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Lifestage Marketing in UK Life, Pensions and Investments 2002
Datamonitor, Jan 2002
Introduction: At a time when competition is intensifying across the FS industry increased pressure is put on margins and profitability. By understanding your customers' needs, they can be targeted more effectively and as a result product take-up and profitability can increase. This report considers how a customer's lifestage will affect their needs and discusses the benefits and dangers of using lifestages to segment and target both existing and potential consumers. An essential read for all' Lifestage Marketing in UK Life, Pensions &Investments 2002' will be a vital planning and strategytool for anyone involved in the life, pensions and investment industries:o Issues and future trends provide insight from which to develop new strategies and tacticso Product and segment characteristics will enhance new product developmentso Behavioral and motivational issues will show you howto understand customers and therefore capture their attention What is lifestage marketing?: Lifestage marketing is about marketing specific products to customers in a way that is dependent on the stage of their life that they are in. The theory behind this type of marketing is that certain events or moments in people's lives trigger particular needs or desires. The trick is to recognize these changing priorities asquickly as possible and target customers whether existing or potential, with the relevant products. Knowledge of what to target, to whom and when can be built up from the depth of information that financial services companies already have from existing customers. In this way customer take-up should increase, as customers are only marketed products that they need when they need them and are thus more likely to pay attention to anything that is presented to them. Lifestage marketing is a good way to attract attention to the product, as it relates specifically to what is happening in the customer's life. When done correctly and used in away that is consistent with the company's brand, lifestyle marketing should form a highly successful acquisition and retention tool.
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