Just brilliant Tom, used this same thinking when we addressed product development to meet customer life stage. It is therefore not a clever idea to produce a mailshot to all customers for funeral insurance cover if 40% of your client base is between the ages of 25-35. What they probably need is mortgage cover, education savings schemes for children, etc,..
By mapping your client base to the graphs you produced above your marketing mailshot would have more impact if approached from client life stage. The mentioned funeral cover would have more impact on the 60-90 age group in your graph. The savings on wasted marketing can be utilised to enhance client offerings where required.
Uh... okay, Robert, I know there'll be an important point that you're making here, but this Bear Of Little Brain is not yet getting it... enlighten me, if you would? :-o :-)
The point I am trying to make is that the majority of the money side of things is not addressing the "what do you need" point that you made. If the art of marketing became more refined to meet such a need, rather than chasing sales we may start to address needs and not financial gain of the salesman. How many companies now have introduced credit cards to a market segment who can least afford it. If we look at needs from the point of view of age we may supply more appropriate needs based products to the target audience.
Ah - thanks, I get it now. (I did warn you that sometimes I can be Bear Of Little Brain... :-( :-) )
And yes, very strong agree. An example I often use for that is fashion-clothing shops - a shift from driving a cycle of frenzied 'What can we get you to want?' wastefulness to a quieter 'What do you need?' is long, long overdue...
Just brilliant Tom, used this same thinking when we addressed product development to meet customer life stage. It is therefore not a clever idea to produce a mailshot to all customers for funeral insurance cover if 40% of your client base is between the ages of 25-35. What they probably need is mortgage cover, education savings schemes for children, etc,..
By mapping your client base to the graphs you produced above your marketing mailshot would have more impact if approached from client life stage. The mentioned funeral cover would have more impact on the 60-90 age group in your graph. The savings on wasted marketing can be utilised to enhance client offerings where required.
Uh... okay, Robert, I know there'll be an important point that you're making here, but this Bear Of Little Brain is not yet getting it... enlighten me, if you would? :-o :-)
The point I am trying to make is that the majority of the money side of things is not addressing the "what do you need" point that you made. If the art of marketing became more refined to meet such a need, rather than chasing sales we may start to address needs and not financial gain of the salesman. How many companies now have introduced credit cards to a market segment who can least afford it. If we look at needs from the point of view of age we may supply more appropriate needs based products to the target audience.
Ah - thanks, I get it now. (I did warn you that sometimes I can be Bear Of Little Brain... :-( :-) )
And yes, very strong agree. An example I often use for that is fashion-clothing shops - a shift from driving a cycle of frenzied 'What can we get you to want?' wastefulness to a quieter 'What do you need?' is long, long overdue...