Posted on July 31, 2017
Following on from our earlier blog ‘Beware the generational marketing gap in financial services’ we wanted to look at how targeting attitude over age can help financial marketers in a B2C world.
As the mind-set of each generation continues to change, marketers have been debating on how to now target attitude rather than age.
Of course, it becomes difficult to target attitude and not age within Financial Services, especially when the foundations of your product(s) are solely aimed at those within a specific demographic group.
As reported by MarketingWeek, more and more young people are proving to be more cautious about their future life plans, considering investments and some even taking out life insurance earlier than the national average (30-45 years old).
The current social stigma dictates that it is the norm for a person edging closer to retirement to consider their assets and financial situation, rather than a 21 year old who has just finished University and is looking to make their first investment and their financial circumstances improve over the years to come.
Some research does suggest that companies within FS are missing out on the ‘next generation of bread and butter’, highlighting that we are now living longer and resources are available to the ‘next generation’ that weren’t available previously. Individuals are becoming more knowledgeable about different financial products such as; Help to Buy ISA, Stocks and Shares and even trading currencies.
How can marketers capitalise on this?
When developing an integrated campaign for a new product, focus first on the potential investors attitude, over and above their age and develop a strategy that will span all generations.
Consider the point they may be in the buyer’s journey and develop your personas around their attitude, what is important to a cautious investor will differ to that of an investor with a high appetite for risk. The information they are searching for will differ and you need to be ready to place your product and content in front of them on these channels.
Developing campaign creative and content that focus on their attitude over and above their age will help your collateral speak to all generations.
Post-demographic consumerism is here – people of all ages and in all markets are defining their own steps, ensuring that they have more of a hold on their future. So the question to marketers out there isn’t “why should we bother with the younger generation”, it is in fact “why are we not engaging with them more?”