Women make up about 50% of the population while controlling only 30% of the wealth. This is the worldwide statistic that is set to dramatically change in the right direction over the course of the next decade. As bad as the numbers appear, they actually represent good news. This is a big improvement that is set to continue. Women’s growing wealth prompts the need for changes in the banking sector. That said, it is not all good news. MSN goes on to say:
“Although a third of the world’s wealth is under women’s control today, four in ten wealthy women are currently not involved in the management of their family finances compared to only one in ten men.”
Dramatic change is afoot. And that foot will be wearing Prada. More women are bursting through the glass ceiling, as well as the glass walls and glass doors. You want to be on the right side of history, as well as the right side of your growing female clientele. Here is hot to make sure they do business with you as opposed to your competition:
Speak Directly to Women
It is never the right thing to address someone indirectly. If you have a question for a woman, don’t ask her male partner or associate. Speak to her directly. Advertisers often make this mistake. Your marketing does not need to talk down to women. It needs to talk directly to women.
If your healthcare services include women’s health issues, you need to make sure you are speaking to that target audience. If you don’t know how to do that, bring in a healthcare public relations firm that can. If you want to target investment products to women, you are in luck. You have an audience that is rapidly growing. They already want to do more investing. You just have to craft your message so that you are making a direct appeal to the customers you want to attract.
One of the best ways to draw and not repel women investors is to put women in charge of the sales and marketing efforts. Men are used to talking to other men in ways that would be counterproductive when talking to women. The best way to speak directly to women is to let a woman do the speaking.
Go Where the Market is Ready
Gender egalitarianism is not alive and well in many parts of the world. Change is happening everywhere. But that change is much slower in some places as opposed to others. If you want to attract more women to your investment platforms, start in the places where more women are empowered to respond to your message.
Women investors in loans rose by 43% in Europe in 2020. Europe has a long history of empowered women. It is a good place to find women investors. The U.S. requires a bit more nuanced effort. Women control a great deal of wealth in the States. 20201 saw the swearing in of the first female vice president. It is overcoming a checkered past with regard to women’s rights. But the market for women investors is set to explode as millions of women become more empowered. Go where the market is ready to reap the greatest rewards.
Provide More Offerings Suitable for Women
One of the best things Apple did with Apple Watch was to make two sizes. They never marketed the smaller watch for women. But since women tend to have smaller wrists, it is a sensible option. It is a product useful for women without it being festooned with pink flowers.
When possible, design products to be unisex. When not possible, include an option suitable for the other 50% of the market. If you want women to invest in your company, make it a company that offers something for everyone.
Women are 50% of the population. It will not be long before they are at least 50% of the controlling influence of wealth. Their investing power is here, and growing. You can partner with this new generation of investors by appealing directly to them, being there when the market is ready, and giving them a reason to invest in your company by having offerings suitable for everyone.