View more on these topics

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.”

Recommended

NDF reaches 10th plan

NDF Administration has unveiled the ninth tranche of its extra income and growth plan, which is linked to the performance of the Eurostoxx 50 index over a term of three years and two months.This guaranteed equity bond offers investors an annual income of 10.25 per cent a year, quarterly income of 2.35 per cent or […]

Focus system to speed up Skandia bond applications

IFAs using Skandia&#39s extra-net can complete investment bond applications electronically following the implementation of a system from Focus Solutions.The Goal technology system allows product providers to offer intermediaries and consumers online applications without needing additional software. It will go live to 8,000 registered IFAs in March.Skandia is the first provider to use the technology on […]

Providers split over handling of Serps

Pension providers are divided over how to tackle the confusion surrounding whe-ther to contract in or out of Serps, with some contacting customers suggesting that they review their previous decisions.The issue has arisen following the introduction of lower contracting out rebates from April, which will make the benefits of leaving Serps more difficult to judge.Royal […]

Former Friends Prov man on AssureSoft board

Former Friends Provident deputy managing director, life and pensions Tony Griffiths has been appointed to the board of AssureSoft as a non-executive director.Griffiths, who recently retired from Friends Prov, will represent Norwich Union, Scottish Widows and his former employer, who together took a 40 per cent stake in AssureSoft last month.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment