How to market to women: Don't

Good article. Wanted to add some additional context and facts.

According to a Center for Women’s Business Research study, 67% of women business owners choose financial products/services based on their relationship/experience with a financial institution or financial advisor. And women are 3X as likely as men to tell a friend about a service or product experience, good or bad. Financial institutions and financial advisors wanting to connect with women need to begin by fostering a relationship with women – and they need to be patient. Women take a winding, holistic path to a financial decision. She can’t be rushed. She’ll have questions. She wants peace of mind, a plan, security, to be responsible. She will share good and bad experiences with her friends via tightly knit Social Media Communities via Facebook and blogs.

What WON’T Work: – “Let me take care of it,” “I can handle it all for you,” “Did I tell you how smart I am?” – Facts, figures, numbers that mean a lot to industry insiders (not women) – Pushing things along at a pace to meet numbers for the month/quarter – Not being upfront/direct about compensation and motivations for pitching certain products or solutions over others

What WILL Work: – Stories and anecdotes that relate to a woman’s own situation – Making women comfortable enough to take their time to make decisions – Educating women along the way – Allowing for a longer relationship development process – Being very upfront about how you (the financial advisor or financial institution) are compensated

Congratulations, Ms. Blisk, on your career success.

Kindly,
Kirsten Osolind
CEO
RE:INVENTION, Inc.
www.reinventioninc.com
women-targeted marketing and PR

I think you really hit home on the importance of gaining confidence of women investors. We typically measure success versus our financial planning goals and rarely consider how we did versus the market or our friends. It comes down to sales basics: listen – really listen – to your clients and establish a plan for THEM...not the plan that YOU would choose. Thanks for the insights.

Really interesting article. It’s always great to see blooming—late or early. This is clearly a new field for plowing, planting, and growing.

Great article! Most research shows that women are more conservative investors. They do more research, compare more advisors before choosing one, and make few trades. Thanks for the added insight about women focusing more on trust and less on performance history when compared to men.