Marketing to Women Online

Halloween and The Future Of Women's Leadership

 
You're probably wondering what Halloween has to do with the future of women's leadership.  But I saw something today that gave me tremendous hope for the future and the role women will take in shaping it.

I'm often asked to speak to women's groups - women business owners, women in the finance industry and women in corporate management.  A question everyone asks is,"What will the future hold?  Will we see more women in leadership positions?  And how do we get there?"

My answer is, we will see more women in leadership roles.  All generations will contribute to the progress.

Women and Finance Survey with Vibrant Nation

How do boomer women feel about finances and the financial services industry?

That's what I set out to find along with my research partner VibrantNation.com, the leading online community for women 50 plus.  The results were surprising and insightful.

The one message we got loud and clear was, Boomer Women want financial services companies to recognize them as important decision makers.

Boomer women and finance survey key findings

Perhaps the most striking insight came from these two questions:

Sun Trust's "Live Solid" Is a Solid Winner

I'm often asked for an example of a financial company who does a good job of marketing to women.  So here's an example for you - the "Live Solid" campaign from Sun Trust.

While "Live Solid" is not specifically aimed at women, it does a great job of focusing on what women care about. 

Why Live Solid works for women

Sun Trust and their ad agency based the campaign on a core value that many women share when it comes to money - a focus on spending money wisely vs. simply accumulating money.

Financial Education Through Fiction

 

For the last two weeks I've been immersed in the lives of Rita, Marla, Jade and Lori - characters in a novel.

After Rita's husband died unexpectedly, she discovers their financial situation is not what it appeared.  When Marla voices an interest in the family finances, her husband gets defensive, even hostile.  Is he hiding a secret?  Jade, a single architect, spends what she makes and her money habits leave her feeling trapped in her current position.  Lori, a financial planner, is maried to a shopaholic husband who's driving them into the poorhouse.

Is this the work of one of my favorite mystery writers or a novel from Oprah's book club?  Actually - it's a book about women and finances - The Bread & Butter Chronicles by Starr Cochran.  The book cover describes it as "a novel approach to personal finance."

Econodrama

This is one of those moments you hit yourself upside the head and go, "Doh!  Why didn't I think of that?"  Starr Cochran is using engaging fiction to help women learn about finances.  The characters in her book are facing real financial situations faced by women everywhere. 

Where Women and Men Differ on Investing

The Boston Consulting group conducted a global survey of women and finance.  You can read all about it in their book Women Want More.

Here's an interview on Smart Money TV with Kate Sayre, Partner Boston Consulting Group discussing:

Where women and men differ on investing

It's a really insightful interview.  Here are a few key points:

• 42% of women earned all their wealth themselves.  There is a belief that all high net worth women got their money through divorce or inheritance, but a large percentage are earning it themselves.
• Women are more focused on the long term.  Men are more focused on short-term gains. 
• Women want to be educated about finances and financial products.  Just make sure you're not condescending in your approach.

Watch the full interview on how women and men differ in investing.

 

Selling Financial Services to Women - American General

 
 
When you think of products designed for women, you tend to think of razors, or minivans, or skin creams.  But what about financial products designed for women.  Sound like a crazy idea? 

 It didn't sound so crazy to American General Life and Accident Insurance Company (AGLA). 

While much of the insurance market is down, AGLA’s business is up 20% and they credit it largely to a product they call "Quality of Life…Insurance^®."    The product development and marketing was driven largely by what AGLA heard from women in focus groups. 

Selling Financial Services to Women Series

 
 
It's rare that an opportunity of this size comes along, but here it is, staring us in the face. There is a stupid amount of money to be made in the financial services industry, not by creating crazy new products or discovering the next hot emerging market.  The opportunity is right here under our noses.  

It's women.

Smart financial companies are now spending time and resources to attract women consumers.  They understand why the need to market to women, but most haven't figured out how to market and sell to women. 

Selling Automotive Services to Women

 

Who is responsible for car maintenance and repairs in your family?  More and more, that person is a woman.

According to the National Institute for Automotive Service Excellence, women are taking over the traditionally male-dominated responsibility of car maintenance and repair

With regard to vehicle maintenance, 74% of women state they are responsible for making the maintenance decisions concerning their vehicles. 18% reported the decisions were shared and only 8% said they were responsible for none of the maintenance decisions

You'll find and these and other interesting stats about women and automotive services here.

Why focus on women when selling automotive services?