It's hard to believe, but the Millennials are already getting older. Each new generation requires new techniques for marketing insurance. A new generation is entering the insurance world: Generation Z. Who is this generation, and what do they need from you?
Who is Generation Z?
Generation Z was born in the mid-1990s into the 2000s. Those who were born in the mid-1990s are now in their early twenties, so they're planning for auto insurance and even life and home insurance. According to the Huffington Post, "This generation makes up 25.9% of the United States population, the largest percentage, and contribute $44 billion to the American economy." This generation grew up with the internet, and for the most part, they grew up with smartphones as well.
They're Less Focused
Generation Z is used to working on multiple devices at a time, all with many different updates happening at once. This means that they're less likely to focus on a single marketing message. In fact, they're probably on up to five screens at the same time, making it difficult for them to focus on any one of them deeply. You need to provide continuous new and engaging content for them if you're marketing insurance.
They're Not As Fixated On Price
While Millennials became teens and adults in the middle of a recession, Generation Z did not have the same experience. While they will still respond to offers such as discounts and coupons, these are somewhat less interesting to them than they would be to the Millennials.
They Make the Decisions
Generation Z sees themselves as independent of any brand. They want to be independent, and they don't define themselves as belonging to a specific brand through loyalty programs. Loyalty comes from continued, real engagement.
They Educate Themselves
This generation is used to looking things up online. They're not stuck in the paradigm of going to school and college before getting a job. Generation Z loves to educate itself. If you're engaged in insurance marketing, this provides room for you to assume the role of educator.
They Like Real Life
For a digital generation, enjoying reality might seem passe. However, this generation wants to know that those they follow online are very real. For instance, it's important to them that the brands that they follow be authentic instead of advertising-oriented. If Generation Z feels like you're just trying to sell them something, they'll ignore you.
Generation Z Loves Influencers
Generation Z has grown up with a digital identity. They define themselves in part by the brands and people that they follow. According to Forbes, "For Gen Z, influencers are more than just afternoon entertainers. They are role models, movement leaders, even educators." Your insurance business can work with influencers to connect with this emerging generation.
At American Agents Alliance, we want to make sure that you're ready for the large and small changes that are coming to the insurance business. Talk with us about our many membership benefits and network with others in the insurance field as well. Contact us today.