Are European Insurers Missing the Women’s Market?

Are European Insurers Missing the Women’s Market?

Very often insurers outside the U.S. approach the women’s market from a product perspective; e.g., specialized health products addressing typical female cancers and other situations. But maybe insurers are missing some key value attributes of the women’s market.  In the EU, for example, women’s buying exceeds € 2.6 trillion[1] .  Women own more than 25% of all businesses; and, in recent years, account for over 30% of all new businesses established.[2] The growing affluence of women, coupled with changing family roles, suggests that in addition to traditional insurance and financial planning advice, women may require thoughtful planning and advice to address specific issues.  Some of these issues include, but are not limited to, longer life expectancies than their male counterparts, addressing the impact of divorce on retirement planning and estate planning, estate planning, as well as business related issues such as ownership transfers, succession planning, preservation of women-owned business preferences, etc.  The specific issues may vary by country. Providing trusted advice and customer centric solutions to this segment is still a largely untapped market in the US and many EU countries.  The women’s market is a great opportunity for firms to create shareholder value while demonstrating value to their customers and enhancing long-term relationships At Global Diversity Marketing (GDM) we are focused on helping forward thinking firms understand and access the women’s market and other diverse segments globally. Visit our website at www.gdmus.com or email me at bob@gdmus.com to find out how we can assist you in growing your bottom line in diverse markets. [1] ILOStat database (International Labor Organization) [2] Eurostat database (European...
AN OPEN LETTER TO C-SUITE LEADERS

AN OPEN LETTER TO C-SUITE LEADERS

What are the top three things that keep you up at night? In June 2017, Fortune conducted a survey among Fortune 500 CEO’s about what issues they consider to be their main challenges: As evident from the survey, what stands out to me is the impact of technology and people diversity are two factors that can be controlled internally to some degree. So, what is your strategy to deal with technology and diversity? I will focus on diversity today which can easily be fixed for the committed leaders. How often do you think about the demographic shifts in your markets and how these shifts can affect your business in the short and long term? Have you considered in your marketing plans that every other person in this country is a woman, every third person is multicultural (Asian, Black or Hispanic), and the largest living generation in the U.S. is millennials, taking over for the baby boomers? Most of these millennials are avid technology users and require new rules of engagement both in the workplace as well as the marketplace. How does this impact your practice, and how are you planning for this, if at all?   Imagine, if you should move to China as the new country head for a new market.  Once you settle down, one of your first priorities (if this hasn’t already been planned) should be developing a new business strategy to attract clients from your new market. Instead of using the same strategy you executed in the U.S., you will need to custom tailor a new approach for your new marketplace. If you don’t have...
The Value of Corporate Diversity in Social Media Marketing

The Value of Corporate Diversity in Social Media Marketing

Leadership at American companies have known for years about the shifting demographic tides in our country, but many of the most successful organizations continue to conduct business as they’ve done in the past. Corporate leadership with short-term earnings pressure are often hesitant to make any drastic changes when business is doing well.  However, ignoring America’s rapidly shifting demographic makeup is not a sustainable business practice, and the leaders who do not act will pay the price sooner rather than later.  Hiring more diverse candidates for your workforce has been proven to grow revenue and improve corporate culture, but it can also save your company a great deal of embarrassment and bad publicity when it comes to social media marketing. Brands with a significant social media presence put themselves at risk every time they send a tweet, post a picture on Instagram, publish a blog post, or even publicly communicate with the marketplace.  In the past few years we have seen countless examples of corporate social media posts that are insensitive, offensive, or completely out of touch with growing demographic groups. The skin and body care brand Nivea recently gave us two glaring examples of social media marketing that ended up exposing them as out of touch with multiculturalism in the modern age. In 2011, Nivea launched a “Re-Civilize Yourself” campaign, which featured a clean-shaven black man discarding a costume mask of a black man with an Afro.  Just this past year Nivea launched another ad campaign, this one called “White is Purity” featuring a photo of a white woman in a robe gazing out her window. It’s possible and even...
A Very Diverse July 4th

A Very Diverse July 4th

On Tuesday , the USA celebrated Independence Day, commemorating the adoption of the Declaration of Independence on July 4, 1776. Lost between the department store and auto specific sales commercials is the true meaning of “Why America is Great”. Quietly, my family and I celebrated the fourth at our apartment in Midtown Manhattan. At about 6 PM, before the roar of the Macy’s firework display, my wife prepared a simple cookout in a common area of our building. At the table next to us was a Chinese family of ten, including four generations, two of which were born in China. At another table, there was a three generation South-Asian family. We were just a two generation family. My son’s 4 great grandparents were all born in Italy, but at the age of 23, he still refers to himself as Italian-American. As the sun disappeared and darkness overcame the canyons of buildings, fireworks exploded in the New York City skyline. We were all on the roof. A Middle-Eastern resident, whom I have never met, handed me a “whiskey” to celebrate. Different beverages, the aroma of barbeque food from multiple countries and a symphony of languages all living, celebrating and thankful for our wonderful divine country. This is “Why America is...
Weird, Profound, Patriotic

Weird, Profound, Patriotic

During the July 4th weekend, I witnessed something weird, profound and simultaneously Very patriotic. As a weekend warrior, a group of about 20 of us occupy 5 tennis courts every Saturday morning at our local club. Within earshot of our tennis games, there was a children’s swim meet about to begin. In the distance and with us half listening, we could hear the public address announcer welcoming the swimmers and their guests and communicating the start time of each of the swim heats. Then, suddenly, things changed on the tennis courts. The players on the competitive court next to me immediately stopped playing. On another court, I saw two players remove their caps and one by one, all the tennis players stopped playing. Some stood in silence. Others had their hand on their heart. Others, like me, finally realized what was happening and got it! I started singing. The swim meet was about to begin and the national anthem was playing. After about 3 minutes, we all went back to our tennis battle. For me, a bit humbled, a bit surprised and very proud to be an...
Food and Diversity: They Complement Each Other

Food and Diversity: They Complement Each Other

Driving through my small village on the North Shore of Long Island, something entered my mind, certainly something that I have thought about before. There is a food craze today in society.  People from many cultures use food as a way of gathering with family and friends.  Food is the center of most celebrations, traditions and religious holidays.  Italians, traditionally enjoy “the “Feast of the Seven Fishes” on Christmas Eve.  When the Chinese celebrate their New Year, traditionally spring rolls, dumplings and fish are on the table.  Hot dogs and hamburgers are a staple item at a Summer barbecue in America.  African Americans enjoy catfish, jerk chicken and collard greens for Kwanzaa.  The Jewish holidays are always associated with matzah ball soup, blintzes and gefilte fish.  South Asians enjoy Dahi vada (lentil dumplings) in a spicy yogurt sauce during Ramadan.  Millennials are focused on experiencing every type of cuisine and seek out the healthy alternatives at a fair price.                                    The Feast of the Seven Fishes  New multicultural restaurants and food establishments are popping up everywhere.  In my small town, we have an amazing array of food choices if you choose to dine out or order take-out.  I only need to drive or walk ten blocks to find cuisine representing over a dozen different cultures: South Asian Tapas Southern Barbecue Sushi & Hibachi Italian Restaurants & Salumerias Chinese Restaurants & Take-out operations Portuguese Irish Pub Food and Taproom French Bistro Indian Fusion Greek – Sit-down and Take-out restaurants Argentinian Steakhouse Peruvian Mexican Afghan...