Purse Strings Bridges the Gap to Effectively Reach the Female Market

Barbara Provost | Purse Strings

Purse Strings offers a 3-week online training workshop which provides insurance and financial professionals a step-by-step process on how to:

  • reach  the female market
  • engage  them to work with you and your business, and
  • earn  their trust, and their business, over their lifetime and their family’s lifetime.

Expanding access to financial services for women equals big benefits.

We know the power of the female market is $22 Trillion…and growing! A recent study from BNY Mellon and the UN Foundation found that expanding women’s access to financial services could unleash $330 billion in global revenue annually.

According to Heidi DuBois, Global Head of Philanthropy and Corporate Social Responsibility at BNY Mellon, “Our hope is that financial services providers will design and market more products and services that fuel women’s economic participation, giving investors more options to invest with a gender-lens.”

Dubois also stated that expanding women’s access to financial services and products would boost financial service firms – and the global economy.

Expanding women’s access to financial services could unleash $330 billion in global revenue annually.

Insurance and financial professionals are always looking for ways to increase their sales:

  • What can I do to reach (and retain) the market share more efficiently?
  • How do I better communicate the benefits of financial planning?
  • Where can I learn tips to ‘close the sale’ more effectively?

And, women frequently make statements like:

  • Where can I find someone who understands my financial needs, as a woman?
  • How do I connect with a financial professional who will listen to me?
  • I want advice about my investments, and how to plan for my future, but who can I trust?

There’s an Awkward Gap Between Women and Financial Professionals

Consider the following stats that confirm the power of the female market:

In the US alone,

  • The purchasing power of women ranges from $5 trillion to $15 trillion annually.
  • Women control more than 60% of all personal wealth.
  • Almost 40% of working women are out-earning their husbands.

According to the World Bank, woman comprise 40 percent of the world’s workforce, yet they face a myriad of challenges in access to financial support.

According to the World Bank, woman comprise 40 percent of the world’s workforce, yet they face a myriad of challenges in access to financial support.

Financial institutions are primed to grow by serving the female market.

A few years ago, I was intrigued when I came across a message in my inbox from Esther Dassanou, leader of the Women and Insurance program at the International Finance Corporation (IFC), the premier development finance organization and an agency of the World Bank Group.

Esther explained,

“We are interested in creating a selling to women’s training specifically taking into account the particularity of the insurance industry, as well as unconscious biases which would prevent insurance agents from being successful in reaching women customers.

 In searching for the best partners to assist us in creating the training I found your videos on the internet and I would be really interested to have a call with you to further discuss the topic and explore ways to work together.”

 The person who wrote this email was using the words I have been strongly verbalizing for years:  We need to educate financial institutions to focus on the female market.

Determination Creates a Connection

I assumed Esther found me through my new company Purse Strings, which focuses on arming insurance and financial professionals with information and skills on how to reach, engage and earn the female dollar. But it was through outdated videos, created years ago, in my early days of heeding the call for financial institutions to focus on the female market.

And, I am honored to say Esther and I did work together. My consulting company, Provost Consulting, Inc., worked with International Finance Corporation (IFC), an agency of the World Bank Group. Together we created training for insurance and financial agents working in Nigeria, explaining why – and how – to work with women. The World Bank used this training as a model for several other countries.

  The World Bank used this training as a model for several other countries.

Feedback Is Proof Positive 

 “We used the Gender Sensitization (selling to the female market) with our client in Nigeria and will customize it for insurance companies in the Philippines, Ghana, Cameroon.”

 “Overall the training is really well received and feedback has been very good. Following the training we can clearly see an increase in the number of women customers in our client’s portfolio.”

 “We follow Purse Strings closely and feel it can be a model to replicate in other countries i.e. the Philippines.”

Marieme Esther Dassanou

Sector Specialist – Gender Secretariat

Women Must Formulate Their Financial Future

Since that email, I returned to my work on Purse Strings.  I knew it was a vitally important issue, and the World Bank saw the same need to address and solve this problem in under-developed countries.

However, addressing women’s financial needs is not an issue restricted to under-developed countries: Most women in the United States are not prepared for their financial future – for many reasons.

At Purse Strings, we provide free online information and resources to empower women to make smart financial decisions for themselves and their future. We also provide the needed training insurance and financial professionals need to earn the female dollar.

Join us!

I invite you to join our workshop to learn more about what insurance and financial professionals all over the world are finding out: https://pursestrings.co/expert/purse-strings-professional-workshops/.

Women are the most powerful market – learn how to serve them effectively.

We will provide you useful and timely information you can use to be #financiallyfearless