It’s time your agency learned the word. Globally, women’s income is projected to reach $6 trillion by 2017, and, by 2028, women are expected to control nearly 75 percent of discretionary spending worldwide. With more and more women upping their earning power and becoming entrepreneurs and/or household decision-makers, it’s past time for an industry that has largely overlooked women as consumers to pay attention to this increasingly powerful target market. A 2015 IFC report estimated that the insurance industry can expect to earn up to $US 1.7 trillion from women alone by 2030 – but only if they understand how to market effectively to women.
Study them. Know where they work, where they play. How they think. Think of gender as its own culture that dictates language, behaviors, and perceptions. Do your homework as you would with any other target market.
Lose the stereotypes. Women are enjoying more options than ever in their lives. It only makes sense that they want options when it comes to insurance too. As Female Factor CEO Bridget Brennan says, “Pink is not a strategy.”
Studies indicate that relationships, communication and service are among them. Agents shouldn’t underestimate regular follow-up, friendly renewal reminders and other personal, communicative services that enhance a positive customer experience.
A 2014 Marketing Firm Interactions study found that 91% of women conduct online research prior to making a purchase, and nearly a third use their mobile device to make purchases. Clearly, the modern woman on-the-go wants insurance information right in the palm of her hand. Optimizing websites for mobile and digital access is key.
A Retail Perceptions survey reported that 80% of women are influenced by positive customer reviews, while 67% are less likely to purchase a product or service after reading negative ones. Make sure that women can easily find the good word about you on Yelp, Google+ and other platforms.
What is your agency doing to reach out to women as a target market? For more ideas, click here.