Take Advantage of Millennials’ ‘Life Moments’
By Walter Chistoni
The millennial population, or the cohort of nearly 80 million Americans born between 1980 and 2000, is stepping into the years where smart financial decisions matter most. Despite the notion that millennials are financially reckless, they actually display a remarkable level of enthusiasm toward financial planning. Millennials are positive, engaged and eager to interact – a marketer’s dream. But here’s the catch: They want everything done on their terms. This means shifting strategies entirely, and possibly stepping a little outside of the industry comfort zone. Consider these statistics:
Smartphones are the No. 1 device used by millennials. In a typical day, 98 percent of 18- to 34-year-olds reported using smartphones to engage with brands. That's higher than the reach of any other device among smartphone-owning millennials.
Millennials should be in the market to buy insurance: 42 percent of them are parents, 35 percent are married and 9 percent are engaged. |
Use the Power of Story Telling
Millennials have an affinity for visual content, and it’s time that insurance organizations develop methods to capitalize on it. Videos, infographics or interactive content will go much further with this audience than your traditional advertisement, article or piece of direct mail. It’s because millennials want to be engaged, and visual storytelling is a sure way to help them connect. High-impact video marketing allows millennials to have meaningful experiences with your brand, which helps convert them into loyal followers.
Embrace Mobile
If you aren’t taking full advantage of the mobile channel, you likely are missing out on major opportunities to influence millennials. Mobile phones and tablets have become the clear devices of choice, so making content, communications, applications and products easily accessible through mobile will provide more return on investment than perhaps any other format.
Open Up the Dialogue
Millennials appreciate the idea of communication – a two way dialogue where they feel that brands are making a genuine effort to develop a relationship, not simply sell. Insurance organizations have been famously slower in developing social strategies, but that only leaves endless room for improvement. When it comes to sharing products and services, millennials like to feel that they have a voice. For example, you could learn a lot from a conversation with a 24-year-old about the features that might make your mobile application more intuitive. Opening up the dialogue may prove to be an invaluable marketing tactic that resonates with millennial audiences, and helps them connect.
Digitalize Your Strategy (More)
It’s no secret that millennials value convenience. In fact, this value has almost singlehandedly shaped the evolution of technology and products made specifically to reach them. Building marketing strategies around digital means giving millennials what they want: instant gratification, convenience and more interactive experiences.
An analysis done by PwC a few years back showed that 61 percent of consumers between the ages of 18 and 34 were more inclined to purchase life insurance online. We would not be surprised if, at this point, that percentage is much higher. We already know that tackling the digital channels with a single, unified message is critical. Ensuring that information and products are readily available online and on mobile is equally as essential.
Share Their “Life Moments”
As we mentioned in the introduction, the millennials are entering into some of the most important phases in their lives, from both a financial and personal standpoint. The younger half of this age group is taking out loans for graduate studies, renting a first apartment and getting engaged, while the older half is getting married, buying a home and having children. Millennials are right at the edge of perhaps their highest earnings years and the most significant “life moments.” Launching a social media or video campaign around these moments will allow marketers to make deeper, more personal connections with this audience. These are strategies that break through traditional sales barriers, and instead are more closely aligned with relationship building. Because trust, reliability and authenticity are top of mind for them, this is a strategy that ultimately gives millennials what they want.
The millennial market remains somewhat untapped for the insurance sector, but they represent perhaps the largest potential in terms of target audiences. While the way they operate may be a bit unfamiliar to insurance companies, there is no better time than now to understand their ways. Without loyalty from this market, it will be difficult sustain relevancy, and keep up to speed with the ever-changing digital landscape. But, there’s no reason to fear – this is an opportunity.
Walter Chistoni is vice president of business development at Paradysz. Walter may be reached at [email protected].
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