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By : Smita Sahai, Creative, J Walter Thompson
Industry : Advertising/PR/MR/Events Functional Area : Business Models
Activity:  4 comments  19400 views  last activity : 07 06 2010 20:18:04 +0000
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In the 21st century, "Lifestyle Marketing" has become the magic buzzword and the latest merchandising strategy to enthrall customers after the 80s "Niche Marketing" and the 90s "Branding" craze. Simply put, lifestyle marketing is having a promotional approach centered on the interests, values, attitudes and way of life of consumers/target group. The key words here are 'WAY OF LIFE' of prospects and customers.

In lifestyle marketing one categorizes customers based on their interests, activities and opinions. A classic example of lifestyle marketing is the HARLEY-DAVIDSON bike that has morphed in to cult marketing. Similarly Shahnaz Hussain and her array of beauty products are a way-of-life!

Lifestyle marketing attempts to group customers according to some amalgamation of three categories of variablesActivities, Interests, and Opinions (AIO) and identifies the potency of a customer's chosen lifestyle for determining the sort of products to be purchased and the specific brands that are further likely to appeal to the chosen lifestyle segment. Lifestyle marketing has assumed a new paradigm in today's competitive business world.

Lifestyle Marketing necessitates and works best when companies are able to connect with the lifestyle of their existing and potential customers by developing effective marketing strategies that seamlessly fit their way of living. It provides tremendous opportunities to the companies to directly target a specific type of consumer who will most likely be an enthusiast of the company's specific products and thus, provide a competitive business advantage to the company and generate more business.

The companies have to be constantly attentive and tuned in to the simple reality, that understanding consumers and reflecting their AIO through sound message is what really builds for successful Lifestyle Brands and Lifestyle Marketing.

With that in mind, the companies should dedicate a concrete portion of the marketing energies towards Lifestyle Marketing

 
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4 comments on "Lifestyle Marketing "
  Commented by  varsha mishra, technical Manager, rfrac    | 10 02 2008 05:32:18 +0000
nice 1
  Commented by  Jaygopal Raghavan, Head/VP/GM-Client Servicing, Percept Holdings    | 07 17 2008 08:38:33 +0000
Yes indeed lifestyle marketing will be a potent force in the coming days. This is due to the growing income band and free flow of information world over. the youth of today want to enjoy the best things that their money can buy rather than save up like our parents did. did you know theere is a world wide organisation that promotes life style marketing and they recently had their annual conference in the Gulf. 

They are into promotion of life style marketing and premium products. According to them there is a boom in premium product demand world over with the Gulf spearheading the movement.
  Commented by  biswarup bhattacharya, Product/Brand Manager, SFIC- Britannia    | 04 26 2008 20:15:12 +0000
There is a school of thought who say that need ca be created from the product that you make. Doesnt that defy the concept of lifestyle marketing? 
  Commented by  Sasi Dash, Creative, Mudra Communications    | 04 23 2008 23:09:51 +0000
I also feel that with the rise in lifestyle stores, the need of addressing the consumer wants and preferances will also have to be focussed upon.
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