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Women and Banking Services: The Field of Dreams Vol I, Issue III By Andrea Learned |
| Traditional industries like banks
are taking a big interest in reaching women consumers, and for good
reason. Women have more money than ever, earning $1 trillion annually
and representing more than 40% of all wealthy Americans, according
to Women's Financial Network. (See Tidbits for more statistics on
women and finances.) Sure, it is daunting to think about pitching a women’s initiative to a long-established local bank’s Board. But think about how exciting it would be to help turn on the light bulb for them – a whole new market - just by doing what they already do, only better. Thanks to EPM Communications’ "Marketing to Women" newsletter, I recently read about the Legacy Bank of Texas’ Women’s Financial Group (WFG) – a thriving new division of a bank that has been around in the Dallas County area since 1963. According to Gail Penry, Senior Vice President and Director of Women’s Financial Group, and Senior Executive Vice President Susan Moore, WFG has experienced success beyond their wildest dreams in the eight months it’s been open. (I almost feel inclined to insert a "you go girls" here, but this newsletter is intended for a professional audience and that would be a digression). Anyway… Legacy decided to open up this new division in early 2001 after conducting a survey that showed many businesswomen would prefer to deal with a female lender. With a Mother Theresa-like goal of "letting no women leave the bank without being better off," word of the bank has spread quickly through media coverage and the referrals of existing satisfied customers. Which Leads Us To Customer Service Treat People with Respect: Especially when you are trying to attract and retain the business of women consumers, the attention you give customer service issues will often make the most significant difference the most quickly. If your bank has a good reputation for treating people well, for example, your customers will generate the buzz themselves. (Ask Gail how WFG grew with little or no advertising budget.) Go the Extra Mile: Even women who are not located within the immediate area of the WFG offices have transferred their accounts from other banks for the concept alone, after reading about the bank in regional papers. Moreover, Gail has been known to travel personally to the outer branches of Legacy’s overall reach in order to build relationships with anyone who is interested in WFG. Inform and Educate: One of the key goals of WFG is consumer education, so every other month, they hold a "50-Minute Hour" seminar on current business topics ranging from investments to negotiation skills and used car buying. Held over the lunch hour, these seminars provide lunch, important information, and networking opportunities for attendees. The extra effort of organizing these events can be well worth it in building customer, and potential customer, goodwill. Laugh and Celebrate: What’s good for women also works great for men, and humor can break down any communication barrier that remains. Since opening, WFG has had more than a few fellows poke their heads into the branch and joke, "is this a testosterone-free zone?" before continuing in to do business with them. As for celebrating, the interior walls of WFG display a rotating exhibit of women historical figures, community leaders and customers to inspire all those who pay a visit. Online Customer Appreciation: The online piece has not yet launched for WFG, but let’s look at a few general ideas for using email and the web for further customer support. • Use email – recommend that loan officers send personal check-in emails to customers, send loan anniversary e-cards, or "getting started" information when appropriate. (Build the relationship!)All in all, it seems to be the level of personal attention afforded customers that makes banks like Legacy’s WFG different from the "big guys." That personal touch is likely one of the key offerings to which women customers, in particular, truly respond. Keeping track of the minor customer service details really can help you compete with huge corporations with monstrous advertising budgets and incredible loan deals. Good news for the little guys. What About Company Buy-In? It all sounds great, you say, but how do you get your executive management and staff to buy into the concept. Here are a few ideas from WFG: • Business brought in, or handled through WFG is all part of Legacy Bank’s overall bottom line. What’s good for WFG is good for the entire bank, so all employees gain.I must admit that actually using "Women’s" in the name of a service business gives me pause, but then again, I’ve become hyper-aware of "pinkifying." Yet, the way Legacy Bank’s Women’s Financial Group was researched and developed reminds me of that old Kevin Costner movie, "Field of Dreams." Gail and Susan might add a word to the tagline though: "If you build it ‘right,’ they will come." Links: http://www.wfn.com http://www.epmcom.com/html/target.html#3 http://www.legacytexas.com/wfg/ To learn more about marketing financial services to women, check out my next ClickZ article, which is scheduled to run August 24th: http://www.clickz.com/author/index.php/19253 OK. Enjoy the calm before the storm some of you refer to as "back-to-school," and the rest of us just call September. (Aren’t you about ready to dig in again after lolly-gagging your summer away?) Andrea  P.S. Feel free to write me with your ideas, comments, or questions at: andrea@reachwomen.com |
| Yes, please do! Forward this newsletter, in its entirety, to a friend or colleague. |
| "What man has assurance enough to pretend
to know thoroughly the riddle of a woman’s mind." --Cervantes |
|
Women now head more than 50% of US households
with high net worth. Women head some 40% of households with assets
of more than $600,000. Salaried wives earn at least 50% of the household
income. These women are active investors. (US Census Bureau) Women's projected share of private wealth
in 2010 is estimated at 50%, or $12.5 trillion. (Condé Nast
Publications) The amount of money passing through women's
hands between 2010 and 2015 is estimated at $12.5 trillion. (Bank
Marketing International) |
| info@reachwomen.com Oregon office: 541.685.9400 Washington office: 360.715.0681 |