In days gone by, women were in the dark about their household
All that has changed.
In more and more American households, it is the women sorting the mail as it comes in, separating the bills and ensuring they get paid on time via their online bill pay system. And when it’s time to buy a car, women are buying 60% of all new cars and 53% of all used cars, according to a December 2009 poll by NBC Universal.
Women also typically continue to make day-to-day purchasing decisions that have lasting impact on a family’s
The Household CFO: A New Term is Coined
This phenomenon of women completely emerging from financial darkness to take the reins has resulted in a new term: the Household Chief Financial Officer, or CFO for short. And established businesspeople and entrepreneurs are catching on. Businesses that provide financial services are beginning to cater to women and to give them the respect they deserve.
As marketers, web designers, sales people, financial advisors and other business professionals learn to target women more effectively, they are realizing that women think differently about
- Women are voracious information gatherers. And they like to get their information in community settings. Note the success of websites like Babycenter.com, ivillage.com, and the like. Women will certainly carry this appetite for information-gathering into their
- Many, but not all women, lack confidence in their financial skills. This lack of confidence is somewhat ironic, because many of these women are actually quite competent and so their lack of skill is often perceived, rather than real. Financial service providers can bridge this confidence gap by speaking in plain English, rather than attempting to impress their female clients with their intricate
- Women tend to thrive in networks. Rather than coldly refer female clients to an unknown professional, it will pay off to build a warmer sense of community by hosting local events.
- Be true to who and what you are, and consistently build your brand around it. If you try to brand yourself or your product or service line as something it is not, women will sense it immediately and reject it.
There are certainly companies and whole industries that have not gotten the memo. For example, I was in a used car lot recently with my husband and was summarily ignored by the salesman. But then, I shouldn’t expect a used car salesman to be at the forefront of evolution, now should I?