July 11, 2013 by Kristine Garrett
If you knew the key to capturing a portion of the largest emerging market in the world, how could that information benefit your business?
In this article, you’re going to learn who that market is and the key to reach them based on a study by Allianz Life Insurance Company of North America.
Who is this market? Women.
Women make up the fastest growing group of consumers worldwide,1 and are involved in most of the financial decisions in the home.2 Research supports those statements, but if you gave it some thought, you might come to the same conclusion.
In your home, who decides what doctor you visit; what detergent you use; or the brand of cereal on the kitchen table? In fact, who bought the kitchen table? Chances are, it was a woman who made these decisions and purchases.
Women are responsible for an estimated 85% of consumer buying decisions.3 We aren’t just talking about small buying decisions either. The Allianz “Women, Money, and Power Study” states that 49% of women say they have a great deal of responsibility for making major financial decisions.4
You would think that businesses would be flocking to cater to a market this size with so much financial decision-making power. However, this is an area where the financial services industry falls flat.
The study also “found that women were more dissatisfied with the financial services industry than any other that affected their daily lives.”1
Wow! How can it be that an entire industry is failing so miserably to connect with women? They must be missing the “key.”
What is the key? Communication.
According to the study, “The key to acquiring and retaining female clients is effective communication.”4
A woman seeking help from a financial professional needs someone to help her feel financially secure. To do that, you must know how to speak to her.
The study discussed four crucial things to understand before effectively communicating with women:
- Why you should target female clients;
- How life events influence decisions;
- Why you need to communicate with women differently than you communicate with men;
- Who women are financially.
These topics will be the subject of the next four installments of this series. We will walk through the study’s results, and help you learn how to better connect with this financially affluent group.
Click here to download the Women, Money, and Power white paper.
1 Allianz Life Insurance Company of North America, “The Allianz Women, Money, and Power Study: Empowered and Underserved” (2013) available at http://www.biltd.com/CarrierMaterial/Allianz/ENT-1462-N_FINAL.pdf.
2 Prudential Research Study, “Financial Experience and Behaviors Among Women” (2010-2011), available at http://www.prudential.com/media/managed/Womens_Study_Final.pdf.
3 The AIO Group, Mass Affluent Women Buyers, 2011.
4 Allianz Life Insurance Company of North America, “Help your clients find solutions that fit.” (2012) ENT-324-N