Females and Marketing
Nearly 80% of all purchasing decisions are created by women. Women make the range of which holiday 92% of the time, which checking account 89% of that time period, in DIY 80%. The purchase of your family car is set solely or mainly by women in 60% of cases. Women's wealth keeps growing. Between 1970 and 1998 men's median income rose by 0.6 % whilst women's rose by 63%. The significance of developing services and products that meet women's needs cannot be overstated. When buying lending options and services, wealthy girls have certain needs and concerns which are dissimilar to that regarding men. Understanding why and the way women build a fortune, where they invest why is essential to people who desire to sell financial service products to this potentially huge and poorly catered for group.
Income from investments is now an essential method to obtain wealth for wealthy women. Approximately 38% high value women in cited income from investments among their most important sources of wealth. In Europe, it was lower at 24% with 64.6% stating income using their job as among the most important sources of income. Separate from their husband or family, women are creating their particular wealth through investments, ownership of an business or by way of a well paid job. Motivations for amassing and protecting wealth are nearly identical for men and ladies. Financial security in retirement can be regarded as the key priority then an improved personal lifestyle and pleasure from the finer things in life. Quite simply the goals seem neatly divided between paying for the present and saving for future years. More intangible factors including status as well as the sheer enjoyment of creating money, come much further around the list. Women want wealth to savor a better lifestyle. They spend their amusement and disposable income on holidays and residential improvements, much like men. The one factor in expenses are that guys are planning to spend a better proportion of these disposable income on cars and gadgets whilst women concentrate on clothes, jewellery and watches ' so far the cliche is valid. However, women do invest quite differently to men. Women are far less prone to take a risk with their money, whether inside their personal finance or business affairs. Research suggests more men than women put money into lending options which can be regarded as with the riskier end in the financial spectrum such as hedge funds, private equity finance, structured products and derivates. Women take longer to come to a decision by what to purchase and so are less likely to go to a 3rd party for advice than men. Men're more prone to consult tax specialists, accountants, private banks, brokers and the media. The only real way to obtain advice that is much more popular by women than men is the traditional bank. I am not saying these are less successful or able investors than men. In Tom Peters book ReImagine! he quotes the country's Association of Investors for the returns of investment clubs. Whilst men only clubs delivered 15.6 %, women only clubs delivered 17 % returns.9 %. Wealthy males are prone to use fitness trainers, chauffeurs, chefs, alternative nurses and patients, property search agencies, lawyers and also banks than women. However, wealthy women will use what could possibly be considered 'lifestyle' services for example personal concierge and shopping services, life coaches, personal stylists, bodyguards and personal doctors. Women have a tendency to invest to reach a selected goal, as an illustration, a college fund, retirement, an important holiday. As soon as the investment goal has been reached, women may 'protect' the fund as opposed to use it at an increased risk through further investment. So what are the conclusions that could be drawn about marketing for women lending options and services to high value women: 1. Whilst products don't need to be marketed as being a 'women only' product, they actually do must provide clear, comprehensive information from which the average person may make a knowledgeable choice. As many of the women will probably be making investment choices devoid of the advantage of advice from independent advisors or tax specialists, everything produced should be jargon free and in plain English. Provide well researched information that assist via an online help desk or information line. 2. Develop a relationship through education. Educate women about financial matters that will concern them determined by how old they are or lifestyle. 3. Develop products 'themed' around issues for example 'wedding', 'college fund', 'retirement' Encourage continuing acquisition of multiple closed end funds 4. Women do hire fitness instructors and therefore are willing to purchase the personal touch. A 'financial coach' may be the incentive a woman needs to purchase a particular product or organisation.
