If your bank relies on segmentation models that focus more on lifecycle per se than on lifecycle's role in lifestyle, you may be about to make the biggest mistake you ever made.
What was formerly the "Preretired" lifecycle - ages 55-64 - is now strongly influenced if not dominated by Alphaboomers, Nielsen's coinage for 55-64 year olds that consume media - old, new and cutting edge alike - like teenagers. In the past, once consumers reached the age of 50 to 55, they fell off entertainment radar completely, and their financial concerns turned to thoughts (and worries) about retirement.
Now, if you market to Alphaboomers as if they were Preretired - because you are considering lifecycle outside the broader context of lifestyle - you will be so far off base you will go backwards for every marketing dollar so misspent.
All these years, I thought I was the only one who failed to grow up. How comforting it is to know that I have so much company as a 56 year old with a feature phone, a smartphone, a tablet, a work notebook and an entertainment one, a desktop PC, 3 internet/PC connected TVs, a DVR, a Blu Ray set-top box and a presence on Twitter and Facebook (and My Space for the music stuff).
Cultural factors, and health and wellness, have turned us into one megaspending cohort, 55-64 - much more concerned with enjoying the time of our lives when we still, for the most part, have not only the means but the health. Increasingly, the health and wellness of people - of customers and prospects - will find its way into RPM's financial models and data like MarketBank. The healthier the older household, the more financial services they will consume that hit the bottom line, not just liabilities (like hot money CDs) as in the past.
This Nielsen presentation was Killer! Even Nielsen themselves will need to step up to the findings. More to come on changing media habits and how we expect them to change retail banking and the ways we analyze customers and markets.
No comments:
Post a Comment