The average income of women is growing. Nevertheless, the “target group women” in the financial industry has long been ignored. In order to reach female investors, the special address is decisive – not special products.
The topic of “Women and Finance” is currently being discussed widely in the media and in society. The book of adviser Madame Moneypenny stormed the bestseller lists, women are exchanging ideas on investments and retirement plans on numerous blogs and communities, and more and more meet-ups and conferences are dedicated the question: How can one bring women closer to the financial world? A gap that has been neglected in communication so far. Wrong: After all, women are not just recently gainfully employed and financially independent. In addition, they have more and more money: their average income has increased by 50 percent since 2002. As a result, a new market for investment products is growing, which has to be achieved communicatively.
Target group-specific addressing instead of “pink products”
Communication helps to build up an appropriate profile. It is not about attracting the attention of the female audience with stereotypes and special products. A study by the consultancy BCG comes to the conclusion that 76 percent of women are dissatisfied with the approach by product providers. Women invest differently than men, but their own product world is not necessary. Financial products are already geared to different stages of life, goals and risk appetite. So there is no lack of solutions. Rather, it is about the special approach and choice of topics: Flexible investments for different stages of life, the desire for financial independence and retirement savings, as well as sustainability in the investment play a special role, especially for female investors. Accordingly, it may be worth highlighting these topics in communication. Case studies can further clarify the accuracy of fit of products or solutions. Because entering complex financial topics is difficult for any beginner – whether male or female.
Invest differently – communicate differently
“Women save differently than men” is the result of an evaluation of the initiative finanzheldinnen.de, which relies on data from the Federal Statistical Office and the consulting firm Barkow Consulting. Accordingly, women not only invest less money than men on average, they also invest differently. In addition, women have so far relied less on equities and mutual funds. Considering the current market environment, this may not be the most sensible decision.
For banks, asset managers, Fintechs, etc. slumbers here great potential. To develop women as a target group, trust is needed. In order to win, financial services providers must show that they know their (potential) customers, their reality and their demands. In a market where providers and products are hard to distinguish for every newcomer and beginner, this can make all the difference – and ensure long-term competitive advantage.