Click, skim, or scroll anywhere, and chances are good you’ve read about one of these powerful women. Alone, they each have created billions in economic impact. Together they represent the force of the female buying demographic that is shaping local and global economies like never before. As of this writing, Taylor Swift’s Eras tour is likely to gross over $1 billion over 100 shows. Barbie has grossed $1.28 billion globally at the box office. And Beyoncé’s Renaissance tour may gross between $275 million and $2.4 billion.
There’s a sales lesson in all of this, and the WSJ calls it the Women’s Multiplier Effect.
Barbie, Beyoncé, Taylor and the Women’s Multiplier Effect on Sales Strategy
Think of the Multiplier Effect as amplification. For every dollar spent on one product or service, other products, services, and industries are pulled into the halo of sales growth because they support the initial sale.
Read on for several ideas to help you easily implement this important selling strategy, whether you’re an individual seller building your territory, or a CEO or sales leader designing your selling strategy.
- Look for the intersection points between products and services that might seem disconnected on the surface but can complement one another. For many Barbie, Beyoncé, or Taylor fans, their events were paired with salon services and an uptick in new clothing purchases. In the case of Taylor, craft retailer Michael’s sold though their inventory of beads, used by concert goers to create and swap handmade bracelets containing “Swiftie” sayings and lyrics. The Barbie movie was released around the same time as Oppenheimer, which surprisingly elevated the tickets sales of both movies.
- Design selling strategies to include options for repeat purchases. In the age of subscription-based everything, consumers are much more conditioned to set themselves up for automatic and recurring purchases. This behavior does translate to the B2B space, and it’s a matter of finding what your customers would like to never run out of – whether it’s a product, a service, or access to your counsel as an advisor.
- Leverage the power of group decision making and don’t make assumptions about the buyer’s budget. If there is one core premise of the women’s multiplier effect, it’s the significance group purchasing. Make sure you’re not leaving someone significant out of the buying process. It’s also good practice to not make assumptions about a buyer’s budget based on your own biases and experiences.
- Consider a combined launch or re-launch of products and services together that can amplify sales. When designing selling strategy, where is there an opportunity to package products or services into a program? If that program can have built-in urgency with a decision-making window for the client, that can also optimize sales. Have products you need to move quickly, or a service that could be revitalized? In the world of movies, television, and streaming, reboots are as popular as new series these days. It’s an approach we can model when analyzing the potential for reimagining products and services.
- Introductions from trusted clients are the ultimate sales multiplier. I recently had one of my best clients help me research and offer to make several introductions to similar but non-competitive firms in her industry. Imagine taking that same sales strategy and applying it to your top five clients? You could have as many as 10-20 warm introductions from which to build relationships and potential opportunities.
- Envision and create for your clients the experience they require. According to The Hinge Research Institute’s Inside the Buyer’s Brain, 26.1% of your existing client base would consider another provider. Our clients have more choice today than ever before, and the multiplier effect amplifies that choice even more. A simply satisfied customer isn’t guaranteed to stay with you. Satisfaction is the lowest common denominator; in today’s world it’s loyal clients that we need to create. One place to begin is by asking your best clients what keeps them with you, and also what you can continue to improve. This valuable data can help you not only keep them for the long term, but also help you multiply future sales.
- Know your message, both organizationally and personally. Barbie, Beyoncé, and Taylor all reflect the buying power of one demographic, in this case primarily women. In your organization, are there buying demographics, industries, or geographies you haven’t focused on and could? Or are you too diluted and perhaps need to reconsider a narrower market focus? Are your brand, sales, and value propositions clear and attractive to your markets?
Each of these strategies will lead to a buying halo with your clients by leveraging multipliers. Choose one to create traction, and then add others that make the most sense for your selling strategy.
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