Have you considered the benefits of life stage marketing? Instead of focusing solely on a person’s demographics (age, gender, household income) or even their lifestyle preferences (fitness, pet ownership, hobbies), life stage marketing is about providing relevant products and services based on where recipients are along the timelines of their lives.
Life stages include graduating from high school or college, being newly married, being an expectant parent or new parent, having recently purchased a home, and so on. In each stage, consumers tend to have common needs and challenges, allowing marketers to speak relevantly to each group, even though the people within it may look very different demographically.
Regardless of demographics, someone who purchases a new home, for example, is going to need to insure it, and they may very likely be in the market for home furnishings, home security, and home décor, as well. Expectant parents will need diapers and baby clothes, but they may be in the market for life insurance, too.
Although life stage data crosses demographic lines, it’s important to pair it with demographic data because the details of how and why people make purchase decisions can vary based on their demographics. For example, two couples, one in their 20s and the other in their 60s, who are new homeowners might both be looking for new dining room furniture. However, the younger couple may be looking to upsize, while the older couple may be looking to downsize. Both may also want to makes changes to their life insurance policies, but the older couple may be looking to sell their policies while the younger couple might be looking to purchase them.
Life stage marketing can be very powerful, but it’s also timely. Life stages are associated with specific categories of purchases, but those purchases often have narrow windows. For example, new movers tend to make most of their purchases within a 180-day window, so you need to move quickly. Not only will this window of opportunity close, but the decision-making process tends to occur early in the window, especially for larger purchases, well before the actual purchase is made. You need to get in there before someone else does.
Other examples of life stage data include newlyweds; families with elementary, middle school, or high school aged children; the newly single; and those approaching retirement or those who have recently retired. All of these life stages prompt major purchasing decisions, and you want to be there when they happen.
Need help understanding and tapping into life stage marketing? Contact us today!