Insurance brands need to have a rich understanding of how millennials think and behave to successfully market to them.
Today, millennials represent the largest living generation in the United States.
Millennials altered what has been considered the norm for previous generations with new purchasing patterns and social behaviors. Brands must reinvent their marketing strategies to engage this unique group.
In the past, young adulthood was when people started families, acquired assets, and sought out both property and casualty insurance. This is no longer the case with millennials as they fall short when it comes to savings, investments, and even insurance.
Due to this generation’s unique nature, insurance brands need to have a rich understanding of how millennials think and behave to successfully market to them. Insurers must develop and execute a comprehensive strategy designed to reach and engage millennial customers.
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Here are three ways insurers can jump-start millennial marketing:
No. 3: Think mobile.
Millennials always want to be connected, even on the go. This generation’s ‘connected world’ dictates that insurance marketers must include mobile in their strategies
From initial search to complete sale, the journey a mobile user takes can be completely different than that of a desktop user. It is smart to start with creating a mobile-friendly website, which means not only focusing on the look of it, but also the speed of the site, and the overall user experience.
For the best mobile experience, content should be broken up and kept short through the use of subheadings and bullet points, as mobile users need easily digestible information. What’s more, the average human attention span is only eight seconds, making it even more important to have easy-to-read, short-form content.
The mobile strategy doesn’t have to be centered around an internet browser. Millennials live on social media and other apps, therefore optimizing social content is just as important. Paid ads on Instagram or Twitter are more likely to catch the eye of this generation than a TV spot or newspaper ad.
Social media platforms, like Facebook, also let marketers target via first-party demographics and location, which help insurance providers ensure their ads are reaching the intended audience.
No. 2: Enhance content marketing.
Creating engaging content should be the focus of any campaign, but it is especially important when trying to reach millennials.
A long-form blog post on the importance of insurance might work for older generations, but someone under age 30 will likely lose interest before paragraph two.
Each piece of content distributed needs to grab the reader’s attention and keep it.
For example, to help millennials understand the need for insurance, share engaging/compelling Instagram videos comparing the life of someone who has insurance to someone who doesn’t. Social media posts might show that not having insurance could cost lots of money, but in a way that is thought-provoking and relatable to millennials.
Additionally, since this generation is more budget-conscious, insurance companies need to convince them that buying insurance is a smart investment for long-term financial health. These ideas should be as out-of-the-box as possible.
For example, launch a campaign on ‘What a Dollar a Day Can Get You.’ A dollar on Monday could get you a donut, on Tuesday a coffee, on Wednesday some french fries… all unhealthy investments. On the flipside, roughly a dollar a day invested in an insurance can provide peace-of-mind and financial stability. This approach will get millennials thinking about spending in the long-run.
No. 1: Align your brand with social causes.
Not only do millennials want to support the causes they see fit, they demand that of companies as well. Millennial interests go beyond neighborhood causes; they are interested in bettering the world on a wider scale and expect the companies they support to feel the same.
For this generation to feel truly connected and interested, insurance brands should consider attaching their name to a just cause. For example, host a day of giving. Throughout the day, brands can invite new and existing customers to donate to local charities. The insurance company, in turn, will match those donations. An added bonus would to double the contribution if a new client signs up. This way millennials feel that they are helping a cause and it becomes an added incentive to sign up, which would increase sales.
If a big charity or donation event isn’t in your marketing spend, simply supporting a cause will go a long way. Having a donation box outside the building during the holidays, supporting the local animal shelter by walking dogs, or even wearing company-branded material to a neighborhood 5K, all show that your company is committed to social responsibility.
Marketing to millennials doesn’t need to be an intimidating task. This generation may be unique and far different than those before, but they still see a need when it comes to insurance. If brands focus on developing a strong a mobile footprint, creating engaging content, and aligning their campaigns with social causes, they’ll be able to reach millennials and drive more sales with this generation like never before.
This article originally appeared in PropertyCasualty360, an online destination for property and casualty insurance sellers and buyers, providing insurance news, original analysis and trends in the market.