Female entrepreneurs are a fast-growing target market. Consider these facts:
- Women own an estimated 10.6 million firms, or 48% of all privately-held firms in the US.
- In the past 12 years, the number of women-owned businesses has more than doubled. Between 1997 and 2004, the estimated growth rate for women-owned firms was nearly twice that of all firms, 17% vs. 9%.
- Women emphasize relationship-building as well as gathering facts...are more likely to consult others, including experts...and may take more time in making decisions.
- When selecting a financial advisor, high net worth women are more likely than their male counterparts to say it is important to feel confident that the advisor is "acting in their best interest". (93% vs. 83%).
These observations, and others, can be found on the website for the Center for Women's Business Research, http://www.nfwbo.org/index.asp.
Wilma Anderson is the president of Senior Care Associates, a firm that serves the insurance industry. She believes that LTC insurance is the best way to reach, and begin relationships, with female business owners. She observes that women business owners are usually more receptive to hearing about LTC insurance because they're more often caregivers for aging parents and other relatives. Because women live longer than men, they realize they're more likely to need long term care...and businesswomen want to remain financially independent and not become a burden to their children. Her favorite question to ask a business owner is "What are your plans when your health changes?" In her view, women understand the question. Men tend to deny that anything will happen.
Whether or not LTC insurance is the 'lead product' for female business owners, the emergence of this female entrepreneur target market is undeniable. Annually, these firms generate 2.5 trillion in sales and employ 19.1 million people. That's a force!
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