Marketing to Women Online

How Financial Companies Can Win with Women Business Owners

Women business owners face the same challenges that all business owners face. But how they handle those challenges, how they make decisions, and what they want from their financial partners can be different from their male counterparts.

For example, a recent American College survey found that small business owners prefer to work with financial advisors of the same sex.

Sixty-one percent of women small business owners prefer to speak to female financial advisors, compared to 24 percent of men. Seventy-five percent of men prefer to speak to male financial advisors, compared to 40 percent of women.

So for those 61% of women business owners who prefer to work with a female financial advisor, what can you do for them?  Do you have women financial advisors in your company?

Why Mothers Need to Put Themselves Financially First - New Study

Moms are famous for putting other people first, especially their families.  But when it comes to finances, moms need to put themselves and their retirement first.   It's actually one of the most loving things they can do for their family.

Here's why.  Women don't want to be a burden on their families, financial or otherwise. 

• 9 out of 10 women say they don't want to be a burden on their kids.
• Older Americans (age 44-75) are more afraid of running out of money than death. 

Women care deeply about NOT having to be dependent on others, and this includes moms.  The problem is, mothers face additional challenges when it comes to saving for retirement.

Retirement Revealed Study

A recent ING U.S. study Retirement Revealed found that mothers face additional hurdles when it comes to building their retirement security.  While the income gap between men and women has narrowed in recent years, mothers tend to spend more time out of the workforce due to caregiver responsibilities.  This reality reduces their earning and savings potential and also lowers Social Security benefits.  ING U.S.’s study found that:

• The majority (60%) of mothers do not feel prepared for retirement and almost half (46%) don’t know how to achieve their retirement goals. 
• Just over half (53%) of mothers have less than $25,000 saved in their employer-sponsored retirement plan. 
• Less than two-thirds (65%) of mothers are receiving their employer’s full company match compared to more than three-quarters (76%) of fathers.
• Only two-in-ten (20%) of respondents have a formal investment plan to meet their retirement goals.

How Banks Can Win By Marketing To Women

There are three key things banks need to do to be successful:

1. Attract new customers
2. Get more business from their existing customers
3. Retain their customers

When I work with bank clients, these are the three success metrics we usually focus on.  By marketing and selling to women, banks can move the needle on all three of these metrics.  Right now I want to focus on #2 and #3..

Get more business from your existing customers

One of the key factors for getting more business from your existing customers and for keeping those customers is to build a stronger relationship with those customers.

Does Marketing Financial Services to Women Really Work?

Some recent posts by myself and Roger Conant have sparked a really interesting conversation about marketing financial services to women.

I wrote Marketing Credit Unions to Women - Getting Men on Board.   Roger Conant wrote Marketing to Women Requires Cultural Change. 

Ron Shevlin at Snarketing 2.0 had a really interesting response - You Can't Market Financial Services to Women.

What's interesting is, I agree with some of Ron's points (not all, but some).   But I, of course, have reached a different conclusion.  

Marketing Credit Unions to Women - Getting Men On Board

I've talked and worked with many people in the credit union industry, and there is a lot of interest in reaching out to women consumers. In many ways credit unions are offering the kind of financial experience so many women are looking for.

And yet, there seems to be some hesitation, especially at the top,and often from men.  In my conversation with credit union board members, here are some of the concerns they have voiced:

• If we focus on women, will we turn off men?
• Will our efforts simply drive more women to us?  Will we end up with almost all women customers?
• Will we have to change everything we do?

The answer to all of the above is "No."

• When you do it right and meet the higher expectations of women, men benefit as well
• When you attract more women, along with the women comes the business of their spouses and familiy members
• You don't have to change things that are working for you.  Simple, specific changes to your customer service, sales process and marketing can have a BIG effect.

Why aren't more men getting on board with focusing on women?

Holly Buchanan Interview on the Ms. Boss Show

I had a great conversation with the fabulous Audrey Bell-Kearney and Georgette Taylor of The Miss Boss Show.

We discussed practical tips for marketing to women, including tips for women business owners on how to market their businesses and services.

You can check out the interview here.

What Advertisers Can Learn From a Women's Film Festival

Last weekend I attended The Athena Film Festival - a celebration of women and leadership in New York. 

The festival included films by and about women.  The subject matter highlighted the wide diversity of women’s leadership in both real life and the fictional world.

Film is a medium known to nearly all people in nearly every part of the world. And films have power. They create conversation. They reveal truths. They inspire. Through feature films, documentaries, and shorts, the Festival will explore what makes a leader

So many things struck me about the movies, the panels, and the festival as a whole.  There are so many amazing women's stories that aren't being told.   There are so many inspirational women leaders who we aren't being acknowledged.  There's a desperately needed point of view that's not being heard.  The Athena Film Festival is one gigantic step towards changing that.

But there was another theme throughout the festival that really got my attention - and it was this:

Susan G. Komen - Death of a Brand

Whenever I am asked for an example of a strong women's brand, I point to Susan G. Komen for the Cure®.  Here's why it's such a strong brand:

• They have a very clear and focused mission.  The foundation exists to support women with breast cancer and stop women from dying from breast cancer.  Every single woman I know has either had or been close to someone who has been diagnosed with breast cancer.  This is a mission universal to women everywhere.
• It is a brand run by, driven by, and supported by women.   Are there super guys who are involved as well?  Absolutely.    But the heart and soul and machine that drives this organization are women.
• An inspirational figure head.  "Susan G. Komen fought breast cancer with her heart, body and soul. Throughout her diagnosis, treatments, and endless days in the hospital, she spent her time thinking of ways to make life better for other women battling breast cancer instead of worrying about her own situation."
• A powerful brand identity everyone could relate to.  When you say, "I am a supporter of Susan G. Komen," you are saying "I am taking an active role in supporting women with breast cancer.  I am a powerful force working to prevent women from dying from breast cancer. I am joining with other like-minded women and men to create a positive change."   

New Research On Marketing Healthcare to Women

I've been doing some interesting work lately with clients in the healthcare industry.  I've discovered a few universal truths:

• Women have more questions. - Make sure your website has an FAQ section (Frequently Asked Questions).
• Women want more communication - Follow up after any procedure or recommendation to see how she's doing and if she has any questions or concerns.
• Women are the healthcare compliance officers - Make sure she gets clear, detailed instructions on what to do and not to do.

TJ Couzens at Brand X Research found some similar findings in their most recent research project. 

The Power of One Good Friend

As I sit right smack dab in the middle of the holiday marketing season I am inundated with ads of families, couples, parents, romantic partners.....but there's one relationship that's glaringly missing from the ads...

Friends.

Sure there are ads with female friends doing their holiday shopping together. But where's the ad with the woman/man/kid shopping high and low to find the perfect gift for their best friend?  

When you DO produce a commercial about true friendship, it stands out.