, owner of Loveabye.com and Krystyna Virginia Beach Jewelry Creations in Virginia Beach, Va. "Making careful decisions raises my comfort
"I've learned through life and business that preparation avoids unnecessary risks," says Krystyna Bublick, owner of Loveabye.com and Krystyna Virginia Beach Jewelry Creations in Virginia Beach, Va. "Making careful decisions raises my comfort
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
evel of success. I'm not afraid of risk, thoughtful risk. Knowledge and expert advice is critical. I know I can not be an expert in all fields, so I build in security by consulting people who are. This minimizes my financial outlay in the long run."
Stay visible and involved.
Women are loyal creatures. Once you are successful a
Stay visible and involved.
Women are loyal creatures. Once you are successful a
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
selling to a woman business owner, you are very likely to keep selling to her for years to come. Of course, this means it often takes a long time to make your first sale.
She will need to know that you are always there, but not always there to sell. So get involved with business organizations to which she belongs, like the Cham
She will need to know that you are always there, but not always there to sell. So get involved with business organizations to which she belongs, like the Cham
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
er of Commerce, National Association of Women Business Owners, BNI, and the Working Women’s Forum or your local women’s group. Be an active member and prove that you do what you say you will do. She’ll begin to trust you and look to you for her buying needs. And once you win her over, you can keep putting those checks in the bank
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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