Women serve as a powerful demographic to a financial brand’s audience and they should not be overlooked as a key customer. However, research shows that many financial services companies have admitted to not prioritizing women as customers, but these companies now plan to start paying more attention to women as they quickly rise among income and managerial ranks. Check out these three insights below on women as a key audience for financial brands.
Women are the primary decision-makers of purchasing products and services.
Reports find that women have a huge impact on purchasing various types of products and services among families. In fact, one survey found that 93% of women said they have a significant influence on what financial services their family purchases. With that said, financial brands should be sure to incorporate messaging that speaks directly to women into their marketing strategy, as women are often the driving force behind a purchase decision.
For example, Bank of America introduces that its Life Plan service is available through the mobile banking app in a way that directly addresses women by speaking to “Jane.”
Women want to be understood.
It’s no secret that men and women typically interpret information differently from one another, and when it comes to making a purchase decision, men and women typically have different reasons for doing so. Surveys have found that 91% of women feel that advertisers don’t understand them, and 84% feel misunderstood by investment marketers specifically. Because of this, financial brands should consider introducing their products and services with messaging that truly emphasizes with women.
For example, Bank of America, yet again, does a great job of introducing its services in a way that directly empathises with women by incorporating Women’s Small Business Month into its messaging and imagery.
Women tend to be more loyal to brands.
When compared to men, women are more likely to be dedicated to purchasing the same product or service because of the positive feelings they have toward a brand. Reports find that 47% of millennial women know their chosen brand’s stories, and 41% are familiar with the founders of their favorite brands. Because women tend to be more loyal to brands, it is crucial for financial brands to create content that helps foster loyal relationships with customers and reinforces brand value.
For example, financial brands can use educational resources that target women to foster loyal relationships with new and repeat customers. Consider hosting a webinar or providing additional online resources that offer successful strategies for women to create a financial plan. Resources like this will be beneficial for women customers, and customers will likely share these resources with other female peers.
Visit our recent blog post to learn more about how financial brands can use educational resources for customers.
As women consumers continue to be a powerful demographic, it is crucial for financial brands to consider the preferences and purchasing power that women have for both themselves and for members of their family.
Visit our Deep Ads Thoughts blog to learn more about current advertising, marketing, and public relations tips and trends. Plus, check out our Push n’ Pull blog for all things in the world of digital and social media.
