- Aug 10, 2021
- EOE Digital
Last week, we discussed the first 2 factors that have an influence on effective marketing for women. This week we are going to continue the process with thinking and decision making and managing her world.
Thinking and Decision Making
We mentioned that decisions are mainly controlled by our subconscious minds. Have you ever had a feeling about something or an intuition in your gut? This is probably your subconscious mind speaking.
To understand decision making better, here is a biology lesson:
- The male brain is 10% larger than the female (no this does not mean they are smarter}.
- As you may know, the brain is divided up into 2 sections, namely emotion and rationality.
- The membrane between the brain is 40% thicker with the female than it is with the male. This means women have a higher ability to cross-reference and use both sides when making decisions.
- Furthermore, men tend to narrow down their decision and women use a strategy called web thinking (joining the dots).
- 10% of women have a more male wired brain and 15% of males have a more female wired brain (this is not influenced by sexual orientation).
Therefore, women take longer to decide especially if it involves their finances. This also means that women might get caught in the stage of research and take longer to act because she wants to ensure she is doing enough due diligence. Let us look at purchasing a car for example. When men show up at showrooms, they already have an indication of the model and car they want. Women on the other hand want to find out more information. According to research, 41% of car test drivers are female prospects.
Based on this, as a business, you need to decide if you are going to cover the facts in your campaigns or the emotionality. The best way to create a campaign is using a balance of both.
Does this mean women are more loyal since they conduct more
extensive research before choosing a brand?
Well, not necessarily. Let’s say a woman is looking for 5 specific characteristics in a product, but they cannot find a brand that fills the 5 characteristics. However, they find a brand that fills 4 of the 5 characteristics. They will settle for this brand. Later on, if a brand fills all 5 characteristics they will move over to that brand.
Most women are constantly on the go. When women are done at work, they must go home, cook, clean, and look after their children. Women tend to be social organizers.
Therefore, it can be said that women tend to be more time-bound. What can you do as a financial advisor to make her life more efficient? Financial advisers can cut her decision-making process in half by providing a holistic financial plan catered to women.