Are women really an overlooked demographic?

[mickw]

One credit union believes women are a woefully overlooked lending opportunity, especially for auto loans. Are women really a niche market, or is this strategy headed for the repair shop?

[> roymackinnon]

An interesting thought from a design perspective. Should marketing materials be more girl/woman friendly? It certainly couldn't hurt to try and perhaps we will. After-all, the vanity mirror in car sun-visors can be traced back to the female gender and auto company focus groups (I'm citing fact, not complaining) and if you have ever compared the marketing of the GMC Yukon to the Chevy Tahoe (I have) you would know that the Tahoe is marketed much more to women and "family" and the Yukon is for big manly men. Ironically, with the exception of the name badge and a few minor aesthetics, it is the identically same vehicle. What is it that the auto companies know about women that we (CUs) don't? Perhaps even more important, since they know so much about women, why is there management still so top heavy with old white men? Hey, I'm just asking.

Point is, even though we use FICO to create mailing lists and gender does not play into that selection, since women control, what, 90%+ of discretionary spending?, perhaps our marketing should target them a little more specifically. I think I have a theme already in mind for our Spring Auto promo: Power to the Chicks!

[> paul1st]

They shouldn't be they account for 80% of all retail spending.

[> CUTweetTrack]

First off, women are not a niche! As Verity MOM creator, author and well recognized credit union marketer Shari Storm says, it just takes a CU marketer with real fortitude to convince CU leadership that Moms (women) are the key demographic for credit unions.

The "key" demographic for credit unions! Not a niche and not a novel little "initiative"!

Speaking of the "old white men" in CU leadership, well, I'll simply respond by directing you to an OPED I posted in CU Times a year ago titled "Marketing To Women Requires Cultural Change...a majority of the industry's leadership remain male".

As for evidence to prove that not all CU leadership have been totally blind to this opportunity, I point to a campaign that every CU leader, and certainly every CU marketer, should be very familiar with...the iBELONG on-going campaign, now used by PA Credit Union League and 5 other states.

To prove my point, check out this link to the latest round of TV spots launching this year. That campaign, which has successfully been running for the last 6 years, has been a resounding success. Why? Because it was developed by a team of PA CU marketers, who conducted extensive research and determined that "women" (25-49) should be their primary target. And here is my blog post on the same subject.

[> CUTweetTrack]

Sorry for the large font. Don't know how that happened. I guess I am very passionate about this subject! :-)