Sheeva Izadi, Marketing Consultant
Women, thanks partly to superior longevity, are expected to control two-thirds of the nation’s wealth by 2030. Nine in 10 women will, at some point in their lifetime, be the sole financial decision-makers for their households; and about 70% of women leave their advisor within a year of being widowed.1
Some eye-opening statistics, right? Well, despite these numbers, women are largely under-targeted when it comes to financial services.
When it comes to managing money, paying for major expenses or planning for retirement, the needs of women are unique. Many may be intimidated by the financial world or perhaps they have put off saving for retirement because they are taking care of others or maybe they just don’t know what’s the best move to make regarding their finances. In any of these scenarios it is important to recognize the challenges that your female clients are facing and approach it in the best way that you can – which can often times be a different approach than you would use with your male clients.
Those surveyed in a study done by the Boston Consulting Group said that the industry doesn’t understand that women view money and wealth differently from men. The study reported that women don’t seek to accumulate money, but see it as a way to care for their families, improve their lives and find security.2
How can we better market to these needs? By using language referencing family and legacy. These topics can segue into others such as retirement and succession or inheritance planning.
Targeting the female demographic doesn’t have to be complicated. Here are some simple ways that you can facilitate a deeper connection.
Get Involved with the Community
Does your area have a women’s organization? Get involved! Offer to be a sponsor for events they may be hosting and participate in them if possible. Getting to know the community on a deeper level helps to alleviate any concerns or trust issues individuals might have going into the process of working with you.
Client Appreciation Events
Invite your female clients, wives and daughters of clients to an event catered to them. Host a wine or chocolate tasting, facilitate a private yoga class, or do a fun cooking event. The possibilities are endless, and any of these can be easily transformed into a referral or educational event.
Partner with Community Leader
Seek out women of influence in your community and form a working relationship with them. Ensuring that they are excited about your business’s mission and vision, collaborate on events to engage like-minded community members. Utilize their reach to create real, authentic content that appeals to your audience.
For more information on how you can implement these tactics into your marketing plan, contact your Marketing Consultant at 888-303-8755.