BANK AND CREDIT UNION MARKETING

Marketing to Women Saving for Retirement

Let’s talk targeted marketing. Your audience expects the communications they receive to be relevant to them, especially if the sender is their primary financial institution – surely the people there know them personally! You’ve got to identify your audience, what they need and how you can meet that need. Here’s a target audience that is sometimes overlooked but should be on your radar: women saving for retirement.

To become more familiar with this demographic, check out these statistics:

  • Only 25 percent of U.S. women surveyed think they’re on track to meet their retirement income needs (marketwatch.com).
  • Women are likely to live longer than men, according to the World Health Organization, and as a result, more likely to be single in retirement and to need more funds in their retirement account to last their lifetime.
  • Women still statistically earn less, and they’re more likely leave work for a period, or work part-time, to care for children or parents, which leaves them less time in the workforce to build a retirement fund (cnbc.com).
  • Women tend to see money as a way to “care for family, improve life and find security,” but they don’t usually seek to “simply accumulate it” as men tend to (thefinanicalbrand.com).

Clearly, there’s a need here that a financial institution can help meet, especially in the economic situation recently brought about by COVID-19, which has negatively impacted many investment and retirement accounts. When you meet people’s needs well, you gain their trust, future business and solid referrals – all good things. But how do you reach this audience? Here are some suggestions:

  • Offer investment education. “Women are more likely to reach out for financial help. … Financial institutions that take the time to educate women about credit usage and investments … stand a good chance of gaining their loyalty” (thefinancialbrand.com).
  • Use relevant images in marketing campaigns. If all your marketing pieces – direct mail, email, brochures, etc. – related to retirement feature men, or even couples, you may be leaving a percentage of your intended audience feeling left out or misunderstood.
  • Market savings promotions with incentives. Women tend to be “budget-minded” (thefinancialbrand.com). A gift or reward can go a long way – with many people, not just women.
  • Provide a no-fee, in-person consultation. Women want a relationship with their financial institution, not simply a transaction (thefinancialbrand.com). A free, no-obligation meeting with an investment advisor can be appealing and less intimidating than navigating options online.
  • Feature reviews. “Women have a high propensity to share experiences and act on the recommendations of peers and friends” (thefinancialbrand.com). Your target audience will likely read up on you before making a commitment. Make it easy to discover the positive things others are saying – and to spread the word. Social media is one outlet, of course, but that may not be the go-to for the age range that’s retiring soon. Consider also featuring a page of testimonials in your newsletter or investment brochure.

Does your marketing plan account for women who are saving for retirement? image.works can help you incorporate strategies for reaching this audience. With more than 20 years of experience, we know what works. Just like saving for retirement, marketing isn’t something to put off till later! Get started today by contacting an account representative.

Sources:
https://www.marketwatch.com/story/a-grim-outlook-for-womens-retirement-and-what-might-be-done-about-it-2020-03-02
https://www.cnbc.com/2019/08/07/women-are-financially-less-prepared-for-retirement-than-men.html
https://thefinancialbrand.com/35365/marketing-financial-services-banking-to-women/
https://thefinancialbrand.com/50512/targeting-women-bankers-in-the-she-conomy/
https://thefinancialbrand.com/44420/four-myths-about-women-in-banking/

Posted by Charity Wanta - June 03, 2020