3 Ways to Attract More Millennials, and Why You Should
PropertyCasualty360 recently took a look at the 12 types of millennials. One glance over this illuminating article will show you that you’re dealing with a very diverse group of people, and you can’t exactly utilize a one size fits all sales approach. Just going by the examples, you could be dealing with anything from an empowered career woman to the so-called “quarter-life crisis” millennial, who is in student debt up to his eyeballs while possessing “a chronic inability to choose anything from lifestyle purchases to career opportunities, and a tendency to pursue a wide range of religions and spiritual identities.”
They are less conservative than older generations and less liberal than past young people, bearing tendencies toward libertarianism, while remaining socially liberal. How do you reach them, and why should you care?
First, you reach them by relating.
That means refusing to “talk down” to them based on preconceived notions of whom they are and what they expect out of life. If you have a financially independent millennial woman, for instance, you will want to utilize a different approach than you would with, say, the debt-plagued underemployed man. While she may be thinking about home ownership and life insurance, he may be doing his best to figure out the next meal and living at home. One millennial type isn’t necessarily “better than” the other. They’re just diverse and should be treated as such.
Second, go where they are.
Millennials of all stripes tend to have a “figure it out on my own” mindset. Your online leads are more likely to be millennials, for example, because they are a tech savvy generation. They see a simpler way of doing things than what Mom and Dad followed, and they want to utilize it as much as they can because they have, by and large, a fierce independent streak. That said, most will eventually buy through an agent, especially as their financial standing stabilizes and they begin to think about building a family or buying a home. Across all groups, more than two-thirds of people who shop for insurance online still prefer the personalization that you can provide, so it pays to have a platform where they can connect with you on social media.
Finally, be aware of buying habits and preferences. There is opportunity there!
Many millennials are “collectors,” PC360 notes, adding that in spite of their introverted tendencies to “digitally listen” via social media and live “vicariously” through the experiences of others, they tend to buy and value a lot of things. They are also somewhat nostalgic. That means millennials’ buying habits and preferences may present opportunities that were not as prevalent with other generations. They are great candidates for renters insurance and for adding special protections to the things they possess. Those living in heavily populated metropolitan areas may not be as likely to own or drive a car, but there are other ways you can lay the groundwork for their future insurance needs by knowing what is important to them now and presenting products that speak to those needs.
Why should you care about reaching millennials now rather than later?
The answer may not seem as pressing, considering the student debt they are carrying as well as the tough job market they face, but you can’t afford to be short-sighted with these prospects. Millennials are using technology to “figure it out.” Many of them have entrepreneurial tendencies. They’re figuring out how to design their lifestyles through digital goods, limiting expenses, and pursuing what they want to do instead of what a corporate overlord tells them. They are more empowered than you think, and in the next decade, a lot more of them will be coming into their own. By treating them with respect and trying to use your expertise to solve their problems now, you can secure a loyal and valued client for decades to come.
Every generation faces steep hills they must climb, and slowly but surely, the millennials are starting to scale to new heights. As an agent, you are in a unique perspective to assist, and that can yield many positive long-term dividends. Implement the above suggestions, and you should be joining them for the climb.