Reaching female customers in the ladies' economy - SHEconomy

By appealing to female customers with its relatable and practical products, BAC A BANK is one of the banks trusted and chosen by women. Photo: PV

Recognizing gender differences

It's important to boldly explore the differences in spending and borrowing behavior between the two genders. With the same amount of money needed for borrowing, female small business owners tend to use credit cards or consumer loans; male small business owners will seek business loans/working capital support.

Studies have also shown that women tend to leave credit card debt and only make minimal payments, while men are much more likely to pay off their entire credit card balance right after the statement date.

Provide information and guidance.

Women are known to seek out financial information more frequently than men, so financial institutions should explore all possible channels of communication with women. This is especially important as women are more receptive to and trusting of information delivered through various media. We need to understand how women receive information and ensure that the content delivered is relevant and effective for female customers.

Understanding the motivations

Modern women are increasingly educated, earn higher incomes, and are more proactive in making major purchasing decisions. Their thinking is closely tied to budget and they are always looking for deals/bargains, paying close attention to brands and tending to thoroughly research products and services.

Banks need to consider the diverse roles of women: students, mothers, housewives, business owners, primary breadwinners, etc., and find marketing strategies that align with each woman's role. Effective marketing requires careful consideration of customized products tailored to different female demographics.

Socialization of strategy

Several surveys show that a significant number of women use social media to search for and exchange information about products and services. Among them, most will decide to purchase a product if it is recommended by famous personalities on online channels and will likely buy a product if the business shares information about coupons, attractive purchase opportunities, or tips/ideas on using the product on social media. This demonstrates the extent to which online channels can influence purchasing decisions, allowing banks to provide practical information that can positively influence the product and service evaluation process of female customers.

The "Home Builder" savings product offers incredibly attractive direct discounts.

In Vietnam, some banks have focused on conveying specific messages to reach female customers depending on the products and services they offer. For example, Bac A Bank has recently focused on developing and implementing various policies to attract and retain a large number of female customers, such as:

ButThe "Home Builder" savings product offers incredibly attractive direct incentives: by depositing a minimum of 10 million VND for a term of 12 months or more, female customers will receive an additional preferential interest rate, with no limit on the number of savings accounts - meeting the needs of managing family finances with specific future plans.

Customers also receive an immediate interest rate reduction of up to 1% per year if they take out a loan secured by their savings passbook – an offer built on the premise of positioning women as the primary decision-makers in improving their living conditions (housing, transportation, etc.).

ButCustomers with a minimum deposit balance of 1 billion VND will also receive shopping vouchers at TH truemart stores nationwide - a practical gift for family health care.

In addition, female customers will have the opportunity to own a free BAC A BANK - TH truemart co-branded card with many outstanding features, especially a 5% discount on purchases at TH truemart - satisfying women's preference for the convenience of debit cards for daily expenses, while also helping customers manage their accounts/transactions accurately and intelligently.

At BAC A BANK, promotional programs are conducted regularly to show appreciation to female customers on major holidays such as International Women's Day, Vietnamese Women's Day, etc., alongside regular customer care policies such as giving gifts on birthdays, holidays, and Tet (Lunar New Year).

For more detailed information, please visit the website.www.baca-bank.vnor Customer Service Hotline 1800588828.