Being a marketing professional, I’m always watching trends in demographics to identify new or expanding opportunities, and today’s entry might be a wake-up call to many of you. If you are not targeting affluent women, you are in for a rude awakening. There is a female revolution taking place – not only will women continue to EARN more than half of the country’s wealth, but they are also inheriting a large percentage of it.
You have been hearing for years that women are outliving their spouses and most likely controlling the majority of wealth, but most of you have maybe ignored this fact. Many do, and you are not alone.
Why? Because, up until now, women were willing to relinquish control to their professional advisor or to another man in their life. Those days are over. If you have not made a serious effort in your practice to develop strong relationships with women, you may want to now re-consider your approach.
Here are some facts:
- According to a 2008 LIMRA Report, over 70% of women who lose a spouse will change advisors in 3 years. Will they change their attorney as well?
- 95% of the U.S. home addresses have the male’s name as the head of household, so when you mail out an invitation or a promotion you are targeting the male only. Why not target the female – you may be surprised with the response.
- In that same LIMRA report, only about one in six male insurance representatives and roughly half of all female representatives plan to target the female market. Marketing to women is less than 25%.
- Working women are earning $4.3 trillion income annually.
- Among affluent women, 72% are NOT satisfied with their current advisor.
Today women want and expect more from their professional advisor, and the more is not about performance. Most male clients are concerned about performance and fees; when women typically focus on relationships and process. While the male client appreciates white papers and market updates, women typically want education and personal relationships.
Being aware of a trend and opportunity is one thing – acting on it and adjusting your marketing efforts is another. You can target this demographic and fill seminars and appointment calendars with these motivated, affluent women. They need to be involved in all financial and legal decisions. Speak directly to them with your marketing. Try it. It makes total sense in today’s world.
Jorge Villar is President of Response Mail Express (RME), with more than 26 years of direct marketing experience, he is known in several industries for his ability to create mail packages that garner the highest response rates. He is responsible for the Seminar Success program that, for the last 17 years has accounted for more than 65% of the events being held in the nation with over 14 million individuals making reservations. Mr. Villar has also been very successful marketing to physicians and business owners regarding Success Planning and Asset Protection. Response Mail Express, and parent company DME, is a $100+ million marketing powerhouse, housing over 600 employees in their 2 state-of-the-art facilities in Florida. Their marketing ideas are presently being utilized by over 10,000 clients, including: top producing advisors, estate planning attorneys, large financial organizations, health care organizations, universities and many other industries. Mr. Villar is a frequent key note speaker at national financial symposium and training conferences.
Academy Guest Blogger
American Academy of Estate Planning Attorneys, Inc.
6050 Santo Road Ste 240
San Diego, CA 92124
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