Marketing to Female Baby Boomers: Growing Numbers Require Different Approach
Modern women over 50 face unique situations concerning finances, retirement and insurance.
As more women than ever outlive their mates, then try to eek out a living during their later years, the importance of good financial planning and adequate insurance coverage become apparent.
This large group of aging, mature women presents you, the insurance agent, with an opportunity to boost your business, while at the same time providing a much-needed service to vulnerable clients.
A Different Mindset
To target female baby boomers, you must first put yourself in their shoes.
What issues are they most concerned about—and why?
Once you've identified the potential problems this mature group faces, tailoring a unique marketing approach that fits their needs becomes much easier.
Along those lines, let's examine in further detail some of the important issues facing women over 50.
Sustained Income
Because of their longevity, women must find ways to stretch their incomes over a long period of many years.
This requires careful resource and asset analysis, as well as long-term planning.
Insurance is a very important issue to women over 50. As their spouses pass away and they're left to provide for themselves, women must have the funds necessary to carry on, as well as pay for any final medical or burial expenses incurred as the result of a spouse's death.
Poverty
Currently, more than half of women over 75 living without spouses survive in poverty.
Many have never held a job, or didn't work long enough to receive the maximum Social Security benefit.
Most have little or no savings—on average, less than half the amount their male counterparts have accumulated.
The lack of income, savings and retirement these women experience means they must often live on very little.
Estate Planning
As mentioned above, women must prepare financially to deal with the expenses their husbands leave behind.
But they should also organize their own affairs, including wills, insurance policies, trust funds, inheritances and any charitable contributions they want paid through their estate when they die.
As an insurance agent, your expertise can help guide female baby boomers through the issues associated with estate planning and toward a protected, prosperous future.
Personal Savings
In order to maintain a particular standard of living, women over 50 must build and maintain personal savings to help see them through.
This can be accomplished with personal savings accounts, life insurance policies or both.
Once set aside, women must take care to protect their savings, especially in light of recent changes concerning Medicare, Medicaid and Social Security.
They may very well need these funds in later years.
Changing Your Technique
Since women think differently than men, you must change the manner in which you approach them—especially regarding those over 50.
Now that you understand some of the issues women face as they get older, consider following this path to reach mature women with your products and services:
- Empathize
- Advise
- Educate
Older women dislike aggressive sales tactics, and they take longer to mull over information before making a final decision.
But if you listen attentively, provide valuable advice, and educate them on their choices, you're likely to earn their trust—and their business.
Positioning Yourself Appropriately
Seminars, word-of-mouth referrals and established relationships are the best ways to market your products to female baby boomers.
Sponsoring seminars with the help of organizations such as churches, employers or country clubs allows you to grab the attention of female baby boomers. As guest speaker, you can tailor your presentation to fit the needs of this market, while educating attendees on your products.
However, heed this important point: make it your goal to educate—not sell. You'll gain their respect and their business.
Women over 50 are a loyal bunch. Once you establish a relationship and provide guidance, products and services they need in a compassionate manner, referrals are common.
This can be an invaluable source for new business.
Alleviating Concerns & Capturing Opportunities
As a result of watching their own parents struggle with health crises, inflation and living expenses in general, many female baby boomers are looking for the knowledge and protection they need to live a prosperous future—without financial worry.
Armed with the proper mindset, technique and marketing strategy, you can take advantage of business opportunities within this growing market segment.
So step in, lend your expertise, and help ease the minds of female baby boomers everywhere.
All it takes is a little different approach!
This information was provided by InsureMe, the leader in online insurance leads for the insurance industry. Since 1993, InsureMe has helped thousands of insurance agents succeed in the insurance business by providing top-quality leads that are both detailed and affordable. For more information on InsureMe leads, please visit our agent Web site at www.agent.insureme.com.
