What Do Marketers Really Know About Millennials?
It seems like marketing is all about Millennials, but who are these Millennials, anyway? You know that Millennials are people born between 1982 and the two decades after that. You know that Millennials matter to your business. After all, they're young adults with families, or they're emerging into adulthood. They are a perfect audience for insurance marketing. When you're marketing your insurance products, it's tempting to pull all Millennials into the same box, but you need to understand that like any generation, Millennials come from diverse social groups. Here's how to market to this diverse group of youth and adults.
Be Family Friendly
Millennials are older than you think they are. Many of them have families, and they're searching for insurance for their rental home or for their first purchased home. They need auto insurance for the family vehicle as well. Just as you target Baby Boomers in your advertising, you need to target Millennials with young families. According to the American Marketing Association, "Millennial parents incorporate their pre-parenting activities and interests into their lives." They're defined by their activities more than what they own, and they like to connect online and share what they're doing with friends. Your insurance marketing needs to take advantage of this by showing how you can protect today's adventurous young families and by reaching out to them online.
Understand the Needs of the Youth Market
In the middle segment of the Millennial generation is a group that's entering, experiencing, or leaving post-secondary education. They're moving into the rental market for the first time, and they are likely looking for insurance for the first time as well.
How do you market to those who are entering the insurance market? Not in the way that you used to market: according to Forbes, Millennials "don't respond to the salesperson following them around screaming about how great their products are." Instead, reach out to Millennials through content that you've created to help them, and build a relationship rather than focusing on selling a product. It's through this relationship that you'll find and target your market.
Connect With Millennials When They're Young
Some Millennials are still teens, and they're moving into the world of insurance under their parents' wings. They're not renting yet, and they still fall under their parents' home insurance plan. They're new to driving, and they are still using their parents' vehicles. While the youngest Millennials may not be your prime insurance marketing audience, they will be one of these days, and you need to get ready. Offer educational opportunities, information, and insurance products for parents. For example, you could remind parents to ensure their children's sports equipment or provide an education seminar for parents with new drivers.
Young families are busy, and youth also have the expectation that they'll be able to do business online. This is a unifying factor for many Millennials. As you market to this group, remember that the more you can do online, the more your business will attract a Millennial audience. Your Millennials audience will look at your business reviews online, ask questions online, pay for insurance online, and access their accounts online. You need to emphasize how your online customer portals are convenient for each Millennial audience.