Fluffing the Market
How finance brands get selling to women wrong and Sheilas' Wheels got it right
The growth in Western markets of dual income families, female entrepreneurship and million-dollar divorce settlements has pushed the 'mega-niche' of women up many marketers' agendas. Yet for financial brands developing women-oriented products and services, advertising campaigns perceived as 'fluffy' or 'pink' are likely to end in tears, unless they aim for kitsch.
In 2007 New York-based Oxygen Media concluded that despite repeated attempts to attract women, the financial community still used the kind of financial jargon that women often loathe. In a report entitled 'Girls Just Wanna Have Funds," Oxygen found that up to 94% of American women felt that financial ads "were not targeted towards them" and there was "a huge opportunity for someone to get it right".
This is a challenge which is only going to increase, according to a raft of demographic and social trends.
The potential of the female market
Euromonitor's "Girl Power" report claimed women are the main drivers of economic growth in developed markets, reporting that: "In the US, women are said to determine as much as 80% of consumption, purchase 60% of all cars and own 40% of all stocks."
Also in the US, a 2005 Prudential Financial study of more than 1,000 baby boomer women found that 95% were either solely or jointly responsible for IRA retirement plans, up from 61% in 2000. Similar changes were noted for savings accounts.