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Cooper Tire & Rubber Company
Presenter: Dan KellyManager of Sales & Marketing Education
Webinar:SellingTirestoWomen
Major Topics
1. Howdowomenapproachthetirebuyingexperience?
2. Whataretheylookingfor?
3. Whatdotheyexpect?
4. Howimportantarebrandsandpricing?
Gender Differences
ØWhenwomentalkabouttirepurchasing,theytendtospeakintermsofsafety,costanddurability.
ØIncontrast,mentypicallyarelookingforbrand,performance,profilesizeandeventreadpatterns.
Tire Purchaser Demographics
35.8 64.2%%
TirePurchaserIndustryGender
47Avg.Age
52Avg.Age
Source: TraQline, Q22015 Per TicketUpfrom29%in2009!
Purchasing Power!
•Womenaccountforabout70-80%ofallhouseholdpurchasingdecisionsintheU.S.economy!(source:Forbes)
§ Womenaccountfor85%ofallconsumer-good purchases.
• 85%percentofAmericanwomenareresponsibleforthemaintenanceoftheirautomobiles.
• ForthefirsttimeeverinU.S.,therearemorefemalelicenseddriversthanmale.
• 70%ofwomenbuytiresoncetheyareinformedtheyneedthem.
Market Research, cont.
•Womencommand$10-15trillioninU.S.purchasingpower,projectedtoincreaseto$22trillion by2020!(source:Nielsen)
•Overthenextdecade,womenwillcontroltwo-thirdsoftheconsumerwealthintheU.S.
• 50-plus-year-oldwomenarethehealthiest,wealthiestandmostactivegenerationofwomeninhistory.
•Nearly80% ofwomenusetheinternetforresearchbeforemakingapurchase.
• Three-quartersofwomenpolledsaytheyfeelmisunderstoodbyautomobilemarketers.
What motivates buying decisions?
• Priceisthetopconsiderationwhenshoppingfortires;o Tirebrandwasonlykeyto20%offemalebuyers
Price47%
Brand20%
Store33%
DriversofTirePurchasesforWomen
What the research says about selling to women…
• Youwillbeinabetterpositiontomakeasaleifyoutriggeranemotional connection(e.g. safety, security,peace-of-mind, etc.)totheproductoryourstore.
• Besureyouaresincereandthatthesinceritycomesthrough.
• Whenitcomestochoosingatireretailer, womengenerallywanttodealwith“friendly&trustworthy”personnelmoresothandomen.
• Womentendtobemorerelationship-buyers. Theywanttofeelaconnection toyouandyourbusiness. Mentendtobemoretransactional-buyers.
• Whenlistening,mentypicallywantfactsandfigures.Womentypicallywantmoreofthe“story.”
• Womenaremoreinterested (thanmen)inlearningaboutqualityandgettingtherightproductorservice tosuittheirneeds
How to market tires to women?
• Doatireinspectionatevery serviceintervalandinformingwomen,inatimelymanner,whentheywillneednewtirescanleadtoasale.
• Focusonfacts- Womentendtoconductmoreresearchandaskquestions,moresothanmen.Theyseekinformationanddetailsbeforetheywillmakeapurchase.
• Focuson“pre-selling”viatheWeb- Womenaremoredominantretailshoppersthanmen.RecentresearchhasrevealedthatwomenarefarmorelikelytoshopfortiresontheInternetfirst.Providethemwithchoicesonmerchandiseandservicepackages.
• Buildarelationship- Comparedtomostmen,whomtheybuyfromisfarmoreimportanttowomen.Theywillbuyfromasalespersontheytrust.Theywillbuyfromabusinesswithagreatreputation.
• Lookprofessional-Womentendtobemorediscerningthanmen.Theygenerallyaremoreobservantofyou,youremployees,andyourplaceofbusiness.Makesureeveryemployeehasaneat,professionalappearanceandarewell-groomed andyourstoreisclean,brightandpleasant.
Retail Keys to Success• NEVERassumewomenareunder-informed pertaining toautomotive
services. Alwayscreateanenvironmentofrespect&trust.Treatawomenbuying tiressimilarly toyouwouldasaman!
• Clean,well-stocked restroomsareamust!Employamonitoringschedule toensurecompliancy.Installmultiplehooksonthedoororwallstohangpursesandjackets,etc..
• Considerusingwomeninyouradvertising efforts
• Hirewomeninyourorganization!Only17% ofthetireindustryismadeupoffemaleemployees.
• Considera“play-space”forchildren ifspacepermits&makesureitiscleanedasroutinelyasyourrestrooms.
Retail Keys to Success
• Numerous studiessuggestthat50% ofwomenwillusetheInternettoresearchtires&prices. Doyoumaintainanonlinepresence? Doesyourcompetition?
• Consideroffering freeWi-Fi.Keepswaiting timelessdifficult.
• Greetyourcustomersintheparking lot&open thedoorforthem!
• Provideprintedmaterialthatsimplifiesmechanical language forALLcustomers!
• Holdspecial promotions anddealsforWomen-only.
In Summary
• Women are a major growth opportunity for tire retailers
• By focusing on their purchasing process, informational-based buying and long-term relationship focus – tire dealers can successfully grow their businesses as women become even more influential in tire buying.