Fast forward to today, when Gen X is driving a minivan to their kid's activities, meeting a monthly mortgage payment, trying to save for a seemingly nonexistent retirement and ... well ... writing an amazing weekly blog about financial marketing and consulting credit unions and community banks on how to better utilize their marketing resources!
As marketers, we understand that segmentation is little more than politically correct stereotyping.
It's our job to stick everyone in the world into some kind of bucket. Traditionally, we've done this based on generational criteria: The Greatest Generation, Baby Boomers, Gen X, Gen Y, Millennials, Gen Next.
The problem is that generations grow up - they evolve. Segmentation based on generation is a moving target.
As bankers (and credit unioners), we are needed MOST during life's big changes. Our job is to identify those needs and translate them into product solutions.
If you've been a long-time reader of this blog, you've read it; if you've heard me speak, you've heard it; if you are a client, you're likely implementing it. Consider segmentation based on Life Stage.
There are certain events in nearly everyone's lives that we can predict and that generate specific financial needs. This list may not be definitive, but it's a great start to get your brain moving:
School Years
From high school through college, they are building a base for their financial future. It's time to establish great savings habits and manage any debt accrued in school.
Marriage
As two lives become one, there is often a consolidation of checking accounts, a new home, wedding and honeymoon expenses.
New Home
If you're not automatically bundling a credit card with your mortgage, start today! Old stuff is never good enough for a NEW home. They also need to start saving for those surprise expenses that homes have a tendency to through our way.
New Baby
Nothing changes financial priorities faster than the pitter-patter of little feet!
Empty Nest
With fewer mouths to feed, empty nesters often enjoy extra disposable income. Will change savings habits and often will looks to downsize their home.
Grandparent
They may want to help secure the future of a whole new generation by helping their children and spoiling their grandchildren.
Retirement
With more time to focus on themselves and on their loved ones, retirees look to stretch the savings that they've worked decades to build.
Owning a Business
Though there are similarities, business banking and personal banking are different. These entrepreneurs are looking for sound advice and ways to better manage their money.
Once you've identified the relevant Life Stages, think about these folk's needs.
- How do they save and spend?
- How do they borrow and for what?
- What are their needs in the near future?
- What conveniences do they want and need?
Finally, assign the most likely products and services to fulfill those needs, then you can:
- Bundle products,
- Package your bundles in ways that will differentiate you and facilitate meaningful conversation with your customers (see samples from the above photos),
- Train your sales staff to narrow the focus of their discussions and
- Fine tune your targeting of external and internal communications
------------------------------------------------------------------------
With nearly 185,000 visits worldwide, we hope that you enjoy this blog. If you find it helpful, please share it with your colleagues. Also, check out our YouTube Channel for short video blogs about financial marketing. We bring these marketing philosophies to credit unions and community banks nationwide, and would love to bring them to your institution too. Contact us to see how.
MarketMatch is also a nationally and internationally requested speaker. Contact us to bring our marketing ideas to your next conference.
No comments:
Post a Comment