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.
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.
Huntington Bank – Welcoming, Transparent and Friendly
Women 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:
“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!