Last week, Advertising Age published a telling article about the huge demographic shift happening in markets across the United States. For many marketers, the article reinforces a familiar conversation point: demographics are changing and marketing efforts must be adapted accordingly. For others, the stats included in the article may prompt a much-needed reality check.
While some markets will experience more significant changes than others, marketers in any market should be taking the time to assess how these national trends will affect their local markets.
An assessment of recent demographic shifts and future projections at the local-level allows marketers to recognize if and how demographic change will impact their markets. It will reveal new challenges and new opportunities. And it will help these marketers respond accordingly. While the article centers on marketing decisions, these demographic shifts have the potential to impact several aspects today’s financial institutions, including:
- messaging and positioning
- community involvement
- customer/member experience
- products and services
- delivery channels and locations
- advertising, media and public relations choices…
…the list could go on and on
As markets across the country continue to change at a rapid pace, having a sense for how demographic shifts have impacted and will impact local markets allows marketers to make smarter marketing decisions. Without current and local information, marketing efforts can quickly become irrelevant, off-target, and disconnected from the realities of the markets served. The Ad Age article is a reminder that the routine assessment of local demographic information, especially in today’s marketplace, needs to be a priority in the decision making process – relative to marketing, but also relative to various aspects of how institutions conduct business.