Feminine allure: this is one customer segment that you can't afford to ignore--both because of its size and financial clout.

• Author: Tracey, Kevin
• Position: Marketing to Women - Survey

[ILLUSTRATION OMITTED]

Let's look at some of the statistics relating to the value of women as customers of financial products and services. Annual U.S. spending attributed to women is $7 trillion, or 64 percent of the total U.S. gross domestic product. Women are earning more bachelor's degrees, half of all the law degrees, and almost half of the medical degrees in the United States. Forty-seven percent of investors are women, and they tend to generate higher returns than their male counterparts. If your bank wants more core deposits, you should be aware that women open most checking accounts. We might think of women as the "chief financial officer" of their households. Also consider that 70 percent of women will be solely responsible for their finances at some point in their lifetime, as a result of remaining single, marrying late in life, divorcing and/or simply outliving their husbands. Today, women control half of all private wealth in America; by 2012, they will control two-thirds of private U.S. wealth.

When it comes to small business, women currently have 50 percent ownership in 40 percent of companies in the United States, and they are' starting businesses at two times the rate of men. And, U.S. companies that have a higher proportion of women in senior management positions earn a higher return on equity.

So how do banks better connect with women? The answer lies in knowing how women make purchase decisions. They are very likely to draw on their attention to detail, their need to do lots of research, and their desire to feel "connected" in making their decisions. Faith Popcorn says that women have peripheral vision. First impressions are important, and women tend to reach conclusions based on what might be considered the tiniest factors. So, what is your bank environment like? How is the room lighted? What does it smell like? Are the chairs comfortable? Are the colors warm and inviting? How is the woman customer greeted? What measures have you adopted to help her save time during her visit to the bank? (Most women are stressed over the lack of time to complete their daily tasks.) It is also critically important to pay attention to staff body language and knowledge, customer focus, cleanliness and accessibility.

Generally, women take longer to decide on a purchase than men. When a woman says, "I'll think about it," she is not putting you off or setting up a sales barrier. She really will think about it. In her book, "Just Ask a...