Article

Larisa Bedgood
Larisa Bedgood 12 November 2015
Categories

Life Stage Marketing: 3 Examples Of Targeting Consumers When It Matters Most

What do a newly married couple, a recent college graduate, and an expectant mom all have in common?

What do a newly married couple, a recent college graduate, and an expectant mom all have in common? Yes, this sounds like the beginning of a bad joke, but in actuality, each of these consumers are experiencing life event changes.  And when consumers make important life decisions or are in a state of change, these milestones tend to define spending habits.



A newly married couple may be ready to furnish their new home. Or a recent college graduate may be in market for a new vehicle. Whatever the circumstance, marketers can take advantage by sending offers to coincide with these moments.


 

Life event marketing isn’t new, but if you aren’t implementing this strategy into your marketing plans, it is time to reconsider. Historically, businesses understood the value of marketing based on life events but the most common challenge tended to be finding the data and acting on it while it was still fresh. After all, if you learn about a newly married couple 3 months after the fact, many of the opportunities will have long passed you by. The world is now faster and data is created and collected instantly. Just as important, data solution providers have become more sophisticated in how they source these life defining moments, allowing marketers to target consumers before the opportunity is lost.


Take a look at some of the ways marketers use life event data to target consumers based on life-changing events.
 

New Movers
 

new movers


Did you know that over 45 million people move each year in the United States?

  • New Mover annual expenditures exceed $150 billion
  • New Movers are five times more likely to become long-term customers if you reach them first
  • New Homeowners spend $9,700 on items for their new home within the first 180 days
  • New Homeowners spend more within the first six months than the average consumer spends in three years (source)

The most popular purchases for new movers include:
 

new mover purchases


Insurance Consumers
 

insurance


Identifying consumers experiencing life changes and asset changes significantly increases the likelihood of consideration of a marketer’s message. In the following example, Dave has been previously marketed to before for term life insurance. He is married with one child and is in the proper demographic segment for consumers who purchase these products. The insurance carrier sent several messages with no response. However, once Dave purchased a new house and was in a state of change, he was immediately open to receiving a quote.
 

insurance customer


Other emotional needs will also trigger interest in insurance products and services:
 

insurance products


New Parents
 

new parents


A 2015 Report by Liberty Mutual Insurance revealed some interesting findings about what new parents plan to purchase:

  • 61% of expecting parents were planning to purchase a tablet, laptop or other home electronics
  • 43% planned to purchase furniture for the baby
  • 33% of potential parents were planning a home renovation
  • 21% planned to buy high-end, designer diaper bags or shoes for the mom-to-be

And research by Experian shows that consumers are 423% percent more likely to purchase a digital camera in the first six months of having a baby.


While these are just a few examples, numerous opportunities exist for marketers based on life events. And consumers appreciate these personalized offers. A new homeowner will appreciate an offer from a local hardware store and a college graduate will be more apt to pay attention to information on fuel-efficient cars. Consumers in a state of change due to a life event feel as if they have “permission to buy.”  Smart brands that know that by reaching out with relevant messaging can create loyal customers for life.


To learn how to target customers and prospects with data and analytics, download this free eBook.

 

Original Article

 

Read More About Direct Marketing

 

 

Please login or register to add a comment.

Contribute Now!

Loving our articles? Do you have an insightful post that you want to shout about? Well, you've come to the right place! We are always looking for fresh Doughnuts to be a part of our community.

Popular Articles

See all
How to Review a Website — A Guide for Beginners

How to Review a Website — A Guide for Beginners

A company website is crucial for any business's digital marketing strategy. To keep up with the changing trends and customer buying behaviors, it's important to review and make necessary changes regularly...

Digital Doughnut Contributor
Digital Doughnut Contributor 25 March 2024
Read more
The Impact of New Technology on Marketing

The Impact of New Technology on Marketing

Technology has impacted every part of our lives. From household chores to business disciplines and etiquette, there's a gadget or app for it. Marketing has changed dramatically over the years, but what is the...

Alex Lysak
Alex Lysak 3 April 2024
Read more
The World Is Shrinking: 6 Degrees of Separation Is Now 2!

The World Is Shrinking: 6 Degrees of Separation Is Now 2!

Six degrees of separation is not just a party game, it's a reality. Everyone is the world is interconnected, and thanks to social media, that connectedness gets tighter and richer each day. See the research...

Scott Christley
Scott Christley 9 August 2017
Read more
10 Factors that Influence Customer Buying Behaviour Online

10 Factors that Influence Customer Buying Behaviour Online

Now is an era where customers take the center stags influencing business strategies across industries. No business can afford to overlook factors that could either break the customer experience or even pose a risk of...

Edward Roesch
Edward Roesch 4 June 2018
Read more
Cats and Dogs Boost Your Business By 300%. Here’s How.

Cats and Dogs Boost Your Business By 300%. Here’s How.

It’s the age-old question that has endured ever since the creation of the internet: are you a cat person or a dog person? Or do you love both cats and dogs? We have both dog lovers and cat lovers at Sortlist, so it...

Aline Strouvens
Aline Strouvens 27 August 2021
Read more