How to market insurance products to Millennials?

Independent insurance agents often admit to being inferior marketers. Many lack marketing understanding and even question its value. Of course, we hate spending money on marketing. If we as an industry intend to fight back in the day and age of tech-savvy Millennials ‘, it is absolutely essential to change the way we market our services.

Today, the US is home to over 87.5 million Millennials (ages 18 to 29). In contrast, 83.7 million Americans fall under the “Gen X” category (30 to 49-year-olds), whereas the number of baby boomers (aged 50 years and older) is 66.4 million.

Millennial consumers are different from either Gen X or Baby boomers because they communicate, build relationships and ultimately make buying decisions based entirely on Web 2.0 technology.

How to target Millennial customers as an insurance agent

How to target Millennials for insurance products

In order for this elusive generation to be successfully targeted, we as an industry need to look at the value we add to the lives of insurance consumers as the primary driver of any decision we make regarding traditional and social media marketing. And while traditional marketing still works wonders in some contexts, the biggest promise and opportunity in today’s economy is provided by social media.

As independent agents, we’re experts at building relationships and marketing to the baby boomers and Gen X. We’re asking for referrals, we’re attending local chamber events, we’re calling cold, we’re going into business, harassing our family, sponsoring charity events, buying radio spots, and buying newspaper ads. These are all classic and effective marketing methods for the generation that use social media sparsely.

But what about the largest chunk of the population that spends most of its time online. How to market to them?

Tell a Story that demonstrates your value

Good marketing or advertising isn’t just about bombarding the audience with ads, on social media or otherwise. Good marketing or advertising is about giving your audience a reason to care about your brand, showing them the ‘ why ‘ they should care, and then improving their consumer experience.

You can know everything you need to know about Facebook marketing, but posting the same message about pairing home and auto insurance account credit will never yield a return on investment. Instead, try telling a story about a family that you helped apply that discount and how they paid for their child to go to the summer camp for the extra money they saved that year on their insurance.

This will create a more fascinating content that will result in more engagement and increased awareness of your brand through extension.

Effective digital marketing takes time

Building effective digital marketing can be quite hard. In the beginning, most people fall into the trap of trying to “sell” through each article. Thereafter, they fail a lot.

It is not until you let go of the desire for immediate return on investment and focus on delivering insurance consumers with immense value, that legitimate revenue will be generated. This effort reinforces the message and identity of your brand in the minds of the consumer. Your community is now going to understand and appreciate who you are and what you value.

Communicate via multi-platforms

While mobile devices are the best channels to reach Millennials, since many Millennials own multiple devices, you should have a multi-platform marketing strategy. For example, 55 percent watch multiple device video content. Customization should also be a part of your marketing strategy, as 85% of Millennials are likely to buy personalized goods/services. As Millennials tend to dislike deceptive advertising, authenticity is another factor to consider.

Focus on your content

For social media marketing, content is the king and frequent content more so at that. So what do you have to do? Create content that repeatedly tells your story until each customer knows exactly who you are, why you are in business and the value you provide.

Simon Sinek, the author of Start With Why, said in his now famous TED Talk, The Golden Circle: “People don’t buy what you do, they buy why you do it.” It’s the “Why” of what we do that spreads our message.

So instead of letting your customers know you’re selling insurance, make them understand why you’re in this business. Millennials already know what they want, give them “why” information to make sure that they pick you.

Independent agents more important than ever

Millennials want to know everything there is to know about a product or service before they purchase. And, one in three Millennials chooses blogs as a top media source before making a purchase. Your agency will become both the source of information and the guide for these consumers by embracing digital marketing.

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