Millennials are growing up. While the Millennial generation has long had the reputation of being less committed and less settled, many Millennials do have families and homes. With those come new needs for insurance coverage. What insurance coverage do Millennials need, and what insurance marketing techniques work best for this generation?
Shifts In The Millennial Generation
Like all generations ultimately do, the Millennials are growing older. While many in this generation delayed settling down, partnering, and having a family; the Millennials were born between 1981 and 1996, which means that many are in their thirties now. They might rent a home or buy, but they still have needs for insurance to protect their home, vehicle, families, and health.
How to Sell Insurance to Millennials
Millennials are savvy consumers. According to Forbes, "Millennials have a lower median income and less disposable income than past generations. They’ve learned how to live well on less, and that makes their shopping habits much different from their predecessors."
They've also grown up in a time with more consumer choice than ever before. Entrepreneur states that "because of the sheer number of products available to them, they tend to do research before buying; Goldman Sachs reports that 57 percent of millennials will compare prices in store before making a purchase."
How do Millennials compare products? A very large percentage (80 percent) of Millennials rely on video to consider their different options when they're making a purchase. This means that if you're looking at your different possibilities for marketing insurance, creating quality video discussion of your products is not optional, but mandatory if you want to appeal to this audience.
Building Trust With Millennials
Instead of feeling like advertising is coming at them, Millennials want to choose what they watch. If you are advertising, you need to do so in a subtle way. Loud, brash ads might work for other generations, but they turn off this generation. You also need to get social: Millennials trust the people that they know more than they trust an online ad. If you're part of their social network in some way, you're trusted. For example, creating shareable educational content or simply providing excellent service that gets discussed online will help you develop a stronger reputation amongst your Millennial audience.
Millennials also love local, ethical businesses. To attract them to your business, make sure that you focus on your local connections. For instance, if you do business primarily online, concentrate on the community that you've developed, and promote this community feel to Millennials. Make sure that your values and ethics are at the forefront of your marketing materials as well.
Age Is Just Part of Your Insurance Marketing
Age is only one part of your insurance marketing considerations. While generational characteristics can be useful as you segment your audience, it's important to note that all Millennials are different. Some have families, while others are just moving out. Some are settled and have purchased a home, while others are trying out different career paths and moving around the country. As you market to Millennials, recognize that as in any group, there is huge diversity within this group, and know that you need to consider a wide range of demographic characteristics, including age.
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