Americans' Top Financial Concerns: What You Need to Know
Stop selling products and start selling solutions. I preach it all the time, and it’s an approach we always ask our clients to consider when we’re working together to craft their marketing message. Why is this so important? I’m not a parent so “because I said so” won’t fly. How about some actual research instead?
According to a new Gallup survey, Americans aren’t sleeping well at night; instead, they lie awake worrying about their finances. The biggest financial fear of most people? The inability to pay the medical costs in the event of a serious illness or accident. In fact, of the more than one thousand adults surveyed, 30% said they’re very worried about this and a further 24% identified themselves as being moderately worried.
It’s not just expensive medical bills that are worrying people. A separate report put out by Bloomberg Ventures found that 28% of Americans would worry even about an unexpected expense of just $10. Here are some other findings from the Gallup report mentioned initially that you should know:
Not being able to pay medical costs for normal healthcare (45%);
Not being able to maintain the enjoyed standard of living (40%);
Not having enough money to pay for children’s college (35%);
Not having enough to pay normal monthly bills (31%);
Not being able to pay rent, mortgage or other housing costs (26%); and
Not being able to make minimum payments on credit cards (17%)
Aside from general interest, why is this data important? This is your marketing message. People have fears about money. We have money to lend. Instead of selling your products, use the data above to craft a marketing message showing how your products and services can solve problems and ease fears. Not only is your customer winning when you market like this, your bottom line is winning. If you can offer the customer a way out of their painful emotional problem, they are more than willing to pay a premium for the remedy or forego the shopping process altogether and use your solution exclusively.