Marketing Segmentation: Lifestyle trumps Age

And by now we all know the power (and limitations) of a Trump!

"If you are seeking younger customers, my recommendation is to segment them by lifestyle. Use Nielsen or Raddon or another lifestyle segmentation system. Then, reach out to millennials who show the highest propensity for your products. In so doing, you will get a few individuals on either side of the millennial age bracket. And that's a good thing."                                                                                         –Kevin Tynan @kevintyn.

Kevin is senior vice president of marketing at Liberty Bank in Chicago.  In his blogpost of February 1, 2016 he addresses the concept of "millennial marketing" and offers the above advice.  I agree with him although as with all "rules" breaking them based on your own benchmarks and experience is encouraged. Back to test, test, test.

P.S.

In a related news story, Facebook’s report showed that 46% of Millennials define the No. 1 indicator of success as being debt-free. The next indicators were being able to retire (13%) and owning a home (21%). And the bad news for banks?

Millennials don’t trust anyone to advise them on their money except their peers. http://onforb.es/20DW861

Ruth Ann Barrett, Digital Savvyite, February 2, 2016, Portland, Oregon.