When it comes to financial marketing, there are almost countless demographic factors to consider:
- Gender
- Age Group
- Socioeconomic Status
- Ethnicity
- And more…
But for today, let’s primarily focus on gender. Men and women each require distinct messaging to effectively resonate with them, and many brands are masters at this niche communication. Are you?
Let’s look at some niche brands, techniques they use and how it applies to your institution.
Men Want an Epic Story
Men want to be part of an epic story, and they want to exude confidence.
Brands like Dr. Squatch and Manly Bands focus on making men feel as cool as possible. Product names like “The Cowboy” and “The Instigator” invite men into a near cinematic identity. Copy uses blunt language and a rugged voice designed to convince buyers these products will help them become pinnacles of masculinity.
As Donald Miller would say, these brands effectively open a “story loop.” They force men to wonder if they really can assume a new identity. Consumers want to close the story loop; they want to end the story and resolve the problem.
But how does this translate to the financial world?
Lifestyle Over Loans
According to Experian, men have more debt than women in every category besides student loans. Men take out 20% more personal loans, 16.3% more auto loans and 9.7% more mortgages.
A rugged voice or blunt language may not fit your brand, but your loan marketing can still invite men into a story. It can give them a vision of how a loan will increase confidence or provide identity fulfillment.
Make sure your loan is more than a “competitive rate.” Make it a lifestyle enhancer.
Women Want Self-Empowerment
Niche marketing to women centers on finding and expressing your true self.
Made by Mary and Get Your Pink Back emphasize uncovering inner beauty despite the challenges of being a woman. Their products allow women to express themselves and take pride in the hectic lives they lead as business leaders, employees, spouses and mothers. Copy is warm and inspiring to prompt women to celebrate themselves by purchasing the products.
Like the male brands, these ones also open a story loop…just a different one. These brands promote personal empowerment and challenge women to seize it.
Make the CFO’s Job Easy
Women wield significant financial sway in American households. 49% of women label themselves as “CFO” of their homes. And other sources note 90% of women either have complete or shared control over finances.
That means day-to-day financial products like savings accounts or debit cards will be more applicable to women than loans. Give women the tools to feel awesome while running the budget effectively.
Make their CFO jobs easier and tell them how you do it. Ask them to reward themselves by sticking with your institution’s benefits.
Don’t Cast Too Narrow a Net
These tips are important to note, but don’t cast too narrow a net with your brand voice. Other companies have more leeway to target one gender or the other with their brand identities. You must serve both.
Instead, use this information to alter your messaging angle. Armed with knowledge about who is looking at what, you can better tailor your marketing story to the likely viewer.
And if you can’t do it all yourself, don’t sweat it. On The Mark Strategies helps with your marketing so you can reach the right people. Book a free consultation to get started.
