Tag Archives: Affluent Women

[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!

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.

Selling to Affluent Couples is Tricky Business

Selling to Affluent Couples is Tricky BusinessSelling to women one-on-one is fairly easy to master. If you understand women’s gender culture and respect her decision-making process, you’ll be miles ahead of most other salespeople.

But selling to couples is trickier. The adage “three’s a crowd,” comes into play because you’re managing three personalities and styles– the woman, the man and yourself. And when you’re selling complex, high-investment products or services, like financial planning or home remodeling, it can start to feel like you’re a counselor as much as you’re a salesperson!

Identify the answer to this question to get started:

Who is the Primary Buyer/User?

Selling to Affluent Couples is Tricky Business

When the couple is buying something for her— her car, her computer, her new kitchen, if the salesman talks to the husband, he gets one warning, often from the husband. If the salesman continues, they leave. There is no room for mistakes here.

When the couple is buying for him, you still need to talk to her. Whether it’s a man cave or a yacht, the wife needs to be sold also. There was once a young yacht salesman who figured out how to sell to couples. He said that he doesn’t target the husband; he already wants the boat. He sells to the wife because she’s the one who needs to be convinced. And he became one of the most successful salespeople in his company using this strategy.

Remember, women have enormous influence on the conventionally male big-ticket items, whether she intends to be the primary user or not.

[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

[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!

Why Women Make the Best Financial Services Clients

It’s time you start selling to women.

Why Women Make the Best Financial Services ClientsAffluent women are everywhere– 50% of millionaires are women, and they are poised to inherit 70% of the $41 trillion in inter-generational wealth transfer expected over the next 40 years. Women have the money, and they will only get more of it.

But that’s only one (really big!) reason to sell financial services to women. Here are four more:

  • Women are easier to reach. Hardly anyone prospects wealthy women! Who wouldn’t love a target market that faces almost zero competition?
  • She’s very motivated to purchase financial services, both for herself and her family.
  • Women are very loyal clients. Once she selects you, she’ll stick with you. Financial advisors of my experience report that women are much less likely to defect during downturns. Because she was thorough in her financial advisor selection process, she knows her decision has yielded the “Perfect Answer” for her needs.
  • Make her happy, and she will send you way more referrals than her male counterparts. One financial advisor tallied up his referrals and found that, on average, men referred two clients, while women sent him 26 referrals. Wouldn’t you like to multiply your referrals by 13???

To learn more about selling to women, watch some of my Selling Financial Services to Women videos. I’ve put together this super-helpful playlist, sure to provide useful to-dos and to-DON’Ts that help you up your sales game.

[VIDEO] Why Boomer Women are Game-Changers

Boomer women are the reason there are so many women earning their way into the high-net worth bracket. Boomer women are the most radically different generation of women in history. Really! Watch to see what this means for marketing to women– and especially selling to affluent women.

Watch the video: Why Boomer Women are Game-Changers

[VIDEO] Women Hate Financial Services. What a Sales Opportunity!

In terms of customer service and satisfaction, women rank financial services dead last in a list of over 50 industries. For those of you in financial services, don’t worry. You are tied for last– with the auto industry! Yikes!

But half of all millionnaires are women, and this market is only growing. What an opportunity for a hero of selling to women!

Watch the video: Women Hate Financial Services. What a Sales Opportunity!

Top 3 Marketing to Women Approaches in Banking

In “Banking Made Better: Marketing to Women Case Study,” I discuss the future of marketing banking and financial services to women. To make these concepts clearer, I’m providing contemporary examples of the marketing to women strategies I helped ACTON Marketing develop. Here are online examples of the top three marketing to women approaches in banking today.

5/3 Bank – ‘Curious’ Brand Positioning

Women’s social currency is storytelling and sharing personal details. They are most interested in how banks’ products and services help people in situations like their own. 5/3 Bank’s series of ads focuses on people’s goals and dreams and shows the bank as a partner in consumers’ lives. They leave explanation of the details to personal conversations with the bank’s employees or further research on the website.

Top 3 Marketing to Women Approaches in Banking

Styling itself as “The Curious Bank,” 5/3 Bank assures consumers that they want to learn about you, your goals and what’s important in your life.

Top 3 Marketing to Women Approaches in Banking

Huntington Bank – Welcoming, Transparent and Friendly

Top 3 Marketing to Women Approaches in BankingWomen are people-powered but are also savvy consumers. Huntington Bank honors these traits through a friendly, transparent approach with their tagline “Welcome” and product “Asterisk-Free Checking.” Instead of offering several competing checking accounts, Huntington focuses on one account that is:

“Free to open. Free to maintain. Free from minimum balance requirements. Free from monthly maintenance fees. And most importantly, free from asterisks.”

For women, that also means free from pouring over fine print and comparing details with Huntington’s competitors in search of the Perfect Answer.

Bank of America – Doing Good

Polishing your corporate halo is an excellent way to appeal to women. Right on Bank of America’s home page, they tastefully tout their “Student Leadership Program,” described as:

Top 3 Marketing to Women Approaches in Banking

“Our Student Leaders® program connects young leaders with employment that helps to give them the necessary tools and resources they need to advance. Through the Student Leaders® program, we recognize high school juniors and seniors who step outside of the classroom to contribute service in their own communities and beyond. Student Leaders® are awarded paid summer internships with local nonprofit organizations and participate in a Student Leadership Summit held in Washington, D.C.”

Other “Leadership and Service” programs include Neighborhood Builders, volunteering opportunities and Global Ambassadors.

These are only three approaches financial institutions can employ in marketing to women—but they are very effective approaches. They are also good examples of how marketing to women’s gender culture elevates an industry or category as a whole. Men and women both have benefitted from product improvements and marketing evolutions seen in the banking world. Remember the days before free checking when banking products were sold using black and white tables of numbers and disclaimers? No thanks!