Tag Archives: High Net Worth Women

[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

Open Your Eyes to the ‘Invisible’ Woman

Women in a world of men are invisible. And knowing this is a great advantage for improving your sales success. Sometimes selling to women is as simple as looking for them.

Selling to Women is Impossible if You Don’t See Them

Open Your Eyes to the 'Invisible' WomanOne of my woman friends, a regional director at a major insurance company, was training a salesman to be an insurance agent. He wasn’t fresh out of school; in fact, this man was mature, confident and fairly seasoned in his profession. During his training, he accompanied her to a networking event– a meeting of the local chamber of commerce. At this meeting, she observed that although 25-30% of the attendees were women, he didn’t talk to any of them.

After the meeting, she said to him, “I was interested to note that you’re meeting and greeting– just not with any of the women.”

His response? “Oh, there were women there?”

She laughed and replied, “Sure, there were. There were 15 or 20 of them.”

Apparently, something in this salesperson’s internal software was registering the women in the room as “background noise.” Whatever the reason, the point is that even face-to-face with physical reality, 25-30% of this networking opportunity was invisible to him. The first step for selling to women is to literally look for women in the places and events you already use for networking.

This advice for selling to women may seem incredibly obvious, but it’s obviously necessary. Open your eyes to the invisible women prospects all around you!

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!

 

[VIDEO] Are There ANY High Net Worth Women? Oh YES, and Here’s How to Reach Them

I’m surprised how many financial advisors don’t seem to know about the large market of high net worth women! Here are some facts about selling to high net worth women – and how to reach them!

Watch the video: Are There ANY High Net Worth Women? Oh YES, and Here’s How to Reach Them

The New Face of Wealth: 50% of Millionaires are Women!

Wow, I bet you didn’t know that 50% of millionaires in the U.S. are women, did you?

Millionaires make up 9% of U.S. adults:

  • 50% of those are men, with an average age of 46
  • 50% of them are women, with an average age of 50

50-millionaires-are-women

These days, most wealthy women earn their own wealth. Of women with at least $3m in investable assets, 61% earned it themselves, according to Russ Prince and Hannah Grove in Women of WealthWomen like Facebook COO Sheryl Sandberg, fashion designer Tory Burch and Spanx inventor Sara Blakely are becoming the new face of wealth.

And here’s another shocking fact:

Nobody prospects high net-worth women!

LIMRA, the insurance and financial services trade organization, finds only 50% of female producers prospect women, with only 20-25% of male producers prospecting women. Marketing to these wealthy women is not only smart– but it’s also less competitive!

Consider this heads-up my favor to you. But you’d better act fast before someone else earns the loyalty of these high net-worth women.