Jornaya CEO Ross Shanken writes about Major-Life Purchase Marketing: Making Complex Decisions Easier in this article in MediaPost. Below is an excerpt.
There are more than 5.6 billion Google searches every day, with 78% of U.S. internet users researching products and services online. These shoppers are evaluating cost and quality on everything from impulse purchases, like those trendy ‘dad sneakers,’ to considered decisions, like buying new furniture or big screen TVs. They’re also making more complex investments, those we call major-life purchases (MLPs), such as buying a house or an insurance product.
MLPs are what every American adult generally needs for well-being or fulfillment. These purchases involve not only a great deal of consideration but also entail a high degree of financial and emotional risk. MLPs include:
- Financial assistance in the form of credit or loans for mortgages and personal lines of credit
- Insurance assistance to protect health, family, and possessions
- Higher education to fulfill a passion or increase earning potential
- Auto ownership that allows for freedom and mobility
- Home ownership and home services, such as security and home improvements
While the end goal on all of these decisions is similar: securing the product that you feel good about emotionally and financially, the path to purchase is often drastically different. And so, too, must be the marketing approach.