Why Life Stage Matters In Strategic Development And Target Audience Identification
Dallas Fort-Worth & Austin Texas – Many marketing departments, business owners and CEOs often overlook the importance of qualitative demographics, focusing on age and gender in the target market identification, media buying and sales process. Many times that is overplayed. Research shows that marital status, and presence of children can have a significantly more impact on the buying decisions of the household than other factors – this is classified at Life Stage or Stage in Life.
Why People Buy And What Factors Influence Purchases?
Why do you buy the things you do? What factors influenced the type of vehicle you own today? Do you prefer to shop for groceries at an all-in-one hypermarket or do you prefer a smaller neighborhood supermarket or your local co-op? And what about leisure activities? Does your favorite leisure activity usually consist of a weekend getaway, a night out at the latest nightclub in town or gardening in your backyard? For those of you who are married or who have children living at home do you find that the way in which you spend your leisure time and money is different than when you were single?
Marketers, advertisers and business owners that have the answer to these types of questions have a much better chance of creating, communicating about and delivering relevant advertising messages that will make people want to buy. And that means increased revenue for your business.
Customer Analysis and Database Mining To Better Understand Your Best Customer
More often than not, age, marital status and presence of children can have a significant impact on how we spend our leisure time and money. The concept of analyzing your audiences stage in life cycle is an important first step in understanding what types of products and services your audience is likely to use and will lead you to identifying the best prospects to call on. Did you know that single people are less likely than married people to shop for clothing on a regular basis? Also, those who have teenagers living at home are more likely to be heavy fast food eaters than those people with young children at home. Finally, among those under 35 with no children married adults are 21% more likely to have a retirement account such as a 401K while those who are single are 55% less likely to have a retirement account.
These are just a few examples that demonstrate how consumers who are in different stages in their life cycle consume differently and how stage in life cycle might impact when a person might be more likely to buy a product or service. In the case of establishing a retirement account the data suggests that marriage may play a significant part in the buying process.
Better Marketing Results Start With Better Understanding Of Your Best Customer
Creative Options provides numerous reports to analyze the makeup of your media’s audience including media profile reports which defines gender, age, ethnicity, income and educational profile for your audience. Another useful report in profiling your audience is an Index Report which provides a composition percent of your audience and compares it to the composition of the general population by understanding how your audience differs from the rest of the population will help you determine where your strengths lie.
If you would like to learn in-depth information about your best customer so you company can increase revenues, please contact us today and let’s start talking about how to maximize your results while minimizing your budget. Send me an email at firstname.lastname@example.org