Different life stages require different financial marketing efforts
by. Georgann Smith
Audience segmentation has always been part of a marketer’s job. Today, it’s becoming easier with the availability of advanced data and analytics solutions.
Life stages are just one way smart marketers are categorizing the target audiences of their financial services marketing campaigns. There are certain predictable events in nearly everyone’s life that generate specific financial needs.
Below are five life stages and the financial place in which individuals in these stages generally find themselves. As you read about each stage, consider how you might tailor your marketing messages accordingly.
- Pre-Adult — At this stage, parents play a key role the financial decisions individuals will make. In that regard, providing financial education to both parents and children can help establish the trust necessary for securing pre-adults’ loyalty later in life. Laying the groundwork for positive savings habits through youth savings programs can be a great place to start.
- Young Adult — These individuals are building a base for their financial futures. Positive saving and borrowing habits need to be reinforced at this stage, even though many in this age group are also experiencing major life events like starting their career, getting married and buying a home. Encouragingly, a recent CO-OP Financial Services survey found credit unions are doing a great job meeting the needs of this demographic. Eighty-one percent of Gen Y credit union members said their credit union provides an “outstanding customer experience.” Keep in mind, the young adult demographic is tech-savvy and will often respond better to emails, apps and online tools. In fact, the CO-OP survey found 39 percent would use mobile payment apps, and 38 percent would utilize person-to-person (P2P) payments.