Key Insights from Foresters Market Research
Earlier in the year, Foresters Financial undertook an extensive research project on the topic of pre-need funerals.
The aim of this research was to try and improve our understanding of both the market for pre-need funeral products, as well as the specific drivers of the consumer.
Specifically, there were some key results that may help funeral directors fine-tune their pre-need sales process:
- Awareness of prepaid funerals is high (90%) but overall penetration is low (25%), meaning there is much more potential in the market compared to what is being tapped.
- Customer service is key – the most important factor driving sales (after price) is the quality of staff in their manner, product knowledge and friendliness.
- Those who purchase a prepaid funeral product do so within a year of first considering it. People may lose interest if considering for too long, so investing in some time to follow up with clients may prove beneficial.
- The strongest interest in pre-paid funerals came from those aged 71-75, followed by 65-70 and 76-80.
- Bond purchases tend to view their purchase as in investment, while pre-paid funeral purchasers are more interested in protecting families from the stress and cost of arranging a funeral, suggesting that marketing approaches for both should differ significantly.
If you’re interested in receiving a copy of the research report in it’s entirety – or if you have some questions around how Foresters can support you with your pre-need marketing – feel free to contact us today.