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Use &#39lifestage&#39 marketing to attract clients

Market analyst Datamonitor says financial services companies should use what it calls “lifestage” marketing to help them stand out from competitors in a crowded market place.

It says this differs from lifestyle marketing as it targets consumers around specific events rather than just how they live their life.

According to Datamonitor, lifestage marketing can be used to combat the problem of decreasing customer loyalty. By understanding customers&#39 needs and acknowledging their different characteristics, companies can approach them more effectively and increase product take-up.

It says when people are about to enter a new lifestage, for example, getting married or having a child, they may be uncertain about the unfamiliar territory. Companies can offer help at that time and build a strong relationship with them.

It believes this more personalised approach makes the customer feel valued and will encourage them to be loyal.

The report says as more companies adopt this personalised strategy customer expectations are raised and companies not employing this tactic will leave people dissatisfied and damage their brand image.

In the financial services sector Datamonitor says the recent switch to focus on price as the key factor has led to slimmer margins on products so companies should use lifestage marketing to ensure what they are offering suits their target customers so resources are not wasted.

Datamonitor financial services analyst Nicola Kubiak says: “Lifestage marketing can help build long-term relationships that reduce reliance on individual products.”


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