Millenials are the future
83 million: that’s the number of millennials who were alive in 2015 and your future prospects.1 Millennials represent about ¼ of the population, with over $200 billion in annual buying power. With these statistics in mind, it’s important to understand that, as future clients, the things they will seek from their agents and the ways they will prefer to do business will differ from those enjoyed by Generation X.
For some time now, companies have struggled to sell to this consumer group as many of the traditional, tried-and-true methods of advertising and communicating have fallen short. A Forbes article discussing millennial consumers touched on some of the differences, and many are important to the insurance world. Here are a few especially applicable findings:
-
They look to blogs to determine valuable purchases.
According to Forbes, “33% of millennials rely mostly on blogs before they make a purchase, compared to fewer than 3% for TV news, magazines and books.” Is your agency blogging? If not, it’s a good time to start.
-
They value honesty and authenticity.
Forbes found that, “43% of millennials rank authenticity over content when consuming news.” Your agency’s focus may be on trust, but are you putting out content that shows authenticity? Are you forming real connections with younger prospects?
-
They want to engage with brands through social media.
The Forbes survey noted that, “62% of millennials said that if a brand engages with them on social networks, they are more likely to become a loyal customer.” Are you making the most of your social media channels? Do your posts encourage engagement and communication from visitors?
-
They expect companies to give back to society.
Giving back is especially important to the millennial generation. Not only do they want to work for companies who give back, they also want to give their business to companies who do the same. Is your agency involved in supporting the local community? Do you focus on volunteer opportunities?
-
They are loyal to companies that they feel provide them with good service.
Millennials have long been rumored to lack loyalty, but the reality is quite the opposite. When it comes to this generation, the faster that you can build a quality relationship based on trust, the greater your chances will be of having them become repeat and lifelong clients.
Having such a large group of potential future clients is an exciting thing, but millennials approach the buying processing differently. Making small adjustments to the tactics you use to connect with and sell to this generational group could significantly expand your book of business.
1United States Census Bureau. (2015) Millennials Outnumber Baby Boomers and Are Far More Diverse, Census Bureau Reports. Retrieved from: https://www.census.gov/newsroom/press-releases/2015/cb15-113.html
Sarah McCauley, Marketing
DISCLAIMER
The information contained in this blog post is intended for educational purposes only and is not intended to replace expert advice in connection with the topics presented. Glatfelter specifically disclaims any liability for any act or omission by any person or entity in connection with the preparation, use or implementation of plans, principles, concepts or information contained in this publication.
Glatfelter does not make any representation or warranty, expressed or implied, with respect to the results obtained by the use, adherence or implementation of the material contained in this publication. The implementation of the plans, principles, concepts or materials contained in this publication is not a guarantee that you will achieve a certain desired result. It is strongly recommended that you consult with a professional advisor, architect or other expert prior to the implementation of plans, principles, concepts or materials contained in this publication.
This blog post may contain the content of third parties and links to third party websites. Third party content and websites are owned and operated by an independent party over which Glatfelter has no control. Glatfelter makes no representation, warranty, or guarantee as to the accuracy, completeness, timeliness or reliability of any third party content. References to third party services, processes, products, or other information does not constitute or imply any endorsement, sponsorship or recommendation by Glatfelter, unless expressly stated otherwise.
Related posts
With so much information online—it's comforting to hear from a real person with first-hand experience with a product or service before you make a purchase.
Here are five ways you can build, expand and strengthen your professional network on LinkedIn.
Telling a story doesn’t have to be long or complicated—in fact, sometimes simple is best.
Submit a Comment