Marketing to Women Effectively and Successfully
I am excited to be hosting Insider Secrets for Marketing to Affluent Women on Tuesday, May 6, 2014 at 2:00pm Eastern (1:00pm CDT, Noon MDT, 11:00am PDT).
Presented by Annette Bau, CFP®, Author: 101 Insider Secrets for Marketing to Affluent Women, How to Get Your Share of this $20 Trillion Market
The opportunities available to an advisor for marketing, retaining and growing their book of women and couples are larger than any we have seen in years. The Newsweek article title summed it up: “Women are Poised to Become the Biggest Economic Engine The World Has Ever Known.”
“Due to a narrowing wage gap and rising female employment, the vast majority of new income growth will go to women,” the article claimed. In addition they shared that females control over $12 trillion, or 65.4% of annual spending in the United States. Other experts believe that number could exceed $40 trillion!
The Boston Consulting Group study asserted that “female economic growth represents the biggest emerging market in the history of the planet — more than twice the size of the two hottest developing markets, India and China, combined.”
The CEO of Avon who was also quoted in Newsweek shared that “Any company that overlooks the woman as the decision maker is making a huge mistake.”
Just how big is the opportunity? Some of the best statistics include:
- Women control 51% of all private wealth in the U.S.1 and make over 80% of buying decisions.
- Women constitute 47% of the North American affluent market with assets above $500,000.2 According to the IRS, roughly 39% of the wealthiest investors — those with assets of at least $625,000 — are women. In this group, there are over one million women with a net worth of at least $1 million. Do the math: If you simply convert one-one hundredth of a percent of this market as clients, you’ll capture more than $100 million in client net worth.
- Women-owned companies with 500 or more employees have grown by over 100% from 1997 to 2002.
1 Source: Federal Reserve cited in PBS Online, To The Contrary, Hot Topics Women & Philanthropy.
2 Source: World Health Report 2002, Merrill Lynch/Cap Gemini, Ernst & Young.
Advisors and agents who want to survive and thrive can’t afford to ignore or underestimate single or married. While it is guestimated in the financial services that 70% of women replace their financial advisor when their spouse dies. While that is staggering, some firms are losing 98% of their clients (mostly female) when the first spouse dies.
To learn more on how to retain and increase your women clients access training options here.
We look forward to seeing you on the webinar!