One of the golden rules of marketing is to always target your message to your audience. That means clearly defining your audience through demographic research. But what if your product or service will appeal to several demographics? Good news – you don’t have to create individual campaigns for each demographic if you employ a multi-faceted marketing strategy.
Many businesses, such as financial institutions, offer products that everyone needs – men and women, Baby Boomers to Generation Z – all can use banking or investment services. Marketing across all of these demographic categories doesn’t have to be expensive or difficult.
For example, the Great Recession affected all demographic cohorts differently. One in five Baby Boomers never recovered from losing approximately 39 percent of their wealth and had to resort to borrowing more to meet their everyday expenses.
Gen X customers are often considered financially beleaguered, but their borrowing habits make them the most steady customers for banks and credit unions. At the same time, they have reduced the amount they owe by 10-15 percent since 2008, while contributing the most consistently to their retirement funds. (Harland Clarke)
Both of these demographics could be great potential customers for the financial industry. We’re going to reach them by creating a marketing plan that not only appeals to a variety of ages and demographics but that grabs their attention where they hang out.
Start with research. For example, the over-50 crowd accounts for 50% of all consumer expenditures, but marketers are only spending 10% of our budgets on them. Get to know your demographic and how they like to be communicated with as this will be very important. This blog has some great insights into the various demographics: Wordstream.
Younger folks tend to prefer to communicate digitally – online via email, text, and digital ads. Older folks tend to like to speak to real people and they respond more to traditional direct marketing and sales methods.
An efficient way to reach these demographic groups in one marketing campaign is to use a multi-faceted marketing strategy. This strategy utilizes several touchpoints to make contact with your audience in their preferred space. You can use the same, or a similar message, if it solves the same problem or experience for all the categories.
For example, the same marketing campaign could utilize email marketing, direct mail, point of sale, and online advertising – all with a similar message or value proposition. It’s important to consider all options when trying to effectively reach several demographics. Don’t throw out traditional methods in favor of only new trending methods.
Despite being around for more than 200 years, promotional products have been found to be the most effective form of advertising across all generations, and 83 percent of people who have received a promotional product are more likely to do business with the brand. (PPAI)
Be sure to include staff education into your marketing plan. Anyone who has contact with a potential or new customer should have a basic knowledge of how to be an advocate for your business. They should have knowledge of the different demographics and their preferences. For example, if a Baby Boomer wants more information about a product or service, the staff member may want to mention that in addition to online information, your business has a phone number to call where they can speak to a real live person to have their questions answered.
There are many more elaborate examples of multi-faceted marketing campaigns that incorporate creative ways to engage with customers. INM Group can help you come up with a solution that works for your business. Contact us to get started.