To stay in the highly competitive world of insurancemarketing, one must know their market and decide how to properly address their market’s needs. Like shooting darts, you want to hit the bulls' eye. In this article, we’ll focus on who are the millennial insurance customers and the 7 tips to execute for your insurance agency marketing.
Who are the millennials?
The millennials are the group of people born between 1980 to 2000 according to Goldman Sachs Global Investment Research. The numbers of people who belong to this group actually exceed the Baby boomers. 92 million to be exact according to the 2015 US census.
Why cater to millennials?
The peak ages when millennials buy cars, invest in business or homes are between the ages of 25 to 45. At this point in the next few years, the baby boomers would be retiring and downsizing. The next generation in turn are prime to buy and now is the time to find more millennial insurance customers.
How and where do they buy?
Ease of accessibility and saving time are the two most important things that millennial insurance customers prioritize when they are shopping. Also, they tend to look at online reviews from other people. The cellphones have been upgraded to not serve as a form of communication but now a gateway to peruse products and services while on the go.
Now that we have these facts, how do you sell to this group? Here are some tips to get them hooked with your insurance agency marketing.
Highlight discount offers
There have been a rise of consumers favoring loyalty schemes and reward programs. Excentus conducted a survey where 78% of millennials would switch brand preference if they were offered discount on gasoline. They are also focused on getting discounts through coupons. Focus your insurance marketing in offering good discounts. Use that to highlight your existing offers. On top of that, the discounts are need to be an added bonus to the excellent line of services that you already provide.
Transparency is key
It is so easy now to give feedback, good or bad since most millennials are internet savvy. One bad word can destroy a company. When you are speaking with them, understand their needs first. You need to have a conversation because sometimes they might be unclear on what they really want or need. As one person is unique as the next, we all have different needs. Once you are crystal clear, recommend the most appropriate insurance policy.
Your personality matters
It’s not only the product that they are interested in. The process of selling them coverage starts with the customer experience. There might be a bit biased towards the physical appearance but what is more important to them is that you speak their language. They tend to bond more with the same age group but if you have a real understanding of their situation, there’s a very good chance that you’ll impress them. Most of them prefer to talk to independent agents since millennials want several options from different insurance companies to do comparison with.
Start selling renter’s insurance
We stated in the beginning that most the millennials buy house properties at an earlier state. The other fact that we cannot deny is that most of them are currently in debt. Focus on selling them stand alone renters insurance. Why? Because they won’t always be in debt. The end goal for them is to get out of debt which would lead them to buying houses later on. Who do you think they will turn to once they need to make that decision in life? Your loyalty will pay off if you stay with them in the beginning of their life journey. Dismissing them now because their current needs are limited will surely hurt your insurance company in the long run.
Target their interests
Technology is the preferred way that millennials communicate, more often and in real time. They are social creatures. 79% use the internet to build connections and networks. On top of that, they belong to groups based on their interests, hobbies or shared desires. Whether it be gaming or a cat sanctuary, they use social media to follow and support businesses. Your insurance marketing must include having a website and social platform where you can easily be seen. Integrate your message and business and be seen.
Be human and be available.
No one likes talking to robots. Search engines that one can talk to one has become popular but nothing beats human interaction. Time is of the essence for millennials. Most of them work the 9-5 shift. They will do their business or shop either during their breaks or out of office hours. Does your insurance company address this? A good way to address this concern would to have a Frequently Asked Questions page on your website or social media. You could always have extended hours. Or go so far to employ a call center to answer these calls outside business hours. This might be more financial investment from your company but you will provide better business which in turn will get your more millennial clients.
Who are you?
The story of your company online can be a might hook. If your phones are not ringing off the hook, if your inbox is not flooded with emails, then your story is not being heard. Your online presence has a big impact on your business. From your posts, blogs, videos and content that you bring online draw a picture of your business. Focus on the 3 C’s: Company, Client and Community. Company is defined as who are you, your staff, your vision and mission. Client refers to who do you serve? Businessmen? Entrepreneurs? Home buyers? Why did your clients start to work with you? Community is quantified by how you are involved with your local community? Do you support any charity? Is your insurance company part of any organization? The more information that you can provide, the more that you will attract your brand of customer.
Millennials are of a different generation. As such, they should be treated with the same attention and dedication that you give to your other customers. Insurance might be complicated but with these tips, they could help you simplify your insurance marketing and keep millennial customers for life!