Building for Women — What Makes Them a Unique Target Segment?
Mahila Money is a full-stack financial platform designed for women. It aims to provide women with the financial products they need to achieve their entrepreneurial goals. But the services of this platform are not limited to providing products. Its services or objectives also include creating a private and secure space for women where they can express themselves as well as learn from a community of like-minded women. When women are the target segment, it requires a different and unique approach. With a unique target segment that is women, the strategies, executions, insights and attitudes have to be different too, than any other mainstream target segment.
Here’s what makes women a unique target segment
Here are some of our learnings that we derived with building and servicing the underserved segment of women entrepreneurs that we do:
A target segment that is patience
Women, in most cases inherently, are more patient than others. Naturally, patience is evident in them choosing a product and trying it completely before coming to a verdict, and recommending it to others as well. The process of creating a new product and launching it becomes easier when a business knows that its target audience has the patience to give its product a fair chance.
A target segment that is inherently confident
Along with patience, courage and confidence of women are also inherent. Creating a safe space for them where they are encouraged to be confident, inquisitive and authentic openly is what makes the difference. Motivating the women to speak confidently even when a male family member keeps prompting in the back during our calls, also helps build the women’s trust in the brand. We have come to understand that asking them to speak on their own and share their goals and business details with us, by leading the conversation, has a huge impact on their inherent confidence — both in themselves and us as a brand.
They value genuine products
Among all the products available in the market, women will choose one that is genuine, that makes life a little easier and that often turns out to be a solution that they didn’t know they needed.
They are extremely understanding
Our Mahilas are remarkably forgiving. They have had a longer journey than most when it comes to realising their own potential to start or grow a business. Naturally, they understand the challenges a brand can face and the mistakes a brand can make, when they themselves have faced challenges of being new in a business This has been a blessing for Mahila Money since it got the chance to be more empathetic and honest as a business.
They are eager to learn
Women want to learn the practical knowledge and skills of financial products and grow by using the products effectively. The job of a brand becomes easier with such a target audience since a customer who is eager to learn is a customer who is eager to adopt. Their inquisitiveness is our blessing too.
A target segment that wants to do something of their own
Women crave the sense of emotional fulfilment that comes when they achieve something on their own, hugely because they usually don’t get the chance to do things independently. This has made us put effort into the community, do live sessions and come with valuable content that can help women grow their businesses and hence their aspirations.
Women know tech!
There is a stereotyped misconception about women regarding technical matters. The truth, however, is that women aren’t technically-challenged. They may not be among the early adopters but they surely are fast learners. That is evident as women are swiftly adopting Mahila Money’s digital-first ops.
Here’s how Mahila Money is building a product for women
Mahila Money has been able to understand that women are unique as a target audience and with that understanding, it has come up with suitable products for women, and processes that are women friendly
A much-needed ecosystem
Mahila Money is an ecosystem that not only provides financial products for women but also acts as a platform where they can grow. It allows women to talk about business and personal experiences as well as seek advice and guidance from experts.
Mahila Money listened
There are many providing products to women but not all listen to what women have to say. Mahila Money understands the importance of listening. It knows a business and the audience can be true to each other by keeping their minds open. Hence, Mahila Money is always ready to listen. It created a team, a product and mechanisms which let the women know that they are heard and which optimises the next steps accordingly.
Women choosing Mahila Money
Generally, a brand focuses on promoting what the product has and it is the brand that pursues the target audience. It has been the opposite for Mahila Money. It has come up with a product that focuses on and serves women’s business needs. Our loan users, for example, constantly choose us and tell their friends and family about us. Which in turn gets us more users.
To a long-lasting relationship
The key to building any product is to listen to the customers and make them the focal point. Mahila Money is doing the same. It is listening to all women. This helps the brand enhance existing products, pave way for new products and eventually, lead to a long-lasting relationship with women.
