Here are some of the key takeaways discussed during the XII Summit. For full overviews of each panel, speaker presentations (available to members only), photos, videos, and other materials of the event, visit the Summit page.
The Female Economy and Business Case for Serving the Women’s Market
Women’s economic influence is rising rapidly throughout the world, and cultural expectations of women’s roles are in flux. These demographic and societal trends mean that serving the women’s market is the smart thing for banks to do. Leaders within GBA banks shared their institution’s rationale for having a women’s market program including key proof points-metrics and results-and benefits such as brand building.
Some Takeaways
Effective Marketing Strategies and Performance Measurement
While no women’s market program is identical, key elements of program design are universal. Panelists shared their program’s marketing strategies (products/services, promotion, channels including on-line and mobile), KPIs, team structures and lessons learned.
Some Takeaways
- The market potential is huge given that women are underserved, are starting businesses at higher rates than men, are increasing their presence in the professions, and currently make 80 per cent of household purchasing decisions.
- The women’s market is a profitable business opportunity. It is not about fairness, it is firmly grounded in commercial reality.
- All segments require access to finance, information, education and networking opportunities.
- Women are not a “better” business proposition than men; rather women are profitable customers.
- A woman’s market strategy is simply a ‘segment’ strategy.
- Start-ups are an increasing focus of Alliance members recognizing that many women are in that segment and need support to grow.
- The liability side is very important for women and a great opportunity for banks-women have a higher saving propensity and tend to save for longer.
- There is no inherent difference in the entrepreneurial capability of women compared to men but there are attitudinal differences reflected in what they require from banks.
Effective Marketing Strategies and Performance Measurement
While no women’s market program is identical, key elements of program design are universal. Panelists shared their program’s marketing strategies (products/services, promotion, channels including on-line and mobile), KPIs, team structures and lessons learned.
Some Takeaways
- Build a social media strategy from the beginning – developing online and social media presence can be very beneficial to the program.
- Build an emotional connection. Many successful advertisements don’t emphasize or even mention products but rather showcase solutions to life’s issues.
- Profitability should be measured in terms of total wallet and not just looking at one product, such as loans for example. The marrying of personal and business banking is where the profit lies.
- It is in the interest of banks to support their customer’s business growth.
- The creation and sustaining of women’s business networks is a fundamental element of Women’s Market programs.
- Education provides foundational support for women in all segments.
- Supplier procurement is a key lever for banks to support women-owned SMEs.
- Building internal alignment requires “soft wiring” and “hard wiring.” Soft wiring is storytelling and qualitative indicators pointing towards customer perceptions, loyalty, and brand equity. Hard wiring refers to empirical quantitative key performance indicators. Successful women’s markets programs measure, and religiously report, on both. You want to win hearts and minds and share-of-wallet.
- Diversity & Inclusion has to come first.
- You need to find ways of engaging men in the bank. Without them, the program will not be successful.
