How boomer women buy
According to authors Lisa Johnson and Andrea Learned, women shop in a process that involves consulting friends, comparison shopping, checking reference sources, and getting validation from experts and as well as word of mouth sources.
Jonhson and Learned say:
- Women are constituent-driven decision makers. This means their purchases are made with their “constituents” in mind—spouse, children, grandchildren, aging parents, employees and friends.
So when designing a marketing campaign for a financial product or service, plan it for the women’s constituents as well. Position your services and offers on how they’ll benefit others in her life as well as her.
- Women seek continuing relationships and expert information. When trying a new product, women will typically ask someone who owns the product. That person can serve as an expert source of information.
- Credit unions are the financial experts and trusted advisors. Boomer women are hungry for unbiased financial information without the ever-present sales hustle.
- Most women (70%) need help managing their finances, according to a survey by the American Institute of Certified Public Accountants. Also, 76% of women say they have credit card debt and 35% use their cards frequently and carry balances.
- Women comparison shop. Women will look at products’ prices, benefits, and features. They’ll also go online to search for the best available financial product or service. Why not be proactive and list the prices of your credit union’s rates and how they compare with your competitors’?
Online surveys gauge women’s interest
Because boomer women are turning to the Internet for comparison shopping for financial products and services, online surveys can be a worthwhile exercise to gauge interest in a particular product.
Online research should:
- Pose questions in a fun, conversational tone;
- Package the experience as self-discovery and entertainment;
- Be simple to sign in and start;
- Include incentives that motivate participation;
- Thank members for their participation;
- Let members opt out of the surveys at any time;
- Be brief; and
- Use participants’ e-mail addresses for survey purposes only.
Research efforts shouldn’t ask for unnecessary personal information, include long surveys, or provide incentives that are worthless.
If you put the time and energy into a survey, make sure the incentive matches the credit union’s image.
“Marketing to Baby Boomers” is available free to CUNA Marketing and Business Development Council, $50 for nonmembers.