Faith Popcorn wrote a book entitled Eveolution, The Eight Truths of Marketing to Women. In this book, she discussed how the marketplace was not doing a very good job of dealing with the issues and needs that concerned women and how it was missing a great opportunity.
How do the Eight Truths apply to a financial services practice and how can they help you better serve your female clients and family members? When a client dies, there is a shift toward the beneficiaries of the estate. In the majority of situations, the primary beneficiary is female. Will you be the lead trusted advisor; will the family continue to work with you? How well do you know the female spouse and the other members of the family? What are you leaving to chance?
Here are the Eight Truths and how you can apply them to your practice and build a service model that addresses the needs of families.
- Connecting Your Female Consumers to Each Other Connects Them to Your Brand
How many women do you have as primary clients? What percentage of your clients are male vs. female? How many client spouses do you know well enough that they trust you and will work with you after their husbands die or become incapacitated? How many of your women clients know each other? Do the families or children of your widowed clients know you?
Women are connectors. If they see or experience something they like, they will tell others. Faith Popcorn states in her book: “women are three times more likely as men to recommend a brand when they know friends are looking for a particular product or service.”
The co-pilot of an airplane is certified to fly; he/she is prepared and ready to fly the plane on a moment’s notice. How easy is it for your client’s family to take over the client role when the time comes? Are you providing the spouse and family with the information and education they need and want to be informed? Many years ago a male client told me that the best thing he could do for his wife was to teach her how to be a widow. There is only a 95% chance that the female spouse will eventually manage the family finances.
As consumers here are a few statistics you should understand about women:
Women account for 85% of all consumer purchases including everything from autos to health care:
|91% New Homes||66% PCs|
|92% Vacations||80% Healthcare|
|65% New Cars||89% Bank Accounts|
|93% Food||93 % OTC Pharmaceuticals|
Women own 40% of privately-held businesses in the US.
Women represent the majority of the online market:
|22% shop online at least once a day||92% pass along information about deals or finds to others|
|171: average number of contacts in their e-mail or mobile lists||58% would toss a TV if they had to get rid of one digital device (only 11% would ditch their laptops)|
|51% are moms||76% want to be part of a special or select panel|
Other information about women:
- The average age of first time widowhood is 52; the average age of a widow is 55.
- 44 percent of women over age 65 are widowed. 14 percent of women between the ages of 20 and 64 are widows.
- 32% of women aged 55 and older are widows; about 25% remarry.
- 45% of women aged 65 and over are widows.
- 70% of widows change financial advisors within a year of their husband’s death.
- Nearly 700,000 women lose their husbands each year and will be widows for an average of 14 years.
- There are over four times as many widows as widowers.
- 70% of the long-term care facility population consists of women.
- 95% of investment advisors said that their clients are fully satisfied with the advice they receive. In an apparent disconnect, only 63% of investors describe themselves as “fully satisfied.”
What are you doing to make sure that the female spouse will continue to work with you after the death of her husband? As mentioned above the average age of a widow is 55; which potentially means over 30 years of widowhood. Another important thing to keep in mind is that only about 25% of widows remarry. Are you convinced now that you should pay more attention to women?
- If You are Marketing to One of Her Lives, You’re Missing all the Others
According to Faith Popcorn, women are better multi-taskers than men. Women are the command center of all information for the family. Faith Popcorn is also quoted as saying: “women do everything and men mostly work and work and work.”
There are fundamental economic reasons to make life better especially for women who want to balance work and family responsibilities.
Faith Popcorn says: “A woman has multiple lives; every time you reach a mother you get her kids, her mother, her father, her husband, her parents, friends, neighbors, co-workers and more. They are the sum total of the players in her Multiple Lives.”
If you can make it easier for the woman to deal with her multiple lives and family responsibilities, you will have an ally. Are you keeping up with what is going on in your clients’ lives and their families? Are all your conversations with them just about money?
In the next blog I will take your through Truths Three to Five.
Give me a shout and let’s talk about how to make your practice more female friendly.
Talk to me about The Gift of Answers Workshop and how you can prepare your female clients to take over as the pilot and position yourself as their most trusted advisor.
The Beneficiary Book is available as a downloadable PDF file and can easily be stored in the cloud or on a flash drive. The cost is only 19.95 per copy. You can go to:
http://new.beneficiarybook.com/learn-about-the-book-sections/?aff=6 and purchase your copy.
If you would like to make The Beneficiary Book available to your clients, we can set up a special program to allow your clients to purchase copies at a discount.
Ed Howat 651.405.6644
Faith Popcorn and Lys Marigold: 2000; Eveolution, The Eight Truths About Marketing to Women, Hyperion, New York. http://www.faithpopcorn.com
Kathleen Burns Kingsbury; Author of How to Give Financial Advice to Women, Attracting and Retaining High-Net-Worth Female clients; http://www.kbkwealthconnection.com/
For more information about the Women’s market, go to http://www.addiewoods.com/women_marketing