Developing Winning Strategies for Consumers of All Ages
Identifying and Leveraging Age-Based Expectations
Brand Keys, Inc., United States.
Mirror Group Newspapers Limited, United Kingdom.
WHAT TO EXPECT
Why not just advertise product attributes and benefits and be done with it? Over the past two decades many companies, including some of the world's largest financial institutions, have done just that and have experienced increasing difficulty in differentiating their products and services from those of the competition.
In earlier times, when media and information channels were fewer and simpler, it was much easier for the providers of products and services to manage and manipulate the information about their offerings that consumers received and assimilated. Moreover, far fewer options were available to consumers who, while different in age, were actually exposed to what resulted in real product and service offerings. As such, different age cohorts exhibited different patterns in how they viewed a category, compared brands in a category, and ultimately, adopted certain brands. This was truer in the financial sector than others.