The Overlooked Female Market

• Better understand what drives women’s purchase decisions and how this can impact your marketing.

• Learn how to attract, retain and get more business from

women by the type of questions you ask.

• Translate this understanding into products and services geared towards women’s aspirations and priorities.

• Discover if you are maximizing your opportunity to get in

front of women.

• Use Great Lakes Credit Union’s “Chicks, Cars and Cupcakes” ladies-only event as a template for your own

outreach to women.

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Attendee Takeaways

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PINK is Not a Strategy

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Why marketing to women requires more than simply “making it pink”

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“It seems the marketer put no thought into the

consumer’s wants. If your product isn’t

raising money for Breast Cancer Awareness

Month, which of course is a wonderful cause,

you should use it sparingly.”

“The best initiatives targeted to women are not

pink, but transparent.”

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More Women in the Workforce

Than Ever Before

• More paychecks, more disposable income

• Between 1970-2007, women’s earnings increases 44%, compared with 6% increase for men*

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*Source: Pew Research Center

• Earning for female college graduates increased an inflation-adjusted 30.8% since 1979, compared with a 16.3% increase for male college graduates*

• Multi-tasking and convenience are key – time is money

• Need services, not just products

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*Source: Pew Research Center

Women are Staying Single

Longer

•Pursue education before marriage

•Buying more big ticket items like homes and cars

•Spend big on entertainment and travel

•Notice when companies talk to them

Women Divorcing in

Record Numbers &

Starting Over

•For many, divorce is cause for celebration

•Newfound financial independence, but new worries

•Double households

•Want confidence boosting products

Women Having Fewer Kids & Spending More on Them

•Family as career

•Spending on kids is “UP”

•Moms bring their kids everywhere

•Kids now get things once reserved for adults

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Women Over 50 Are Not

Their Mother’s

Generation

•Highest net worth of any group in the U.S.

•Happier now than they’ve ever been

•Youth is highly overrated when it comes to spending

•“Stuff” is less important than new experiences

Women and Spending

Source: Mashable, 2012

19 Women account for 85% of all consumer purchases,

including everything from autos to health care.


• 66% PCs • 92% Vacations • 80% Healthcare • 91% of New Homes

Women make up 58% of all total online spending.

• 89% Bank Accounts • 93% Food • 65% New Cars • 93% OTC Pharmaceuticals


• 59% of women feel misunderstood by food marketers • 66% feel misunderstood by health care marketers • 74% feel misunderstood by automotive marketers



• 84% feel misunderstood by investment marketers • 91% of women in one survey said that advertisers don't

understand them • 70% of new businesses are started by women

Women and Tech


56% of women in the US use social networking sites


58% of Facebook users are women 64% of Twitter users are women

80% of Pinterest users are women


Her Friends & Followers:

525 on average 363 for men

378 for working women


Her Friends & Followers:

Source: Linkage Research, 2013 Entrepreneur Tracking Study

Follows 28 brands on average Comparison shop for prices 66%

Read online reviews 58% Visit company websites 56% Read blogs/expert sites 36%

Watch videos 29% Ask online friends/associates 28%

Post questions 18%

She’s using the Internet to make decisions about

what to buy for her business

Source: Linkage Research, 2013 Entrepreneur Tracking Study

Often tell others about good experiences

Often warn others about bad experiences

Write online reviews

Recommend company websites

Answer questions in forums and blogs

Make recommendations her own blog

Post videos

84%

79%

32%

24%

34%

17%

8%

She’s Well Connected & Talking About You

Source: Holly Buchanan, Author of Selling Financial Services to Women

The Danger of Stereotyping

Women In Your Ads


You would be amazed how few ads (credit union or otherwise) can pass this test.

31 Here’s a simple test credit unions can use to

see if they are stereotyping women. (Buchanan Test)

In a role other than that of a mother Outside of a home

Who is NOT doing yoga


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In order to pass the test your ad must feature a woman:

Create more effective ads for women

Do you feature women at work, buying or driving a car, riding a mountain bike, waiting for a commuter train, buying a home? It’s not that you can never show her in the role of mother, but acknowledge the many other roles she plays as well.

Women respond most favorably to images of:

• multi-generational families • multi-generational groups

of 3 women • professional women • couples on an equal level


Source: New York Times, January 2013

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Women and Financial Services

Go Long on Women to Make More Money: Financial services companies admit that, historically, they haven't done a great job of attracting women as customers. The number of women-owned firms increased by 54% between 1997 and 2012 - that's a rate 1 1/2 times the national average.


37 Women and Financial Services

Women differ substantially from men in how they relate to investing. They don't want to hear about the growth or comparative performance of different funds;

they want information about reaching their long-term goals, like putting a child through college.


Just 20% of female breadwinners said they were 'very well prepared' to make wise financial decisions,

versus 45% of their male peers.

The Women's Financial Survey polled 1,042 via the Internet from

a population of women nationally,

with an even distribution of

respondents born in each decade from

1920 to 1980.

Source: CUNA Study: Women’s Financial Survey, 2013

CUNA’s Women’s Financial Survey

Saving for retirement is the No. 1 financial

concern for women.

Findings showed that women use 401(k)s (45.3%) and pension plans (35.8%)

the most to save for retirement, while 40% of women reported owning

multiple retirement plans.



51.2% of women were not confident in their financial ability, despite the fact that 38% of the married female respondents manage their

household finances exclusively and 46% co-manage their

household finances. This was particularly true with the

youngest demographic, those born from 1980-1993, where

59.1% lacked financial confidence.



Most women reported: • balancing their checkbooks

• maintaining six-month rainy day funds

• paying their credit card balances in full every month

• prioritizing long-term goals ahead of transactional goals



Most women manage their household finances, but lack confidence that

they are doing it correctly.

Fewer than half of the respondents across all demographics reported

following a monthly budget, which is critical to efficiently manage any

finances.




Women-Winning questions elicit better, richer, more

detailed answers.


Standard Question

“What are your retirement goals? How much would you need?”

“Well, um…. I’d like to be able to retire some day…to travel. How much money would I need?”

how on earth am I supposed to know

that?

Standard Answer

Women-Winning Question

“What does being financially OK look like to you?” “What do you NOT want to happen”

“Well, I’d like to have my home and car paid off. I wouldn’t have any credit card debt. I wouldn't need an extravagant lifestyle, but I’d like to make sure I can easily cover my monthly expenses. And I’d want enough money so I could take a vacation every year. My biggest fear is I’d have to move in with my kids. They shouldn’t have to be responsible for me. I’d never want to be a burden to them.”


Women-Winning Answer

Calculators Mini Sites Podcasts Resources Videos Newsletters Publications Checklists & Charts Toolkits Pre-Approval

Our Free Tools to Help:

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GLCU’s Financial Fitness

Women and Auto

• Women buy more than half of the new cars in the U.S., AND influence up to 80% of all car purchases.

• Women also request 65% of the service work done at dealerships.

• Women spend over $200 billion on new cars & mechanical servicing of vehicles each year.

Source: Women-Drivers.com, 2010

Common Mission for All Credit Unions

Quest for Auto Loans

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What do we do… • When we can’t get consistent

loan volume from dealers?

• When we can’t compete on just rate?

• Instead of investing in an expensive direct mail auto

pre-approval campaign?

• When we would rather not run the embarrassing risk of low turnout at a run-of-the-mill “auto buying” workshop?

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What do we do…

“EDUTAINMENT”

Venue: Gurnee Mills Mall Day/Time: Tuesday Evening, 7:00pm – 9:00pm October 23rd (Breast Cancer Awareness Month) Agenda: Keynote Female automotive experts as panelists Fashion show breaks with Mistress of Ceremonies Description: A highly desirable “ladies only” audience will attend this upscale, fun-filled evening event to learn about all aspects of the retail automotive market from purchase, to safety, to maintenance, along with a little bit of fashion… AND MORE!

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Planning Process

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Program

Keynote Jody DeVere – CEO of AskPatty.com, Inc.

Fashion Show Break

“Buying New versus Used; Buying versus Leasing”

Chris Parker, General Manager, Gurnee VW

Fashion Show Break

“Loans and Financing” Lisa Anderson, AVP – Consumer Loans, GLCU

Fashion Show Break

“Tires and Car Care” Julie Scroggins, CFO, Waukegan Tire & Supply Co.

56 “Safety and Insurance”

Janee Ferrari, Sales Rep – Liberty Mutual

Fashion Show Break

“Tires and Car Care” Julie Scroggins, CFO, Waukegan Tire & Supply Co.

Fashion Show Break

“Safety and Insurance” Janee Ferrari, Sales Rep – Liberty Mutual

Program

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Sponsorship

Social Media (us, Gurnee Mills, sponsors)

In-mall signage

Press Releases/Media Alerts

Radio – ads & PSA at local station

Women’s Networking Groups FREE Advertising in Automotive Section of Newspaper

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Event Promotion

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Logistics

in-house Logo/graphic design work

$1,266.24 Promotional Give-Aways 60 trunk cargo boxes & 100 ice scraper mitts

$651.00 Chair Rentals, Highboy Tables, Linens

$409.50 250 Printed Programs

$45.94 Sponsor/Speaker Ribbons

$155.52 6’ Banner for Stage

$248.92 Flowers/Corsages

$100.64 Miscellaneous

$4,900.00 Sponsorships

- $2,721.36 Expenses

$2,178.64 Donation to National Breast Cancer Foundation

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Logistics

• Speaker at CU Journal “Grow Show” 2013

• 2013 Diamond Award from CUNA Marketing and Business Development Council –Category of Single Event/PR

• Common-law copyrighted CCC logo and concept

• Partnership with AskPatty.com making us the first certified Female Friendly® Credit Union for auto loans with co-brand opportunity

• National press in automotive publication

• CU Journal “Best Practice” for December 2012

• Articles in CU trade publications

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Results

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GLCU Certified “Female Friendly”

Auto Loans

• Askpatty.com founded by Jody DeVere in 2005 - to empower women looking for information about consumer

automotive products and services

• Successfully completed custom tailored certification process

- First Credit Union to receive credentials

• Display “Certified Female Friendly” seal on all auto loan marketing collateral & website

• Marketing support program & promotion on AskPatty.com’s website

- 4,700-8,500 impressions per month over 3 months

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GLCU Certified “Female Friendly”

Auto Loans

Meet the new boss • Being the agenda setter is a role she relishes • She calls the shots and makes the decisions • Her increasing sphere of influence makes her leadership more

impactful than ever. Help her lead

• Help her lead • Help her persuade her family • Help her be decisive in decision-making processes

Look out for her needs

• Last and least on the list are her own needs. • Help her put herself first –you’ll be one of the few

Source: Jody DeVere, CEO of AskPatty.com, Inc.

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Things to Remember

Get substantive • She prefers substance over sizzle.

• Desires a solid “good” choice over a more expensive “great” choice. • Communicate quality and value with the emotion

Get specific • One size does not fit all

• Understand specific segments of women and the needs of those targets on a category-specific basis.

Get used to it • Her leadership is intensifying, not diminishing.

• Her “sphere of influence” is growing, not shrinking • Don’t expect a sudden turn-around when an economic upswing occurs.


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Things to Remember

What doesn’t kill you… • Women will emerge from the recession

smarter and with greater confidence • The anxiety of necessity is gone • Women find thrill in exploring change

and newness in their lives

Blurring of gender lines… • The evolution to a team dynamic will

result in greater household harmony • A continued lessoning of the gender

divide


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What’s Next?


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What’s Next? Intensification of recommendations… • The growing role of word-of-mouth,

both online & offline, will intensify • Efforts to proactively manage these dynamics are a must for marketers

The surf will subside… • The novelty of all the new electronic tools and

apps will subside • She will embrace only the tools that fit

her needs best • Women will be the key

determiners of which tools remain

Summit Credit Union • Red SHOES financial education -Fee-based program with workbook -On-line financial boutique and access to a coach

Oregon Community Credit Union • Retirement seminars geared towards

women 2X a year

Verity Credit Union • Verity Mom is contract employee of

Verify CU who blogs “to give moms a voice”

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Shout-Out Other CU’s Targeting Female Members

Create your own women’s educational events

• Chicks, Cars and Cupcakes© is common-law copyrighted

• Please “borrow the concept” but show marketing integrity

Affiliate with a Mom-Blogger on social media Be active in youth financial education Join women’s networking groups to find

out needs or “hot topics” Visit: www.healthywomen.org

Revisit how you market to women

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Tips and Strategies to Appeal to Women

The Overlooked Female Market

Business

Transcript of The Overlooked Female Market