Category Archives: Women as customers

[VIDEO] Financial Advisors: Don’t Let the Wealthy Widows Get Away!

OK, financial services providers, here’s a tough fact: 70% of widows walk. That means she doesn’t feel any loyalty for the financial advisor her husband chose. And this is a big problem for you. The average age of widowhood for women is 60 years old– and she’s going to live 20 years beyond that. Keep those wealthy widow clients!

Watch the video: Don’t Let the Wealthy Widows Get Away!

Top Visuals that Appeal to Women (and Some that Women Hate)

Women pay attention to visuals even more than the population at large. As such, your marketing team should pay special attention to the visuals they use for anything targeted towards women, such as advertising, product packaging and web design.

Top 5 Marketing to Women Visuals

Marketing to Women Visuals

Here are my top five recommendations for what to include in visuals that market to women:

  1. People, people, people. Women put people first, and you should too. Visuals should feature expressions and emotions. The “people” in your ads don’t need to be photographs or live action video. Animations and cartoons of both people and animals work well to attract women’s attention.
  2. Make sure people are realistic. Feature people your target audience can identify with and relate to, attractive “normal” women rather than perfect “aspirational” women.
  3. Show some emotion. Use emotional visuals to attract women’s attention. Showing that somebody cares one way or another is always going to be powerful- and memorable- to women.
  4. Immersion. Use your visuals to tell a story that immerses women into your brand or product. It can get messy, and it definitely is the opposite of the “one headline and one visual” school of thought, but when masterfully done, it’s much more effective, too.
  5. Show collaboration, friendships, warmth and working together. Women love collaboration more than competition and friendships more than rivalry.

Bottom 5 Marketing to Women Visuals

Marketing to Women Visuals

When marketing to women, avoid these visuals at all cost!

  1. Product-centric. Your product is not the hero. The best way to lose women is to show your product without a human context.
  2. Dystopian women. Don’t portray women as harried, frenzied and at the end of their rope. Women are proud that they can “handle it all.” Honor that.
  3. Utopian women. Conversely, don’t use visuals of “supermodel women.” In general, women don’t aspire to be perfect archetypes. They want to relate to other women like them.
  4. Isolation. Avoid visuals that could be interpreted as isolating or portraying customers as independent loners.
  5. Simplistic. Women are detail-oriented and are attracted to visuals that have depth and intricacy.

Use these tips in your marketing to women efforts to portray people in ways that are interesting and appealing to women.

55 Alive! Marketing to Boomer Women in the Prime of Her Life

55 Alive! Marketing to Boomer Women in the Prime of Her LifeWith healthier diets, different lifestyles and advances in health care, we’re all living longer. At first glance, this would seem to add an extra decade to the end of life, but on the contrary! It’s more like adding an extra decade to the middle, somewhere around age 50. These days, 55 is very alive. The stereotype of ages 50-70 may be “the sunset years,” but the reality is that it’s more like high noon!

Boomer women encounter the added decade of life very differently from the way midlife men do. While both men and women approach their 50th birthdays with a good deal of apprehension, as it turns out, the midlife transition is a good deal easier on women.

Most men reach 50 alarmed about sliding downhill for the rest of their lives. They want to stay where they are, to keep what they’ve got. Some try to recapture the feelings of their youth—they act on their rebellious impulses. Some don’t know what to do with themselves after retirement and no longer have a power role in society. They stay at home and putter around the house, declining to exercise or socialize.

55 Alive! Marketing to Boomer Women in the Prime of Her LifeTo women, 50 comes as a gift. For most, it’s a major life shift, from the “mom” mode to the “me” mode (In case you think I’m overgeneralizing about the mom mode, consider that by the age of 40, 84% of women have had children). At the same time as the kids are leaving home, leaving mothers with more time, those moms get a little extra boost of post-menopausal zest. They use the added decade of life to go back to college or start a new business. It’s finally “my time,” and they make the most of it. They feel lucky to have the luxury of focusing on themselves, finding their inner individuality, and fulfilling long-suppressed dreams.

The potential for marketing to these Boomer women should be quite apparent—but how does one go about developing marketing strategies? The most powerful ways for marketers to create relevance and appeal for women is to elicit “That’s me!” moments—when a woman sees herself in the situation and your product or service as the solution. As women approach their 50s, they are even more in tune with “That’s me!” moments than before. And we already know this is a sizeable marketing target—the National Association of Baby Boomer Women share that there are over 39 million Boomer women in the US.

[VIDEO] Understand that Women Often Have Hidden Financial Control

When you’re selling financial services to women, it can be easy to miss who controls the finances behind the scenes. In affluent families, control of wealth and finances may not be as straightforward as it seems. Marti’s story of one affluent Boomer couple reveals that women often have “hidden” financial control.

Watch the video: Women’s Hidden Financial Acumen

Marketing to Women Beyond the Sale

Marketing to Women Beyond the SaleWomen are more interested in, and place more value on, warranties, guarantees and customer support availability. Women want to be sure that they have help if they encounter problems with your product. And 65% of the time, it’s the woman who takes the car into the repair shop. The numbers are similar for other home-related maintenance. Offering back-end or post-purchase features are an important part of marketing to women, especially if you’re selling complex or high-end products.

The fact is, there aren’t that many companies that truly satisfy customer concerns, questions or complaints. Instead, you get stuck in an endless phone menus or directed to “knowledgebase articles.” When you do reach a voice from the Land of the Living, the answer is ultimately that nothing can be done about your problem anyway/

Marketing to Women Beyond the SaleFor anyone reading this who says, “That’s not our customer policy,” let me say two things. First, of course it’s not! No one makes a commitment to delivering bad customer service. Second, try using your own customer service system anonymously– not from a company phone or device. I’m afraid that you’re likely to discover what most customers discover: the service is terrible.

That’s right. I said it. And I bet you’ve probably said it, too, about other companies. But most people believe their own marketing about their company.

I heard of one study that included the question, “Would you come back to…?” in reference to the company that sold the product. Of the people who answered no, not one mentioned the product; all of them instead identified a service-related problem.

Make sure to keep marketing to women beyond the sale. She wants to be a loyal customer, but you have to reciprocate that loyalty. When customer service resolves questions and problems and does so via a caring, intelligent person who genuinely wants to help reach a resolution, it’s surprising and delightful.

Win Big with these Marketing to Boomer Women Contest Tips

Promotional contests can really win big in marketing to Boomer women. Here are three insights on incentive programs that resonate with this promising market. Boomer women have “been there, done that” and are jaded on the promise of t-shirts and ball caps. It’s time to break through the promotional clutter and offer incentives uniquely motivating to Boomers.

Change the Prize Structure to Encourage More Boomer Women Word of Mouth

Rather than have one big prize (a new car!) and then a bazillion small prizes (free product samples, keychains, pens), consider spreading the wealth out across the top tier of prizes and offering fewer trivial, lower-level prizes. The goal is to give as many people as you can something “talk-worthy” rather than throwing your money into low-value prizes that aren’t worth mentioning. The costs can be exactly the same, but the prize structure is flatter and more interesting to consumers.

Entice Boomer Women with Experiences, not Clutter

Instead of products or price discounts, offer experiences interesting to Boomer women. They are in the prime of their lives and have time to be adventurous. She doesn’t want another knickknack to sit on the shelf. She wants to live life to the fullest. And if she can share that experience with friends, the reward will be valued even more. Spa services, dance lessons, NASCAR rides, day trips and wine tastings are all shareable experiences that might appeal to your particular Boomer women target. Get creative!

Random Acts of Kindness vs. Organized Incentives

Sometimes, a “surprise and delight” campaign can be more effective at helping you reach your marketing goals than an organized contest or event that’s heavily promoted. For example, the Peapod delivery person once surprised me with a lovely bouquet of red roses. “Wow,” I said, “They’re beautiful. Unfortunately, I didn’t order any roses, so they must be for someone else.” Turns out, because it was Valentine’s Day, Peapod had decided that all customers receiving orders that day would be surprised with flowers. It wasn’t an incentive or a reward that I claimed for ordering more or ordering sooner. It was a sweet surprise, totally unexpected and forever remembered.

Some Sensitive Advice on Selling to Women

Some Sensitive Advice on Selling to WomenCompared to men, women have extrasensory sensitivity. They are able to register more subtle levels of sight, sound and touch. Also, they have “emotional X-ray vision:” they can read non-verbal signals more precisely, including tone of voice, facial expressions and body language.

There’s another important attitudinal component that magnifies these sensitivities: women are a “sensitized population.” When selling to women, salespeople must understand this about women.

Most women have had enough experience with being slighted or treated inappropriately in certain sales situations that they’ve come to expect it. Not that they are tolerant of it, but forewarned is forearmed, and they’ve learned to at least be on guard against sexism. So, when women have a negative experience with a person or business, instead of chalking it up to overall lousy service, they often assume it’s because they are female.

Some Sensitive Advice on Selling to Women

For example, car salesmen have a reputation of being condescending when selling to women. I’m sure most of them are not, but almost every woman I’ve met has a story about an unpleasant car sales experience. And the stories get around, so car salesmen’s reputation precedes them. Both male and female car buyers are going to encounter rude treatment or poor service from time to time. But when men are treated rudely, they don’t walk out of the dealership feeling they were treated that way “because they’re men.” Instead they think, “That guy’s a jerk,” But women often attribute bad behavior to disrespect for women. And the really bad part is when they tell their friends, neighbors and coworkers about the dealership.

When you consider the dramatic differences in men’s and women’s gender culture– credibility displays, rapport-building games based on “one-up” instead of “same-same” and exchange of personal details, different listening behaviors and so-on– and combine that with many men’s underlying view that small courtesies are expressions of subservience instead of consideration for others, you can see that the situation is rife with opportunities for misunderstanding. And even innocuous, unintended oversights can easily be perceived by “sensitized populations” to be just one more example of deliberate discourtesy.

I’m not trying to create an atmosphere of walking on eggshells. Rather, I’m attempting to lay out in very concrete terms how and why an extra dose of sincere consideration and thoughtfulness goes such a long way with women. I think many salesmen are genuinely puzzled by women who get upset over a “little” thing like handing the keys for her test drive to her husband. A little extra reading on the topic and a little focused sellig-to-women training for your sales force can go a long way toward making sure you get your share of the women’s market.

 

[VIDEO] Know The Couple OR How to Meet the Wives

For financial advisors, developing a relationship with the husband is not enough. 70% of widows leave the financial advisor chosen by their husband! Here’s how to get to know the couple.

Watch the video: Know The Couple OR How to Meet the Wives

6 Reasons for Marketing Financial Services to Women

6 Reasons for Marketing Financial Services to Women

Here are six points to share with your financial advisory team about why you should be marketing financial services to women:

  1. Women are enjoying growing earnings- and will continue to do so
  2. Women have a growing participation in investment management
  3. Women already command the majority of financial assets
  4. Women will inherit twice – from family and spouses
  5. The most wealthy age group, those who are 65+, becomes increasingly female as the population ages. Women have longer average lifespans
  6. Half of all millionaires are women

So put these points up on your bulletin board, add them to your internal communications and make sure everyone understands the opportunity you’re missing if you’re not marketing to women!

Marketing to Women Requires Focus

There are a million great marketing tactics you could use to target women. But not all of them will work for your brand. And you can’t afford them all, anyway.

To help women identify your brand as The Perfect Answer, your marketing team must identify the one or two stages in the purchasing process that have the most opportunity for increasing your business. I call women’s purchasing process the Spiral Path (Unlike men, women spiral through each phase of the decision-making process, and may revisit previous steps when she learns new information).

Women’s Spiral Buying Path

How Women Buy: The Spiral Path

Concentrate most of your marketing tactics on the most important stage, rather than spreading your marketing budget across the entire decision process. Nobody has enough money to do a good job across the entire process.

There are a million great marketing tactics you could use to target women. But not all of them will work for your brand. And you can’t afford them all, anyway. To help women identify your brand as The Perfect Answer, your marketing team must identify the one or two stages in the purchasing process that have the most opportunity for increasing your business. I call women’s purchasing process the Spiral Path (Unlike men, women spiral through each phase of the decision-making process, and may revisit previous steps when she learns new information): Concentrate most of your marketing tactics on the most important stage, rather than spreading your marketing budget across the entire decision process. Nobody has enough money to do a good job across the entire process. Use your chosen strategy as your screener—unless a tactic has a laser-like focus on the purchase path you decided would do your brand the most good, don’t bother with it. It will only defuse your message and defuse your marketing efforts. And it can be quite freeing to have the power to say “no” to a tactic. For instance, if your brand would benefit most from a focus on Activation, use tactics that will awaken the need for your product in women, such as consumer education workshops, sponsorships or article placement. Tactics such as special offers and loyalty programs probably won’t be effective at this stage of the decision-making process. Or, say your most important marketing goal is Retention and Recommendation—helping the customer stay committed to your brand and improving your customer relationship. You might engage in a referral benefits program or improvements to your customer support call center. In this case, you might ignore mass-market advertisement altogether. The bottom line: do your research; pick your marketing strategy and stick with it. If your brand has a consistently appealing message to women in the most important decision-making stage, women will take notice and reward you with their purchases.Use your chosen strategy as your screener—unless a tactic has a laser-like focus on the purchase path you decided would do your brand the most good, don’t bother with it. It will only defuse your message and defuse your marketing efforts. And it can be quite freeing to have the power to say “no” to a tactic.

For instance, if your brand would benefit most from a focus on Activation, use tactics that will awaken the need for your product in women, such as consumer education workshops, sponsorships or article placement. Tactics such as special offers and loyalty programs probably won’t be effective at this stage of the decision-making process.

Or, say your most important marketing goal is Retention and Recommendation—helping the customer stay committed to your brand and improving your customer relationship. You might engage in a referral program or improvements to your customer support call center. In this case, you might ignore mass-market advertisement altogether.

The bottom line: do your research; pick your marketing strategy and stick with it. If your brand has a consistently appealing message to women in the most important decision-making stage, women will take notice and reward you with their purchases.