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Sales And Marketing
Redefining your Marketing strategies according to Demographics
Mutual Fund Live

Does Demographic Segmentation help?

Demographic segmentation is market segmentation according to age, gender, race, family size, income, ethnicity and education. India with a population of over 1.3 billion people, 55% are below the age of 25 while 65% belong to age group under 35. 

Now how does this matter to a Financial Advisor? 
Each of this age groups has different buying behaviours, different needs and respond to different marketing strategies. And India being a country of Diversity, advisors need to analyse their clients buying patterns while marketing their products. 
Hence the next step would be tailoring your approach according to your target audience. 

We classify the demographics according to their age in 4 different groups: Millennials, Generation X, Baby Boomers and Traditionalists.  

1.The Future Leaders: Millennials or Generation Y (Age Group:18-25)




2.
Generation X (Age Group: 26-45)



Most important: The first step while approaching them will be to drop an email which will immediately captivate their attention. You can consider subject line like: ‘Financial Planning = Life Planning ’ OR ‘Did you know 30 minutes is what is required for a sound financial advice.’ In an email, you may ask for a time they would like to connect with you.


3.Baby Boomers (Age Group 45-65)




4.Traditionalists 

Here, we refer to senior citizens who are 65+ years of age. 



A Quick Glimpse:



Ending Note

While this story cannot be treated in isolation while strategizing your marketing actions, other research work needs to be undertaken. Before you meet your client, spend 15 minutes on their social media profiles like LinkedIn and Facebook to understand their education, work area and marital status. There may be rare cases where a traditionalist is tech savvy and at the same time, a responsible millennial is more concerned about his/her future. Observing your client and asking the right questions can be a great rescue while mapping your marketing strategy. 
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