News Article Published:
Thursday, 12 April 2007
Category:
Financial Services
The financial services sector needs to adapt its marketing practices when targeting women, according to experts.
Representatives from Prudential and Wachovia spoke ahead of the third Marketing to Women Conference held in Chicago between April 25-26.
They said that while major companies are now trying to reach out to female customers, more can be done especially as female entrepreneurs are launching companies at 2.5 times the rate of their male counterparts.
Maria Umbach, vice president of marketing for Prudential Financial, commented: "Old sales messages that come from a superior position, saying things like 'you shouldn't have bought...' or 'don't worry your pretty head' don't work with women, especially when selling intangibles like financial services."
She added that it is important for firms to create the right environment where women feel that they have a company's trust.
Ms Umbrach continued that it is important to make financial services advertising "fun and interesting" by blending in topics outside of the finance sector.
The news follows similar research from Accenture suggesting that women could be the "most profitable market" for retail banks in the UK.
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