Today, women hold the majority of the wealth in the United States and are acknowledged as the ultimate financial decision makers in their personal lives and for their families:
- Women will control two-thirds of the consumer wealth in the U.S. over the next decade and become the beneficiaries of the largest transference of wealth in our country’s history. (1)
- The number of wealthy women investors in the U.S. is growing at a faster rate than that of men. In a two-year period, the number of wealthy women in the U.S. grew 68 percent, while the number of men went up only 36 percent. (2)
- 93 percent of women say they have significant influence over what financial services are purchased by their family. (3)
- Women determine 80 percent of consumption, purchase 60 percent of all cars and own more than 40 percent of all stocks. (4)
Despite all the wealth women hold and financial influence they wield, the financial services industry still can't seem to figure out how to communicate effectively with them. According to Yankelovich Monitor: 84% of women feel misunderstood by investment marketers.
This brings us to the question: Is it time for financial companies to talk to female financial decision makers in ways they want to be spoken to?
Here are some things to think about that could change the conversation your firm is having with women about financial services:
- 78 percent of women in the U.S. use the Internet to get product information before making a purchase.
- Does your company make it easy for them to access in-depth product information online or is this material reserved for delivery by a financial intermediary who could be a man?
- Nearly 21 million moms read "mom blogs".
- Does your financial firm provide user-friendly financial information to moms on blogs where they already spend time learning about buying and improving their home, protecting their families, picking schools and planning for college?
- 64 percent of women ask other women for advice online.
- Does your company offer a place on your website for women to share their money ideas and tips with other women?
- 92 percent of women pass along information about deals or finds to others.
- Does your firm make it easy to pass on your financial information via social media or email? This should be simple for for both consumers and intermediaries to do.
- 55 percent of moms who use social media every day said they made a purchase because of a recommendation from a personal review blog.
- Do you let clients share personal stories about positive experiences with your company? Not just reviews, but actual stories about about helpful interactions with the people who work for your firm.
- 76 percent of women want to be part of a special or select panel.
- When was the last time you invited some of your best female clients to become part of an advisory board?
- 22 percent of women shop online at least once a day.
- Is it easy to purchase your financial products or services online -- or even connect with someone who can sell them?
- 58 percent of women would toss their TV if they had to get rid of one digital device (only 11 percent would ditch their laptops).
- What part of your media budget goes to television advertising versus online media?
Move your firm from Mars to Venus.
If you think it's time for you to shift the conversation to your female clients, then Carpenter Group could be the catalyst for this change. We've been a leader in financial marketing and communications for decades. And we're well-positioned to lead the revolution in marketing to today's female financial decision makers. What are you waiting for? We're ready to talk to you about ideas on how to move your marketing from Mars to Venus.
(2) The Spectrem Group
(3) Financial Brand
(4) A.T. Kearney