Rightly or wrongly, humans have a tendency to put things into categories/labels. Countless studies have shown that social categorisation and labelling are something the human brain has been doing for thousands of years. It’s therefore not that surprising that marketers tend to place consumers into categories too. But this ‘one-size-fits-all’ approach can be really ineffective. And it’s something we discussed at our recent roundtable lunch event at the Bleeding Heart in Farringdon.
We host these events regularly, bringing together a number of people from across the employee rewards and benefits sector to discuss a variety of topics. This event was focused on ‘what’s in a label?’ and throughout the afternoon we covered some interesting themes including:
- Generational labels (Baby Boomers, Generation X, Millennials, Generation Z) and whether these really have an impact on the way people view their finances
- Social labels and how reaching out to influencers from different ages, genders and backgrounds can help to drive relevance
- Changing views and trends and how these can impact brand identity. Many consumers are looking to align themselves with brands that share the same ethical values, and this is becoming increasingly popular when it comes to saving and investing money
- The use of technology and how it’s changing the way all consumers interact with brands and content
- The importance of recognising both differences and similarities in consumers. For example, people at different points of their career are probably going to have different priorities but similar pain points to saving for retirement. Someone just starting out may have less money to put into their pension because they’re saving for a house, while someone approaching retirement may be focusing on paying off their mortgage or funding their children’s education. The reality is different, but the challenges to long-term financial planning are the same (not enough disposable income)
- How the pensions industry can engage with every generation. Themes included: how to develop a detailed communications strategy, understanding your members, using creativity and technology to stand out, how to use different content across different channels, how to add value
Ultimately, when it comes to pensions communications, there is no ‘one-size-fits-all’ approach. Everyone has different needs, wants and motivations, so it’s crucial to avoid stereotyping and sending out blanket communications that don’t resonate with individual consumers.
If you didn’t make this lunch, why not come along to the next one? Don’t miss out. Contact firstname.lastname@example.org to reserve your space.