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With an increase in income over the last few years and higher focus towards savings of women, it is time for banks to address the need for smart planning of their finances. Nielsen has segmented women customers in its Woman and Finance study. Out of 5,394 respondents, 26 per cent were working women, 72 per cent housewives and 2 per cent single, non-working women. Nielsen found that communication by banks should highlight the independence of working women by targeting directly, while housewives as joint decision-makers, should be made part of important pitches.
Working women have higher awareness of insurance, credit cards and equity investments. There has been an increase in financial products owned by women in last two years, and the mix increasingly includes equity, mutual funds and health insurance. Communication involving children could be a marketing hook, as many prioritise their child's education needs. (Click here for charts)
The social affluents have a high appetite for bank as a category, making them a potential segment to pursue with more products. They have also shown high credit card utility, awareness of its features. The risk takers has a low ownership of banks, but is positively disposed towards the category and hence, are potential targets.
However, while the risk takers use many facilities of a bank, the social affluents restrict themselves to branch banking, and hence look for proximity. Segments' investment choices and their media habits, coupled with Nielsen's pointers for targeting are in the charts.
