Not all prospects are the same. You know this to be true -- the affluent respond to marketing messages in a different manner than middle class clients, 30-year-olds have needs that 60-year-olds do not, and white consumers typically require a different selling approach than those in Hispanic communities.
Do not be confused, however. Even those members of a specific market differ from one another -- and that's no less true for your female clients. As such, savvy agents must develop different sales techniques to accompany the variety of products these consumers require throughout their lives.
In particular, boomer women require much attention as a growing demographic. Boomer women are between the ages of 50 and 70 and are described as the healthiest, wealthiest, and most influential generation of women in history. Terms such as "mature," "middle-aged," and "senior" fail to convey their vitality and potential. There is something else that is often overlooked, as well: their assets and spending power.
Today, women over 50 account for 19 percent of the adult U.S. population and 15 percent of the total population. These figures should be enough to make all agents stop, think, and start selling to them. But these current boomers are only part of the story. Women in general will soon make up an ever-larger share of the surviving and thriving baby-boomer generation. It's a demographic truism that, as any population ages, it becomes more female.
The reason is simple: On average, women live longer; their life expectancy is seven years more than that of men.
That means that as boomers grow older, boomer women will become more prominent.
What does this mean for you and your business? It means that boomer women should be your primary customers for life insurance, health insurance, and annuities.
These women are wage earners -- they need individual policies. They are influencers -- not only are they planning for their own financial security and retirement, but they are advising their parents, in-laws, and children.
If they are married, they are partners in most, if not all, financial decisions and policy purchases. And finally, since more than a quarter of all households are headed by women, they are the sole decision-makers for all purchases in those homes.
And, like women of all ages, boomer women are looking for a trusted long-term partner and are a great source of referrals.
Reaching the boomer woman
First, understand her mindset.
o She's looking forward. She is not pining for the good old days of her lost youth. When she thinks of her life, she doesn't think in terms of loss. She thinks in terms of experience gained. She needs to finance an active retirement.
o She's physically fit. This generation of women will stay healthy and active for many years to come. Advances in medicine and a heightened awareness of fitness and nutrition mean that a woman who reaches her 50th birthday without having experienced cancer or heart disease can expect to reach the age of 92.
o She's a vital part of the workforce and economy. According to the Bureau of Labor Statistics, the number of women aged 55 and older in the workforce will increase by 52 percent between 2000 and 2010 -- from 6.4 million to 10.1 million. As a result, boomers have both self reliance and purchasing power.
o She hasn't seen it all, but she has seen a lot. Age brings experience, and she's not going to base her purchase decision on false promises. Plus, her decision-making is streamlined because of the experience she has accumulated. She still wants to investigate all of her options, but she typically reaches a decision more quickly because she has an existing framework for comparison.
Second, understand her motivation.
o She wants to leave a legacy. What can you do to help her preserve what she has worked a lifetime to build? Her motivation to purchase or invest is not to impress others, but rather it is to make the world a better place.
o She wants independence. Help her plan for the future and purchase products that will alleviate her fear of being a burden to her family.
o She measures in milestones. Life events such as weddings (hers or her children's) and graduations are key triggers in her decision-making process. Ask about them, and you will uncover a wealth of opportunity. Be prepared -- not all milestones are joyous. Death, divorce, and diagnosis will impact her insurance and annuity needs, as well.
By now, you likely know that boomers represent an excellent opportunity, and you'd do well to focus on a growing demographic within the demographic -- those women currently and approaching the ages of 50 to 70.
Their power and influence can only continue to grow, leaving a wide open market ahead of you.
Marti Barletta is a speaker, consultant, and author of "Marketing to Women." She can be reached through www.trendsight.com.
