The New Male Shopper is Here: What it Means to Financial Services Marketing
In financial services marketing circles, we often focus on and heavily target females as the “CFOs” and decision-makers for their families. As such, financial brands understand and are skilled at marketing to the female population. It now appears to be the right time to renew focus on marketing to the male population if capturing increased share of spend is a business goal.
According to a new whitepaper and infographic from Hip Digital Media, “Targeting the Modern Male Shopper,” here’s why the male shopper is growing in importance:
- “A third of men now consider themselves to be the primary household shopper, an increase of nearly 20% since 1985 (they visit over 15 stores/week on average).”
- “Men conduct the primary shopping in over 40 million households across the U.S.” (out of the 121 million total U.S. households).
- Men represent “nearly $8 trillion of spending power in the U.S.”
There are some helpful behaviors noted in the Hip Digital report that lead to actions financial institutions should consider:
Men are digital
Men spend at least 10 hours a day connected to digital devices.* — Ensure that all payment product marketing (from acquisition to usage) considers digital channels to best reach the segment. And since online shoppers skew male (56%, says Hip Digital) be sure to include promotions of your branded payment products as the best way to make e-commerce transactions. In the messaging, focus on security, rewards and convenience.
Men are smartphone centric
Men are 10% more likely than women to be comfortable with using smartphones to pay for merchandise.* — If your bank has embraced POS card transactions via phone, you should heavily promote enrollment (think both debit and credit) driving awareness and ongoing use by your male customer base. Your brand can use males in households to influence their female counterparts to also transact with their smartphones at merchants.
Aside from influencing spending behavior, you also amplify your brand when you emphasize smartphone use. Hip Digital reports that 50% of men perceive brands as outdated when they don’t leverage smartphones. So, anything you deliver via web must also be mobile optimized, including email. (“Start with mobile” is the approach we take.)
Men are motivated by the calendar
Men outspend women at the holidays by about 50%.* — Keep promoting gift cards (we know they buy more gift cards than women), but also remember to target any spending promotions at key seasonal times to your male base.
Men prefer value-add offers over coupons
Value-add offers are especially important to men, as they don’t respond well to discounting strategies.* — Be sure to design and communicate “spend and gets” or bonus reward promotions, for example, to drive specific payment behaviors. Save discounts for your female customers.
Quotes and images sourced from “Guide to Male Shoppers” whitepaper on demographic trends compiled from multiple sources by Hip Digital Media Inc.
