5 Tips to Marketing Financial Products to Women

Marketing Financial Products to Women

I attended the Mid-Year PiMA (Professional Insurance Marketing Association) meeting last week in Stowe, Vermont where I had the pleasure of hearing Marti Barletta speak.  The topic of her presentation was The (Sh)economy – the Female Market.

I was a bit skeptical before the presentation. I wondered what I was going to learn about the “Female Market” being that I was part of that market!  What was I going to learn about myself that I already didn’t know?

Happily, I learned quite a bit.  Barletta shared with us five tips when it comes to selling financial products to women. Here they are:

  1. No pink! Just because you are targeting women, doesn’t mean they want to SEE “special” pink products or pink messages tailored for them. Unless the color is being used for a particular function—stay away!
  2. By meeting expectations, you can exceed them!  Research conducted by many companies such as Merrill Lynch, Ford, Best Buy and others, show that by targeting women’s needs it in face increases customer satisfaction among men too!
  3. Focus on the differences.  When it comes to financial products, the primary features are the same, and the secondary features are where the differences lie.  Women will make their decisions based on these different, secondary features.
  4. Make the short list. When a couple makes a purchase decision on a big ticket item, the woman does the research on a wide range of choices and comes up with the short list of the final options. You want to make sure your product makes the cut!
  5. Laugh with me! When it comes to humor, women want to “laugh with”—not “laugh at.”  Make sure to keep them laughing with you all the way to their purchase.

As a woman, I tend to agree.  I care about the details and doing the research prior to making a financial purchase.  I also don’t want to be singled out with “pink” marketing—I consider myself on par with my male friends.  By making women the focus of your campaign, you may find that you come out ahead!

To develop a campaign targeted to women, contact me at jschenher@twochicago.com.